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yeah its a set up.
Jim Cramer covered this yesterday:
http://video.cnbc.com/gallery/?video=3000023038
But its a dangerous stock to short because there is very limited supply (only a small fraction of the total company was listed, then rest will be 'dribbled' out.
This is a favourite game of wall street.
But the key is to know whether one is investing or trading. As an investment it is a no go. As a trade who knows?
I'm opening positions in some higher PE stocks at the moment, but that ones too high even for me!
Sold my RIMM (maker of blackberry device) shares yesterday. lost 15%.
- Company lowered its fiscal Q1 forecast
- I should've made the move earlier, since I don't like the company direction
- I doubt existing BB users will like to get a new BB phone when their contract expires. Highly unlikely.
- Android is gaining market rapidly, punishing BB for its lack of innovation. They've been advertising the playbook for a while but where is it...? meanwhile, apple and others are releasing devices.
- They must update their software platform.
- Phones: archaic. BB just release the Bold with touchscreen, but it's nothing to be excited about.
Lessons learned. Time to move on...
Hi I.V. you still seem active in the US market.
Do you need to lodge US tax returns (ITIN or ETIN) when investing/trading over there?........or, is it only declared (dividends, sales profits/losses, etc) in the Aus tax system? If you care to share, also what entity do you trade in from here? Is the entity here or in the US?
Sorry if it's been answered elsewhere in this thread...........a little lazy to re-read the whole thing.
it's all aussie unless you're using an LLC/CCorp.
aussie entity + aussie broker = aussie tax return.
another issue i will raise with regards to the US market, their dividend payout might be pretty crappy in comparison with the australian market, but it does provide one great benefit, a low profit payout leaves funds available for share buybacks and capital appreciation (through buy outs of other companies, so long as this is done in an intelligent manner).
So why is this important for an australian investor?
because no matter how much profit is made, if its a capital gain, the maximum future tax that is liable is rouglly 25%. Now compare that to to income tax scales.
Thats why my 'spread' is between australian dividend paying stocks (which i pay tax at the marginal rate, after franking credits), and international shares, which will attract (hopefully) capital gains tax rates.
another issue i will raise with regards to the US market, their dividend payout might be pretty crappy in comparison with the australian market, but it does provide one great benefit, a low profit payout leaves funds available for share buybacks and capital appreciation (through buy outs of other companies, so long as this is done in an intelligent manner).
another $40,000 transferred into US$ at $1.0810 today.