Just when you think a story has little more to give...it takes a turn so ludicrous that you cannot quite believe it. Yes, forget soap operas, the financial markets have far more bonkers twists and turns. For well over a year now I have warned you to avoid like the plague Amigo (AMGO) and even - a few weeks ago - noted the shabby tactics of the company's founder here who has made a fortune whilst customers and silly fund managers who bought the stock upon listing have lost a packet.
I know it is Black Friday tomorrow but if you want some black humour then I point you towards an article in this morning's broadsheet press about the horribly expensive lending facilitation company Amigo (AMGO) which observed that 'Investors who bought at 275p in the flotation in July last year have lost 78 per cent of their money'. I can imagine the wealth of many people who have utilised the company’s services has been equivalently impacted...
It has already been established that I am not a do-gooder when I invest. My personal lifestyle is really quite boring but buying tobacco, alcoholic beverage, defence or gambling stocks - among other demerit areas - is really not an issue for me at all. Frankly, I would rather be this way around than some charlatan who sticks out the well-worn 'do as I say not as I do' line. However there are listed companies out there that I just take an immediate dislike to...and this brings me to Amigo Holdings (AMGO)...
Back in late August I wrote an article about Amigo (AMGO) following the IPO of the 'pioneer of the guarantor loan concept for the non-standard market'. Having concluded last time that 'Amigo is no friend of mine, neither as a user, an underlying lender or a potential share investor', how did yesterday's first half numbers look?
I know somebody who regularly trots out the line 'all that matters is how much money you make'. I am a big supporter of capitalism and laissez-faire thought but this is such a naive statement to make. Economists would talk about the need to factor in externalities and additionally I would cite that life is a trade-off problem...and a single minded pursuit of money, to the detriment of absolutely everything else, tends to bite you where it hurts at some point. Now before I convince myself that Jezza is the red saviour of our proud country...time to talk about Amigo (AMGO).
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