Archive for February, 2009

Dear Merv,

February 11, 2009

Sterling fell on your chattering about printing money (aka “quantitative easing”) today. No matter the complexity of the situation or good intentions don’t you realise that this is a punishment to savers who keep their money on deposit That it is a poverty-creating measure for vulnerable people on fixed incomes? That you are helping the most reckless – be they wannabe BTL billionaires or purchasers of HBOS debt?

Being one of the 364 economists who rallied against Thatcher and was proven wrong please forgive me for being nervous about your monetary policy decision making. You may need reminding about a very basic lesson. Please watch the following video replacing the “Fed” with “BoE”, Bush with Brown and Helicopter Ben for, erm, you.

Regards,

A not-so-loyal citizen of Great Britain.

The premium of Investment Trusts

February 11, 2009

Comment on this FT Alphaville blogpost: “Coming up, worst year on record for dividends”

“Widows and orphans” investment trusts* such as Temple Bar and City of London are now trading on premiums despite holding most of their assets in large FTSE-100 constituents. The little item called “revenue reserve” on the balance sheet has gained in value recently!

*You’re supposed to call them “investment companies” nowadays, pfft.

Blowing away the cobwebs

February 11, 2009

A lapsed blogger returns, honest!