GFRE, not specifically. SC China stocks get one or two singled out to be bombed per day.
We were amazed and grateful we had none step into the open and pull the cord on it's suicide vest on Monday.
very unusual,
today, back to normal.
While we don't know the specifics, the general theme shorts strike with is financials are fraudulent which means management are crooks.
Sad thing is...in a few instances, that is the case, so when an attack article appears, no one can say whether it has merit or not so there is deep selling.
Shorts have China SC investors and traders constantly on edge, little confidence. It doesn't help that a RINO comes along and says...Gosh darn, you caught us and all it took was a few phone calls to confirm that those we had big contracts with, they said RINO Who??
Had you fooled for a while didn't we? Hardy har har.
We think GFRE is legit, We think Harbin is legit but we don't truly know if any of them are.
Best auditors in the country did not know WorldCom and Enron were scams. There were a lot of eyes watchingt them too.
Big Down day on high volume technically is obviously not to cool.
We're getting too old for this daily non-sense and will stick with the plan of gradually reducing China exposure over time. But not on shorts terms on fear days.
Most of these stocks are priced as if half to a third of the earnings and sales are fake already.
Still, if there is fraud in any of our stocks, there is significant risk even at todays prices.
We'd rather it be like FCFS, SLW, SSRI. We have no concern over managments abilities or ethics.
We want to end up with every stock owned in that category.
china is problematic and their culture towards shady dealings is more tolerant, some times expected, the way businesses are run. Shame on you if you get taken in as much as shame on the company for tricking you.
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