Persistence pays. After days of trying to hunt down Worldsec Securities' earth-shattering report about why HSBC Holdings' share price is about to fall to HK$100, we have finally unearthed the document. You may know that Worldsec has been one of the brokers at the forefront of the Government's huge programme of share-buying in, yes, HSBC and several other leading Hong Kong companies. We can only guess at the commissions it has earned. Lai See has been mustard keen to get its hands on the report, which was due to be released at a press conference on August 14: the very day the Government started its intervention programme. It was decided yesterday that a stakeout of Worldsec's Central headquarters was the best option for finding the report, after several failed attempts to locate it this week. We told reception the names of some Worldsec analysts we knew, but they seemed strangely shy upon our appearance. Then the elusive report magically materialised, courtesy of a staffer dashing out the door. And so, without further ado, the HK$100 question: why does the banking analyst of a firm which has bought huge parcels of HSBC shares on behalf of the Government in the past fortnight, think the bank's share price will collapse? Simple: 'HSBC has just reported disappointing interims . . . and we expect the share price to come under further pressure.' The firm goes on to state: 'We believe that HSBC should trade at a 30-45 per cent discount to its break-up value, which we estimate to be HK$178 per share.' Maybe it 'should trade' at that discount - but it's not looking likely right now. Worldsec's buying on behalf of Yam-bo and co has helped drive HSBC's share price from HK$151 before intervention to HK$174.50 as of yesterday's close. It must be very hard for the firm to predict anything - let alone its own actions - at the moment. So, even mega-currency players are mortal. . . News that George 'Mr Emerging Markets' Soros has lost big time on its investments in Russia comes as a shock. Mr Soros' group of investment funds lost about US$2 billion on its investments in Russia in the past year, according to the manager of the group's flagship Quantum Fund, Stanley Druckenmiller. No doubt US$2 billion is peanuts to George - but still, it shatters an illusion. We thought professional winners like George never lost. Let's hope his previously invincible reputation is not about to be submerged in the heavy swell of currency volatility. Players in the local ice hockey league have been hit with a warning by legal firm Weir & Associates. In a letter headed 'Dear Hockey Player', recipients are warned of the dangers of putting a decision on a will on ice: '. . .not having a current Will in place to safeguard your assets and your family, is not good planning should disaster strike.' Intriguingly, the letter goes on to say: 'The review of your financial situation [for the purposes of the Will] is a very valuable exercise in its own right and often results in substantial immediate rewards.' Not certain of the implications of all this. We're sure the campaign has absolutely nothing to do with the rough and rumble reputation of ice hockey as a sport. Still, we can't help but be reminded of a story a friend once told us that seemed to encapsulate the game of pucks and ice skates. 'I went along to see a fight - and an ice hockey game broke out,' the friend said. It has clearly been a long week for recently elected Hong Kong Futures Exchange chairman Geoffrey Yeh Meou-tsen. The tense tug-of-war being played out in his market seems to be making him see large feathered creatures. Mr Yeh claimed the Futures Exchange was just like a food market selling 'ducks and geese'. 'Everybody, no matter if it's the Government, housewives or tourists, can come here to buy and sell their livestock at fair prices.' He could have chosen a better metaphor than the feathered variety, though. We recall the Government summarily executing a large number of Hong Kong's edible birds, because of concerns that stock had been contaminated by bird flu. This is not encouraging news for inhabitants of the central financial district - where stock and futures markets have also been contaminated - by speculators. Our advice to speculators: avoid catching the flu. Heady problem - We were struck by the present similarities of the situations of two world leaders: new Acting Russian Premier Viktor Chernomyrdin (left) and Australian Prime Minister John Howard. Not only do both leaders have receding hairlines, as can be seen above, but their countries' currencies are also receding fast. The Russian rouble and the Australian dollar have the dubious distinction of being the world's two worst-performed currencies this week. Who knows: maybe a spot of hair restorer will put an end to their currency woes.