Entries by Tim Price

Take Shelter 2.0

Few films have managed to convey the feeling of approaching menace more effectively than Jeff Nichols’ 2011 drama, Take Shelter. Its blue collar protagonist, Curtis LaForche, played by the lantern-jawed Michael Shannon – whose sepulchral bass tones make his every utterance sound like someone slowly dragging a coffin over a cello – begins to suffer […]

Central banker: useful functionary, or Cockney rhyming slang ?

“Central bankers control the price of money and therefore indirectly influence every market in the world. Given this immense power, the ideal central banker would be humble, cautious and deferential to market signals. Instead, modern central bankers are both bold and arrogant in their efforts to bend markets to their will. Top-down central planning, dictating […]

Serious advice

“Given all this, what do MPs do all day? Media manipulation, not operational planning on priorities. “Unsurprisingly, most senior MPs in all three parties are locked into a game in which they spend most of their time on a) launching gimmicks, and b) coping with crises. These two forms of activity are closely related. The […]

Bagehot ? Or bulls**t ?

“The Economist was established in 1843 by James Wilson, a hatmaker from the small Scottish town of Hawick, to campaign against the protectionist Corn Laws. The tariffs were repealed in 1846 but the newspaper lived on as “a political, literary, and general newspaper”, never abandoning its belief in free trade*, internationalism* and minimum interference by […]

Markets and the meaning of life

“God grant me the serenity to accept the things I cannot change; courage to change the things I can; and wisdom to know the difference.” From ‘Serenity Prayer’ by Reinhold Niebuhr.

A mob of nasty, ignorant dwarves

Anyone reading Charles Moore’s 2013 biography of Mrs. Thatcher these days does so with a growing sense of unease. Whether on the right or on the left, British politicians of the 1970s and 1980 were, on the whole, decently educated, conviction politicians who, regardless of their differences, treated each other with respect. No matter how […]

Are you wasting your time ?

The delusion The financial media exist to help investors make sense of the capital markets. The reality The financial media exist to monetise airtime and column inches – attention-grabbing real estate in which the search for truth is invariably compromised by an obsession with false narratives and commercial conflicts of interest. Whatever you may think […]

“Mind-alteringly cheap”

Inasmuch as we pay any homage to macro, our investment thesis is straightforward. There is too much debt in the world, and not all of it will get paid back. As something of a cinéaste, this correspondent is fond of citing the 1983 Cold War film War Games in defence of this investment approach: if […]