Entries by Tim Price

Identity crisis

“A large part of the political class, and seemingly a sizeable proportion of the country’s educated elite, have distanced themselves from the majority of the country. Never in modern times has there been such an overt and even contemptuous attempt to deny the legitimacy of a popular vote. Edmund Burke in the 1790s gave credit […]

Under the influence

It started with Cluetrain in early 1999. Roughly five hundred years after Martin Luther allegedly nailed his ninety-five theses to the door of the church at Wittenberg, a new polemic was posted online, at www.cluetrain.com. This correspondent stumbled upon a reference to it within a research note from Merrill Lynch’s (now discredited) internet analyst, Henry […]

A real eye-opener

Something of a diversion, this week – but a helpful one, we hope. It turns out that ancient wisdom can sometimes be surprisingly up to date. That old Roman saw, mens sana in corpore sano – a healthy mind in a healthy body – is getting a vindication from modern science that points to a […]


It was nice of the EU to coordinate the release of the UK’s draft withdrawal agreement with the centenary of the World War I Armistice. The continental powers missed a trick by not forcing Theresa May to sign the agreement in the Compiègne Wagon in which the 1918 Armistice was signed, and which Hitler deployed […]


“Events, dear boy, events.” Alleged response by the British Prime Minister Harold Macmillan, when asked by a journalist what is most likely to blow governments off course.   “I’m shorting two stocks in the U.K., but I’ve got a screen of about 50, and I might short all 50 if I think Jeremy Corbyn is […]


A common practice among financial advisers is to run through a risk questionnaire with new clients. These questionnaires tend to ask investors how they might respond to certain hypothetical market movements – a correction, say, of 20 percent or more. As Morgan Housel points out in this (excellent) interview, rather than extrapolate out from what […]

Risky business

“In 1961, at the height of the Cold War, a B-52 bomber carrying two Mark 39 thermonuclear bombs accidentally crashed in rural North Carolina. A low technology voltage switch was the only thing that prevented a 4-megaton nuclear bomb with 250 times the yield of the bomb dropped on Hiroshima from detonating on American soil. […]

Two strategies that actually work

First, here’s what doesn’t work. Trying to decode the big macro thesis doesn’t work, at least not for us. Stanley Druckenmiller may be able to, but as football supporters could doubtless tell us, there’s only one Stanley Druckenmiller. Expecting either the financial media in general, or higher profile investment gurus in particular, to help us […]

Watch bonds

John Carpenter’s 1982 classic The Thing is the last great hoorah for pre-CGI special effects in film, courtesy primarily of creature effects maestro Rob Bottin. Everything you see on screen is “real”, in a way that digitised extra-terrestrial gore will never quite manage to be – the same way some folk prefer vinyl over CD. […]