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2017-12-08
Buy low and sell high

I wish I owned a Bitcoin. I decided yesterday to sell 8 Bitcoins and to buy Steinhoff Shares with the proceeds.

The Bitcoin price opened at 16858.02 US Dollars. The exchange rate is 13.74 Rand for 1 US Dollar.

Steinhoff shares were selling at R12.94 by mid afternoon yesterday.

I estimated I could by 134,862 Steinhoff shares if I sold 8 Bitcoins.

Besides the fact that I don't own bitcoins i also do not know the transactional costs on my deemed buy and sell transactions.

I guess one could say its fair to expect to sit with net 134,000 Steinhoff shares.

I am doing this as an experiment and blogging about it to illustrate the principle of buying low and selling high.

Its easy when it is fictional money I will admit.

I am a firm believer in fundamentals, reasoning and logic.

I am no investment expert but I believe that a new kind of fundamentalism, reasoning and logic has replaced the principal of valuing future cash flows, linked to an appropriate risk factor to arrive at the net present value of an investment.

I believe the markets are irrational and punishing Steinhoff too harsh while simple greed is pushing the Bitcoin phenomena.

Sure there is value in digital currencies. It can not be that expensive to develop such a currency.

I announced this on Twitter and on Facebook last night. This morning I have bad news in that credit rating agencies have downgraded Steinhoff debt to Junk Status meaning that they will be paying much more interest on their debt obtained on the open market.

Well at least I only can end up with a red face. Let us see...

francoisfrederikmarais

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