Reading Time: 7 minutes

My attention was drawn to Kalilah Reynold’s show “ Taking Stock” and the case of David Rose and the talk of JSE manipulation.

She referenced the article I had written on the David Rose matter and opted to read out extracts from it.

I would have preferred if she had read out the entire article in order that all could understand what I am saying, and so context could be given.

Nowhere in that article does it say David Rose manipulated or wilfully sought to drive down NCB’s share price with his trading activity.

I have no evidence of that and cannot determine his intent; only he knows what drove his actions.

David Rose did make pronouncements AFTER his trading activity.

What I was getting at is, David Rose should not allow it to be said that his actions could be deemed questionable. Also, I said that one must be careful not to blur the lines between the work of a journalist and that of a financial analyst who comments on listed companies and their stock price.

I began the article pointing out that in Jamaica and in some Caribbean countries, trading volumes are thin, there is illiquidity, and it is easy for one individual to disrupt the market with very little volume.

What happened with David Rose’s trading of NCB shares last week?

He traded two shares (with a value of US$0.20- or 20 cents per share), which wiped out US$72 million of NCB’s value – THAT’S A BIG DEAL.

Now, did I lie, or was I making allegations against David Rose?

For those who are capable of reading and grasping what is written, I think one would conclude that is not so.

We are in the YouTube / TikTok era. Attention spans are short. We love KFC and fast food. We don’t have the patience to read beyond three paragraphs. We don’t have the time or inclination to take things in. It’s a world of the inarticulate and uninformed. Everything is performative. Some young people recently told me there is no need for reading or to pay attention to “boring stuff”. Video is where it’s at. People don’t want to read, they want to see.”

I have to say, will this attitude take Jamaica from third world to first? Has any country made progress without adequate literacy and education levels? Perhaps this generation will be the first to do so.

Read the article fully. Where does it say or allude to David Rose being a scapegoat?

Talking about JSE manipulation, I do hope with all this, that David Rose himself was not manipulated.

What is the purpose of buying shares? For most people, it would be to make money, the goal is to enrich oneself from the performance of companies listed on the stock exchange.

With just two shares, what was David Rose’s intention? He has not enlightened us on that. What was he trying to do? Perhaps Kalilah knows.

After trading, he took to social media, more specifically X and wrote: “NCB Financial Group Limited $ NCBFG.ja has halted down to $32. $38.70 is where NCBFG’s market cap exceeds $100 billion JMD. Trading resumes at 11.46 a.m. Jamaican time# of trades: 94 volumes: 505,889 Value:$18,128,081.69 JMD. High:$40.95 Low:$32.00.”

Then he later writes: “A stone was flung with no target, yet a hog squealed. Tons of people worried about the company and the associated owner’s debt, but it’s too late at this point. We’re all spectators at this point. Nothing those folks can do to drum up support to save their numbers.”

Is this AI-generated or someone pretending to be David Rose? Has he attributed these words to himself? What do they mean? Who is the associated owner in debt? Who is the hog?

Why were these comments made? What is the intent here? Can Kalilah explain all this?

It says a lot about Kalilah Reynolds that she would look to defend her friend and colleague – that’s noble of her. I have always had the impression that she is a good and just person. However, she cannot lose her objectivity on this.

If you were in NCB’s shoes, what would you be expected to think? Is it wrong for the country’s largest financial institution to feel it has been wronged and become suspicious? Put yourself in NCB’s place. What is it to make from David Rose’s recent tweets.

Kalilah goes on to question, together with the indignant social media crowd, how did Our Today come by this trading information. She ponders whether it breaches data protection and client/broker confidentiality.

Journalists bring information to the public domain, that’s what they do. They have to determine the veracity of information received, and more often than not, it is in the public’s interest. Kalilah, too, was once a journalist, so I’m sure she would be aware of this.

Usain Bolt lost millions at SSL, and it was brought to light. I’m sure SSL didn’t want that out in the public domain. Two American journalists revealed that an American President was engaging in acts deemed unbecoming. Both the President and his administration initially denied the claims and rebuked the young journalists, but their reporting was so irrefutable that President Richard Nixon had to step down.

