Good morning, it's Paul here with the SCVR for Tuesday.

Estimated timings - I have to stop by 1pm, because the XJS is going in for its MoT.
Edit at 12:49 - today's report is now finished.

I've got a bit more material left over from my weekend preparation session. Some of this is probably already out-of-date;

Commentator snippets

I like to review many sources of information & views, and have CNBC audio running in the background on my computer, during the afternoons, as there are often good interviewees (when they can get a word in edge-ways, as Joe Kernan’s questions are more like speeches, then he interrupts them within seconds of them starting to reply! Dreadful).

Plus some of the women have voices like an angle-grinder running at maximum rpm. And don’t even get me on to Jim Cramer. Hence the mute button needs to be kept close to hand.

In between those annoyances, there’s often some terrific commentary, from high profile guests. When I hear something interesting, I jot it down on my pad. Recent snippets;

Nikola - this seems to be a zero turnover US listed company, currently valued at c.£20bn. It is hoping to make electric cars at some point in the future. The share price has been a multi-bagger lately, as punters pile in, speculating that it’s the next Tesla (I’m short Tesla - yes, again! Glutton for punishment springs to mind). The name of the company is a hat tip to Nikola Tesla, the inventor & electrical engineer from history.

This was cited as an example of market mania, or “mass psychosis” as one commentator put it, which is currently gripping the US markets. His stance was that millions of “clueless retail investors” were chasing up junk shares (including essentially insolvent companies) using a platform called Robin Hood. They are often trend following, and using stop losses, therefore this is sowing the seeds for explosive boom & busts in many share prices. A very interesting point I think. Last week’s large & rapid pullback in the US markets (which spilled over into the UK market) seems to validate this view. With valuations so high, despite dire economic news, I think we should therefore work on the basis that there’s an elevated risk of more sharp pullbacks.

Automobiles - Jim Cramer pointed out that the public may be reluctant to use…

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