Dance of the Seven Veils
This time we cover Reeves leading us a merry dance, AI losers and tactical voting. By last weekend I realised the long budget run up was a dance of deceit and seduction, offered not to the voter nor the media, […]
Weighing or voting?
I am struck by the brilliance of the old sentiment, “In the short run, the market is a voting machine, but in the long run it is a weighing machine” from Benjamin Graham, and even more impressed by how it […]
Exterminators needed
A pretty good year, lots of all time highs, the FTSE creeping towards 10,000, rates falling, no recession, a Federal Reserve that can’t believe its luck, peace of a kind in the Middle East. So inevitably thoughts turn to banking […]
Potemkin Politics
How have British politicians fared this year, and what does the future look like, behind all the brave facades? Do the regional elections next year matter? What does the betting market tell us? Is Reeves’s mess redeemable? The Tory Party […]
Blowing bubbles
We take a look out from the COVID saga, and bubbles are apparent, but fiscal expansion and falling rates persist. Fuel for the fire The extraordinary COVID crisis saw everything shut down, except fresh government borrowing, then everything was released, […]
Drifting Apart
We look at signs of the end of the post WWII settlement, at the harassing of the Federal Reserve and what Trump winning looks like (not great). Rift or just a crack ? There are two world views, either Trump […]
What a mess !
It has been an oddly busy summer: Trump, a nervous Fed, India, a destabilised UK government and a hopeless French one. Trump is becoming a parody of himself, although there are, at last, signs of the much-vaunted checks and balances. […]
Some Dance to Remember
Sweet summer rain is falling, while some firms dance to remember, others to forget. We’re actually talking elephants this week – they can neither dance nor forget. A sidelong glance at tariffs (which really don’t matter, as we have said […]
TEARS OF A CLOWN
July 6, 2025 An eventful week, the triumph of Trump and the debasement of Starmer, both heralding fiscal expansion based on higher borrowing; the market likes one, not so hot on the other. And how does all this extra spending […]