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 intensely…

Are you wasting your time ?

The delusionThe financial media exist to help investors make sense of the capital markets.The realityThe 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…

"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 you don’t understand the rules of the game, sometimes…

Meltdown

“An RBMK reactor uses Uranium-235 as fuel. Every atom of U-235 is like a bullet traveling at nearly the speed of light, penetrating everything in its path: woods, metal, concrete, flesh. Every gram of U-235 holds over a billion trillion of these bullets. That's in one gram. Now, Chernobyl holds over three million grams, and right now, it is on fire.…

Death Wish

“Sir, - Several leading French, German and Dutch senior managers were called by EU officials to an urgent meeting on Monday July 9th 2018. The meeting was said to be private and those present were informed that Prime Minister May and Chancellor Merkel had reached an Agreement over Brexit. Knowledge of this was attained from the actual transcript of…

A wrecking ball and a dearth of ideas

“The root cause of our national discontent is simple. We had a referendum, but the losing side refuses to honour it. We are therefore stuck in a political groundhog day; forced to replay the same exhausting, exhausted arguments over and over again. Two years on – tempers are fraying.”Tim Dawson (@Tim_R_Dawson) - Twitter. “In…

Reversal of Fortune

“What makes it such a mesmerizing, wickedly witty entertainment is the revealing portrait it paints of an era in which everyone is presumed guilty where greed is concerned..”Peter Travers of Rolling Stone reviews the 1990 film Reversal of Fortune. Its protagonist, Claus von Bulow, died on 25 May 2019. “If you’re the forced…

It's never enough

“McKay says Mr Trump is "dispiriting and upsetting because he doesn't care about anything", but Cheney "levied a lot of damage; we invaded a country, we started torturing - there's some pretty major stuff, the world economy collapsed on his watch". The film stars Christian Bale as Cheney and Amy Adams as his wife Lynne, and has already won a clutch…

Turkeys Twizzled

“Watching the establishment try and take down the Brexit Party is like watching the music and publishing industries in 2000 floundering in the face of internet-created competition. Tory and Labour are going the same way as Our Price.”Dominic Frisby, Twitter, 20 May 2019.

Little by little, we went insane

“It was begun in good faith, by decent people, out of fateful misunderstandings, American overconfidence, and Cold War miscalculation. And it was prolonged because it seemed easier to muddle through than admit that it had been caused by tragic decisions made by five American Presidents belonging to both political parties.”Peter Coyote (narrator),…