Entries by Tim Price


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. […]

Things that go bust in the night

The great festival of failed finance anniversaries continues. We’ve had the commemoration of the bankruptcies of Lehman Brothers and Long Term Capital Management (20 years in the case of the latter), so it was inevitable that a 10 year remembrance of the near-extinction of RBS would pop up just in time for Halloween.

The truth

‘When did advertising become so banal ?’ asks Dan Hitchens in The Spectator. Perhaps when it became ubiquitous, and when it also became impossible to separate legitimate journalism from emotion-driven virtue signalling. That is to say, before the rise of the smartphone and social media – trends coincident with the torturous death rattle of the […]