I don't know if you saw my rant against Tesco earlier in the week. Perhaps not, so you will find it copied below. I was feeling quite good about myself yesterday. Tesco's share price took a bit of a hammering on Thursday and I was back in the money ( the stock having powered ahead for most of the week, despite my concerns about the UK consumer ). As usual there was a cold shower waiting for me this morning in the shape of the market report in the FT from which I quote:
" Tesco fell 1.3% ( a victory I thought.....briefly ) to 286 1/2p on reports that Thailand's government had restricted opening hours for the company's stores to 77 hours per week, part of an energy conservation policy."
Frankly, this was not something I had factored into my investment thesis. But I can't help adding, churlishly, that energy conservation was not something, having spent 3 years living in Bangkok, that I ever believed they would need to worry about. We employed 8 people in and around our house - these were the good old days before my career peaked - and not one of them ever came close to breaking into a sweat. If you want to hear the one about the night watchman who got sacked by some heartless "farang" (me) for failing to prevent the frogs from croaking and spawning in our swimming pool then drop me a line.
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