{"version":"1.0","type":"rich","provider_name":"Acast","provider_url":"https://acast.com","height":250,"width":700,"html":"<iframe src=\"https://embed.acast.com/$/5ed1b0e5769354130c73bb32/6ac8393a68b7ce6ffb5e4388?\" frameBorder=\"0\" width=\"700\" height=\"250\"></iframe>","title":"Theory of Thing: A Firm No for Firmus","thumbnail_width":200,"thumbnail_height":200,"thumbnail_url":"https://open-images.acast.com/shows/5ed1b0e5769354130c73bb32/1791506712617-f93df5b4-0457-4720-8727-4d48d5a9116a.jpeg?height=200","description":"<p>Firmus pulled its float. It had been pitched as the biggest Australian IPO since Telstra: A$11 a share, a A$7.1bn raise and a A$43.7bn valuation. James and Heath unpack why the market gave it a firm no:</p><ul><li>brokers reporting little client interest</li><li>a thin prospectus with no clear plan for funding A$50–70bn of capex</li><li>a large slice of the register free to sell on day one</li><li>GPU depreciation math that didn’t add up</li></ul><p>Heath then runs the market report. The S&amp;P 500 slipped after the FT reported OpenAI’s revenue may be smaller than first thought. Fed Governor Waller backed one more hike. Long-end Treasury yields eased, and Heath thinks they look toppy. Central banks bought another 39 tonnes of gold in September, and oil is holding in a range.</p><p>James closes with the SmallCaps headlines: Renascor, Lake Resources, Antimony Resources, Iltani, Dalaroo, Cyclopharm, xReality and more.</p><p>00:00 Intro</p><p> 00:52 Firmus pulled: what went wrong</p><p> 04:53 The bull and bear case</p><p> 05:45 The GPU depreciation problem</p><p> 08:24 MGH trading halt and why James doesn’t like it</p><p> 11:41 Market report: S&amp;P 500, OpenAI revenue, the Fed</p><p> 14:37 Bond yields and the case for duration</p><p> 17:22 Gold and central bank buying</p><p> 18:30 Oil, Iran and shipping costs</p><p> 20:14 SmallCaps headlines</p><p> 23:40 Wrap</p><p>General information only, not personal advice.</p><p>Theory of Thing, powered by SmallCaps. Hosted by James Whelan (SmallCaps) and Heath Moss (HLM Investments).</p>","author_name":"Muskets at Dawn Pty Ltd"}