Brexit Thoughts IIFriday 15 July 2016
Philip Stephens column in the FT today addresses the Brexit question and the strategy of new Prime Minister, Theresa May. His conclusion is that we should take our time to invoke Article 50 and play a long game; his hope is that over time what seems politically impossible today will become achievable. I know Philip and have a considerable respect for his judgment but I disagree on one level with taking the negotiations slowly.
Of course it is possible that we might get the best result...
Open-ended Property FundsWednesday 06 July 2016
I read about Standard Life's gating of its open ended property fund with some incredulity. Aviva and M&G have subsequently followed. Interestingly Aviva had a problem a little while ago when its fund manager left and it moved to a bid-offer spread for redemptions - now I can understand that when a manager leaves an equity fund or a bond fund, you might want to redeem immediately, but surely a property fund would have a little more longevity?
I hope someone can explain why these...
Brexit Thoughts 1Friday 01 July 2016
I have been moved to write what may be the first of several hopefully occasional pieces post the Brexit debacle. The impetus was an article in the FT this morning about Mark Carney, but indignation has been bubbling under for the last week. I nearly wrote in response to my old friend and former colleague Savvas Savouri who has been publishing almost daily artidles about how this is just like 1992, and sterling's exit from ERM and the subsequent UK economic and stockmarket recovery. Savvas...