F%#@ing Groupon, Part Deux

Groupon Reports ‘Material Weakness,’ Restates Quarterly Revenue: Don’t count us surprised. As we wrote in F%#@ing Groupon on February 7th, this company has a significant issue when it comes to accounting and accountability. This complete disregard for shareholders and the integrity of the markets is absolutely disgusting. Groupon should be liquidated and delisted before it has the opportunity to destroy more shareholder value. Regardless, I expect in a decade this one will go down with the likes of pets.com in the annals of stupid .com fads.

Closed out FX

After an exhilarating roller-coaster ride where we learned a lot, we closed our long IDR short JPY trade. I still believe in an incremental decline in the Yen but Rupiah was an inappropriate, if original hedge. We probably would have had a more effective trade using the Australian dollar as a hedge– though we probably would have been net losers due to the significant losses the ozzie dollar is taking on cooling Chinese demand for commodities.