Beware false idols
“Playing with expectations works temporarily. The risk-on trade is in a mini bubble, as today’s buyers want to be ahead of the slower ones. The buying trend is sustainable only if the global economy strengthens, which is unlikely. The stocks...
R.I.P. Maestro
“Crony capitalism abounds when government leaders, usually in exchange for political support, routinely bestow favours on private sector individuals or businesses. That is not capitalism. It is called corruption.” - Alan Greenspan, writing for some reason in last week’s Financial...
Living off immoral earnings
“The reality.. is that banks.. support a thick layer of second tier executives, as well as legions of pen-pushing, meeting-loving, middle- and back-office workers who are paid multiples of their worth and contribution, especially compared with other industries.” - Financial...
A beef quiz, and revisited Koo
“Like a Hitchcock film. You did not need to see the blood and gore and violence – the hint of it and the menace that pervaded the office was worse.” - Theo Zemek cheerily describes the atmosphere at New Star...
So long, and thanks for all the stress
“Helmut Schlesinger, the Bundesbank president in 1992, was asked why he disliked the precursor of the Euro, which was called the Ecu. He replied, “I have nothing against the Ecu apart from its name – I think it should be...
Liars led by junkies
“In my several decades as a financial and economics commentator – covering banking crises dating back to the early 1970s and the Latin American debt catastrophes of the early 1980s – I have never heard a sitting [Bank of England]...
Liars led by junkies
“In my several decades as a financial and economics commentator – covering banking crises dating back to the early 1970s and the Latin American debt catastrophes of the early 1980s – I have never heard a sitting [Bank of England]...
Splendid isolation ?
“Clearly, Field Marshal Haig is about to make yet another gargantuan effort to move his drinks cabinet six inches closer to Berlin.” - Captain Blackadder [Rowan Atkinson], from ‘Blackadder Goes Forth’, written by Richard Curtis and Ben Elton. By some...
What we do and why we do it
“We don’t get paid for activity, just for being right. As to how long we will wait, we’ll wait indefinitely.” - Warren Buffett. In treacherous markets, it helps to have some core beliefs. The statement of investment intent most meaningful...
Spoiler warning
“I am certain that my fellow Americans expect that on my induction into the Presidency I will address them with a candour and a decision which the present situation of our people impel. This is pre-eminently the time to speak...
A rush from sugar or a rush to gold ?
“We think we have an agreement, but we are not sure what it is.” - Negotiator at the Euro zone “crisis summit” last week, as reported in The Economist. “You don’t have to be paranoid to be terrified.” - Ditto....
