It was only a couple of weeks ago – when news came out that he had joined research firm Hardman – that we were reminded of analyst Derek Terrington’s famous circular that got him into trouble with media baron Robert Maxwell. Terrington issued a note on Maxwell Communications which read “Cannot Recommend A Purchase.” However, yesterday a new contender emerged for the most cutting research note when Oppenheimer Asset Management’s Carter Worth issued a damning memo on the markets reading: “We have no new thoughts. Sell.” He ended the note: “saying nothing speaks for itself.” Maybe silence isn’t so golden.
Tesco boss Philip Clarke was a no-show at the British Retail Consortium symposium yesterday, where he was meant to be delivering a keynote speech. Word is that Clarke has a nasty bug, but The Capitalist hears that organisers kept his illness under wraps for as long as possible, lest delegates make a hasty exit after lunch. Interestingly, Clarke was named yesterday as a business leader with a “super personal touch” by software firm Sitecore, which carried out research into leaders who have a golden touch when it comes to social media. Yet given that Clarke hasn’t tweeted since 2011, you have to wonder how much of a personal touch the research itself had. The Capitalist wishes Clarke a speedy recovery in time for Tesco’s AGM on Friday.