christopher fildes..
"BANKS DON'T NEED HOLIDAYS, PEOPLE DO"
"My law of banking
says that disasters happen when the last man..
who can remember what happened last time has retired.
Yes, the earth shook — but that was a dozen years ago,
memories fade, the fault-lines are quiescent…
This time, so we are always tempted to think, it’s different."
..A City Spectator
is a selection of the very best:
Giving capital to a bank is like giving a gallon of beer to a drunk:
you know what will come of it,
but you can't know which wall he will choose.
I never thought that, this time, the banks would choose a hedge.
Some boardrooms have potted plants in them and some have non-executive directors.
The question in either case is: are they there for use or for ornament?
My city host at Corney & Barrow insisted on ordering the Julienas.
'Look how the wine list describes it, he said, 'just like me: rich, powerful and aromatic.
For more than a quarter of a century,
Christopher Fildes
has delighted his readers with a unique combination of fine writing and pithy comments.
In his case, wit and wisdom go together.
Throughout it all,
Christopher has remained a sharp and perceptive observer
of both institutions and people-a true City Spectator.
-Mervyn King,
Governor of the Bank of England.
---------
in palookaville..
we need all the help we can get..
when I was selling insurance..
not many artist's do this..
he was one of the people I would read or watch..
sitting here on a very dull bank holiday weekend..
I have found a couple of interesting articles..
which I will share with you below..
after a little more about mr. f..
------------
My Mentor: Martin Vander Weyer on Christopher Fildes
"I first became aware of Christopher back in 1976.
I was a graduate trainee at a merchant bank and he was a reporter with the
Daily Mail.
We first met properly when he came into my bank to give a lecture.
Even back then, in the Seventies,
he was considered one of the
most intelligent, trustworthy and convivial of City journalists.
In
those days, unusually for a journalist,
he wore a bowler hat and a button-hole carnation...."
THE CITY THAT DARE NOT SLEEP
"In the days when Mr Woodford was
launching his fund,
Mr Carney was newly arrived at the Bank.
key
rate of interest—Bank rate—was at its lowest for three centuries.
He has
left it like that ever since.
By now, the rate of return on some British government stocks is..
barely half today’s rate of inflation: loss
of value guaranteed to investors.
In Germany, this sort of investment
would be even dearer,
for Europe’s central bank is not far out of step
with our own,
and so is the Federal Reserve in Washington.
It is only natural that investors in search of returns should look further and further afield.
So, as Mr Carney notes, they have poured money into the world’s “emerging markets”
—although every so often these
markets submerge and their backers cannot emerge from them.
They put
hopeful prices on the supposed wonders of new technology,
without
waiting for them to generate earnings.
This is their response to the central bankers who,
a decade ago,
made money cheap in response to a
crisis and have kept it that way ever since.
A distorted market produces
unwanted results.
Mr Woodford’s followers have found this out the hard way."
THE MAN WHO SOLD OUR GOLD
"All the same, these arrangements worked well for two centuries,
and it
was left for Gordon Brown in his reforming mode to do away with them.
He
saw no need for a Government Broker,
and he took the agency back from the Bank."
-------
TWO STORIES BEFORE BED TIME
https://www.goldmoney.com/research/goldmoney-insights/the-path-to-monetary-collapse
..The next problem is a crisis in the banks, wholly unexpected by investors and depositors.
At a time when lending risk is soaring off the charts,
their financial condition is more fragile than before the Lehman crisis.
Failures in European G-SIBs in the next month or two are almost impossible to avoid,
leading to a full-blown monetary and credit crisis..
which promises to undermine asset values,
government financing and fiat currencies themselves..
Full article: https://www.euromoney.com/article/b1cjr33lj5p890/the-editors-christopher-fildes-1969-to-1972?copyrightInfo=true
Visit http://www.euromoney.com/reprints for additional distribution rights. For more articles like this, follow us @euromoney on Twitter.
Full article: https://www.euromoney.com/article/b1cjr33lj5p890/the-editors-christopher-fildes-1969-to-1972?copyrightInfo=true
Visit http://www.euromoney.com/reprints for additional distribution rights. For more articles like this, follow us @euromoney on Twitter.
https://seekingalpha.com/article/4349756-bear-market-just-big-correction
We don’t like the risk/reward of the market currently, and suspect we will have a better opportunity to increase equity risk later this summer. But, if things change, we will also.
What is essential is remembering one investing truth. Investing isn’t a competition of who gets to say “I bought the bottom.” Investing is about putting capital to work when reward outweighs the risk.
That is not today.
Bear markets have a way of “suckering” investors back into the market to inflict the most pain possible.
Such is why “bear markets” never end with optimism but in despair.
NONE OF THE ABOVE IS ADVICE
what's said in palookaville..
stays in palookaville..
and follow only your own advice..
please read the disclaimer sidebar..
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