Good morning!

For anyone interested, I had a second wind yesterday evening, and added two more sections into yesterday's report - on APC Technology (LON:APC) and John Menzies (LON:MNZS) .

Also, on discussing H & T (LON:HAT) in more detail with readers here, in yesterday's comments section, I'm becoming a bit more relaxed about the ethics of pawnbroking, which seems less bad than some of the alternative lending sources. I read somewhere today that 80% of H&T's customers do actually redeem their loan & get their stuff back, so there does seem a valid place for emergency lending where people are stuck. Incidentally, I've always enjoyed the TV show, Posh Pawn, where people pawn some amazing items of jewellery, Ferraris, helicopters, even a mini submarine! So HAT has crept on to my possible purchases list at 199p per share.

I spotted an interesting article yesterday, but annoyingly can't now find the link, it might have been on Seeking Alpha, Zero Hedge, or MarketWatch websites, which said that 23 countries were currently already experiencing stock market crashes! It then provided links to the charts of each country's main stock market index. Suitably alarmed, I then discovered that these were all emerging market countries, and their markets were giving back some or all of the gains which had been made in the previous six to twelve months. So in most cases, the recent falls look a fairly normal reversal of a previous exaggerated move upwards. Apparently this is at least partly caused by the dollar's strength, so that people who borrowed dollars to speculate in emerging markets are now forced sellers, as their dollar loans have swollen in local currency terms.

So does any of this matter to me? I don't think so. Emerging market wobbles, and carry trades unwinding, are fairly normal events. I can't see why that would affect the value of Spaceandpeople (LON:SAL) or affect the amount of clothes bought by Boohoo.Com (LON:BOO) customers. In fact, the strong pound will be good for BooHoo's gross margins.

There are always macro worries. The main thing for me, is that the key UK and US economies now appear to be in a good, self-sustaining…

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