With Jamie Catherwood, Author of InvestorAmnesia.com
With the Dow Industrial Average hitting 30,000 on the day of this recording, revisiting historical booms and busts feels particularly timely.
Jamie Catherwood, the author of InvestorAmnesia.com and a self-proclaimed financial history nerd, is a perfect guide to this discussion.
We discuss booms in treasure hunting, bicycles, railroads, breweries, and of course tulips (which it turns out was greatly exaggerated. The guest debunks this).
Theron De Ris of London-based Eschler Asset Management joins the podcast to discuss why now may be an optimal time to invest in shares of precious metals companies and energy concerns.
One of De Ris’ favorite stocks — and primary portfolio holdings — is discussed at some length in the second half of the program.
“We believe Akazoo is a scheme orchestrated by management to profit while egregiously deceiving investors,” Grego said during the presentation. “We see signs of very suspicious accounting manipulation,” including cash inconsistencies and “a total lack of income taxes.”
What Happened
Akazoo shares sold off immediately after publication of Grego’s report. After closing the previous session at $2.53, SONG dropped to $2.22. A series of law firms quickly lined up to launch lawsuits against the company.
A week later the stock was trading at $1.14,. The company fired its CEO and Nasdaq suspended trading in its shares. On May 21, an Akazoo special committee of independent directors announced that management and associates “participated in sophisticated multi-year fraud.”
