By Tom Winnifrith | Thursday 20 August 2015
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
Market abuser Chris Oil modestly claimed that he was better than Warren Buffett when it came to stock selection. But it seems that the Sage of B&B had a rather bad month or two. In fact his losses on just three stocks since early July appear to be almost £0.5 million. Given that Oil reckons that his family discovered the North Sea, this may well be small change to the Sage of Fantasy, but we suspect however that it is not.
The main disaster is MX Oil (MXO) where Oil spunked £750,000 in a placing at 4.5p on July 13. The shares are now 2.75p to sell which gives Oil a paper loss of £291,667.
Then there is New World Oil & Gas (NEW) where Oil did make some big gains earlier. But at the time of the placing at 0.09p still owned 173 million shares which he told the world were heading higher so owe (charitably) assume he was not selling. In fact the shares have tanked to 0.05p to sell so that is another £69,000 of a paper loss.
And finally there is Sefton Resources (SER) where Oil & Dan Levi own just over 10% bought at c0.85p per share. The shares are now 0.04p to sell. Assuming Oil owns half of the duo’s shares that is another £109,000 of paper loss.
Does Chris Oil still think that he is better at stock selection than Warren Buffett?
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