The Vickers Report got the causes of the crisis wrong: Its solutions are wrong too November 16, 2011 THE Independent Commission on Banking (ICB) misdiagnosed the causes of the banking crisis, and its prescriptions are therefore equally wrong. That is the blunt message of a report and briefing paper that Miles Saltiel and I are publishing today with the Adam Smith Institute. And yet – there is some merit in the idea of [...]
Greece needs to drop out of the euro to recover November 16, 2011 THE advocates of the EU like to claim that it helps promote democracy, but its record is decidedly mixed of late. Its biggest project, the euro, which no EU country has ever had a referendum on, is toppling democratically-elected leaders at the rate of roughly one a week and replacing them with unelected technocrats. Mario [...]
RAPID RESPONSES November 16, 2011 Ponzi pottiness The German government criticising the UK for not doing enough for the Eurozone really brings to mind a Ponzi scheme. Assume I don’t join a Ponzi scheme because I think it’s a Ponzi scheme but my colleague does in spite of my warnings. When the scheme goes wrong, if my colleague criticised me [...]
Asset allocation requires a regular rebalancing act November 16, 2011 ALLOCATING assets is a complicated science or skilled art with debated influence on actual returns, but it remains the best place to start. Modern portfolio theory is rooted in the 1952 work of Nobel Prize winner Harry Markowitz. His work heralded a revolution in investing. Morningstar’s quantitative research director Paul D. Kaplan and Stanford University’s [...]
MASTER THE MARKETS November 16, 2011 THE Paris-based financial services company Societe Generale (SG) kicked off its fantasy trading challenge, SG Market Master, this month. Up until 5 December, there are weekly competitions in which contestants build a portfolio using a virtual £100,000 to invest in a variety of SG leveraged products, from covered warrants and turbos to super10s. The top [...]
Managing an accidental FX exposure November 16, 2011 EVERY investment in an international asset requires an equal investment in foreign currency that is often overlooked. What is unappreciated is that movements in foreign exchange markets can nullify gains or amplify losses on the underlying portfolio of international assets. The forte of the currency overlay manager is to safeguard the portfolio’s value against undesirable [...]
At table with the quiet star of the gastropub revolution November 16, 2011 Somehow, Eyre Brothers restaurant– David Eyre’s exotic sequel to the Eagle in Clerkenwell – has stayed under the radar. Yes, it’s been in the Time Out guides for every year it’s been open, but for a restaurant of this calibre, you’d be surprised at the amount of noise it hasn’t been getting. The beautiful restaurant, [...]
GOING OUT November 16, 2011 November is for locals, with new London bar openings in all corners and for all tastes. The D&D group have just opened Carom in the Meza space on Wardour Street (above Floridita). This Indian bar/restaurant will be serving subcontinental wines and whiskeys never before seen in Great Britain in the large, refurbished space. Azulito, a [...]
FOOD & BOOZE NEWS November 16, 2011 • Cigar lovers should black out 28 November in their diaries, as Boisdale Canary Wharf will be putting their exquisite cigar lounge to good use with a vintage cigar auction. The auction, organised by the wittily named C.Gars Ltd., includes some very highly prized lots – July’s auction sold a selection of Dunhill Cabinetta for [...]
Management mayhem is back November 16, 2011 IT’S the secret vice of many a man and the scourge of countless girlfriends, but Football Manager is back, more addictive than ever and threatening to invade Yuletide quality time like never before. For those who need reminding (congratulations on kicking the habit), it’s the godfather of all management simulators and allows gamers to take [...]