There should be no deflection of the issue here. Did David Rose enact the said trades and what was his intention? Can a reporter be a financial analyst at the same time and should that said reporter declare that he holds and trades in stock in the company he is reporting on? Is this a material interest? This is something both listed companies and the JSE must now ponder.

The next time David Rose writes in the paper he is employed to about NCB, what will readers think? Can they rely on his credence?

Is the motive to bring to light pertinent information that will enlighten readers and the public or is it to make a personal gain from your activities?

That is the matter at hand.

Kalilah Reynolds says on her show, “I don’t know for a fact that it’s something he did intentionally. I don’t know for a fact that he was even aware that his two trades triggered the circuit or caused NCB’s share price to fall to $32.”

Well, neither do I, and it would be very wrong of me to say so with no evidence. I do not know David Rose’s intention. What I am saying is, why place yourself in a position where suppositions can be made and your motives can be questioned? Perhaps if he had made those trades and said nothing about them, he would not draw all this attention unto himself.

Kalilah Reynolds blithely ignores where I write and stressed, “BY NO MEANS AM I SAYING THAT DAVID ROSE IS A MENDACIOUS STOCK MANIPULATOR BUT A PATTERN IS EMERGING WHERE HIS ACTIVITIES ARE THE KISS OF DEATH TO COMPANIES.

“IT SHOULD NEVER BE SAID THAT MACHINATIONS WERE EMPLOYED TO DRIVE DOWN THE PRICE OF STOCK.”

“‘DAVID ROSE HAS TO BE VERY CAREFUL WITH WHAT HE SAYS AND SUBSEQUENTLY DOES TRADING SHARES.”

“THIS IS NOT AN ARTICLE POINTING AN ACCUSATORY FINGER AT THE REPORTER OR AN EFFORT TO BESMIRCH HIS REPUTATION BUT RATHER A CAUTION-BE MORE CAREFUL AND BE FULLY AWARE THAT ACTIONS HAVE CONSEQUENCES.”

Somehow this went over not just Kalilah’s head but many other people’s who chose to believe that David Rose was being victimised, that the big boys want to bring him down.

I stress again – David Rose has to be careful. Don’t open yourself to the point where financial institutions are carefully monitoring your actions and questioning your motives. This can impair your credibility as a reporter. That’s not to say a reporter cannot trade stocks but he or she must be mindful about pronouncements made and the possible impact of both what you say and what you do.

Kalilah, you are wrong to say the article written by me makes “a lot of allegations”. What I said was do not allow yourself to be the subject of allegations. Do not allow people to question your actions. Be careful.

Then she goes on to make this inane leap saying “Two trades by one journalist are not responsible for the demise or extreme crash in NCB’s share price over the course of the last six years and so to blame one person for what has happened to NCB, given all the circumstances over the past six years, I think is disingenuous and unfair.

“When it comes to David, you want to make him the scapegoat.” 

Now, where was it ever said that David Rose is responsible for NCB’s share price falling over the last six years and that he is solely to blame for the stock moving from J$210 to J$32. Who’s being disingenuous here? That was never and could never be said so why would you say such a thing? 

It’s not about David Rose being the scapegoat. The article is a call for him to be more circumspect.

Perhaps Kalilah can persuade her friend David Rose to come on her show and explain what he was attempting to accomplish with his trading of NCB shares, thus clearing the air and providing some insight into his rationale. It would certainly go a long way in addressing any misconceptions.

Is what David Rose did with NCB shares normal trading behaviour? What can be drawn from it?

When all is said and done, only David Rose knows what his intent was. Only David Rose knows what he was trying to accomplish. His trading activity was outed and that invited deducement as it should, given the market value lost.

“Taking Stock” is a good show, and Kalilah can be relied upon to take an even-handed approach. I call on her to read my article again, and this time, take her time doing so.

The same goes for David Rose.