Good morning folks,

Shares are likely to be low on the list of priorities today for most, and the exchange closes early. For whatever it’s worth, we’ll be keeping an eye out for interesting company announcements.

All the best 


The NASDAQ is in a long-overdue bear market after falling 3% on Friday. I've been saying for some time that this is the most overvalued major index.

Its median ratios, as measured by Stockopedia, are as follows:


This suggests to me that there is (selectively) some value to be had within this large index.

Note there is a big discrepancy between the above table and the corresponding table for the NASDAQ-100, which is restricted to the top 100 non-financial companies.

The NASDAQ-100 has a higher valuation, lower growth and a lower dividend yield. People are paying a big premium for big tech companies:


I would expect the other major US indices to follow suit and to become technical bear markets, too (20% down).

Bear markets typically last a little over a year. However, after one of the longest bull markets in history, perhaps we can expect the subsequent bear market to be longer than usual?

Gamfook Jewellery Plc (GAMF)

  • Share price: 15.5p
  • No. of shares: 100 million
  • Market cap: £15.5 million

Admission on NEX

Curious to see that a Chinese company has listed on the NEX Exchange. It sells bespoke jewellery online and in Shenzhen and Fujian.

After all the failed ventures on AIM, are Chinese companies finding that NEX is a more suitable home for them now?

Some things I've noticed:

  • The corporate advisor is Daniel Stewart, who brought us the fraud Naibu (NBU).
  • Coincidentally, the Executive Chairman and Head of Sales at Gamfook both have the same surname as the Naibu Chairman. Both also have connections to Fujian province, which is where Naibu was founded.
  • Scrolling through the Director biographies, I see that the token Westerner on the Board currently lives in London and does not speak any form of Chinese. He owns no shares in the business.
  • There is one other NED who speaks Chinese and English, but none of the Executive Directors speak English.
  • The company is registered in Jersey, with one Hong Kong subsidiary and three Chinese subsidiaries. As the Admission Document says, "The…

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