The fund manager of which the shortest was of Wirecard says that he is most bullish towards stocks since 2009

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Concerns over German payrolls processor Wirecard
IDM,
-26.28%

we don’t just develop overnight, or even after the Financial Times in October, alleged the subsidiaries have been inflating profits and sales.
“We have been short of Wirecard, on and off, for years,” said Barry Norris, manager of the FP Argonaut Absolute return Fund, who told MarketWatch, the stock was his biggest short position in the topic Thursday, the revelation that it needed 1.9 billion euros of cash. “I have been amazed at is the resilience of the society has been for the last few years.”

Why Ernst & Young did not take the lack of cash earlier, Norris said auditors often rely on the word of the auditors of the subsidiaries. “I think this is probably why it took so long. These subsidiaries of Wirecard were entities that are not only generate more profits, but they were the subsidiaries of which cash balances were mostly held.” Wirecard ceo Markus Braun, resigned Friday.
Norris did not let the Wirecard experience to dissuade him from the purchase of stocks more broadly. He stressed coronavirus is especially the impact on the elderly and not the general population. “When we realize the nature of the virus has not another Spanish flu, and then the justification of the use of solitary confinement to the infinite, until we find a vaccine, has completely disappeared, and then we should be back to normal economic activity,” he says. With its view on the virus, it is “almost impossible” to be on the decline, he said. “The last time I’ve felt this bullish was in 2009, when you had the same once-in-a-decade opportunities,” he said.
Norris said he is now looking to the recovery of parts of the theatre, after having invested in the likes of Amazon
AMZN,
+0.49%,
Netflix
NFLX,
+0.46%

Zoom and Video Communications
ZM,
+2.03%

in the first quarter. “I just look and I believe that, if we are going to be closed forever, perhaps those will be good investments, but I think I’m struggling to see where the increase of the buyer of these stocks will in the short term.”
He loves uk home manufacturers, semiconductor manufacturers — Micron Technology
MU,
-0.94%

its largest long position in May — and recently purchased aircraft manufacturer Airbus
Of the AIR,
+0.36%

for the first time in four years. “While people don’t really like the go back or go to the office, she likes to go on vacation,” he said. “I think the aerospace is an industry that will come roaring back when the truth about the virus comes out.”
He also likes the stocks of reinsurers, including Swiss Re
SREN,
+0.48%

and Reinsurance Group of America
RGA,
+0.73%,
on the expectations that they will increase prices after they have undergone a short-term earnings hit. “Historically, the only time you buy the reinsurance is when the stock prices are cut in half, because they’re going to take a hit, but they always recover when prices rise.”
Exercise bike from the company within the Platoon
PTON,
+3.88%

is a it was shortly before the lock, went time after, and now is back to short. “Almost all of the fitness trend has been a fashion phenomenon. Going back to the hula hoop, Jane Fonda videos, it has never lasted,” he said. The lockout has been great for the Pack, but its business model relies on the users to keep their subscription for 10 years, he said. “The market cap is now absurd compared to the long-term profitability potential,” he said.
The buzz
China plans to accelerate purchases of UNITED states agricultural products to comply with the phase of the trade agreement, Bloomberg News reported.
So-called quadruple witching is set for Friday, when stock-index futures, stock index options, stock options and shares in terms of expiration date.
President of the federal Reserve board Jerome Powell — for the third time this week is scheduled to make a public appearance, speaking in a discussion on the construction of the resilience of the workforce during the COVID-19 time. Vice-Chairman of the Supervisory Randal Quarles is due to discuss the stress tests.
Father of Amy Klobuchar has taken herself out of the running to be the Democratic vice-presidential candidate, and its recommendation for a woman of color-secondary Father-Elizabeth Warren. A President Donald Trump tweet was labeled “manipulated” by Twitter
TWTR,
-0.90%.

Australian retail sales jumped 16% and the Uk, retail sales rose 12% in May, joining the UNITED states in the two figures, the rebounds of activity.
The chief executive of AMC Entertainment
AMC,
+3.87%

says Variety, the movie chain did not need a mask to wear when its cinemas to reopen, a remark that drew intense criticism on social media.
The market
Futures on the Dow Jones Industrial average
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+0.89%

climbed 214 points.
Oil futures
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+2.39%

have been trading around $40 per barrel. Gold futures
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+0.46%

pink.
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