this is possibly one of the worst reports I have seen for a...

this is possibly one of the worst reports I have seen for a while and my sense is that so long as Cohen is at the helm, this quality of report will continue. a few points:

- guidance talked about -1 5 -> -10% turnover.  not even close no meaningful revision since that announcement which remarkably was made with nigh 4 of the reported 6 months passed.  seems Cohen and "tough calls that need to be made" are not good friends
- i don't see a rational commercial response to SAMR or for that matter, difficult Chinese market.  all I see is 'let's spend a shite more money on the premise that all of Solomon's gold will be ours ... higher risk
- clever accounting at play.  write off of inventory below gross margin line will distort relevant metrics
- Cohen I think is an ex Merchant Wanker.  Merchant Bankers are good at quick and dirty money grabs, but that's not the same as running a business.  I think he is swing away above his pay grade and found wanting.

I'm out.  This could have a 5 in front of it.