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Good Times!
I've just had pretty tough week. It started off with getting fished at the live Poker game I played with Juice on Tuesday. The only hand I had was a set of 4's. But those were beaten by a set of Queens. SMT SMT.
In the financial world, the global stock markets totally tanked after China sneezed and volatility has rocketed. As a result, fear has ruled, and mispricings have been appearing all over the place. I've therefore been working 12 hour days, but can hardly complain, seeing as I've spent most of the year asleep so far.
One thing I find slightly bemusing about all this crash malarky is the public perception of city workers. And the BBC moderators have outdone themselves by publishing what, in my view, is the most ridiculous ever "Have Your Say" debate. The question was "Have you been affected by world stock slump?" and some of the responses were so wrong it was hilarious.
For example, the second most recommended comment is:
"Not yet, but I bet my endowment and pension suffer far more than the bonuses received by overpaid gamblers - sorry - city market analysts."
For a start, market analysts don't manage client funds, so calling them gamblers is just wrong. The gamblers are the traders and fund managers. And a lot of them have been making a killing from the crazy conditions. So the reader's rather sarcastic bet will be correct. As the overpaid gamblers should be in for higher rather than lower bonuses.
Other posters have attacked brokers, unaware that those middlemen have seen volumes, and thus commissions, rocket. One guy thought that any blow to the casinos of the rich was a good thing. But all the exchanges must be loving this, as they're making cash in the same way that the brokers are.
The true losers are those who hold long positions in shares. And the bulk of those long positions are held by pensions and institutions such as insurance companies. However, they can hardly complain of this small decline, as prices are still much higher than they were 6 months ago.
Before I sign off, I'd like to mention that a friend has had some builder problems in his flat, and has started a blog about it. It's called Ascent Loft Conversions Hole Problem Blog. Hardly a good name, but not everyone can have MiasDad's wit, or the world would die with laughter.
Related links
Have you been affected by world stock slump? - a debate.
US Follows Stock Market Sell-Off
In the financial world, the global stock markets totally tanked after China sneezed and volatility has rocketed. As a result, fear has ruled, and mispricings have been appearing all over the place. I've therefore been working 12 hour days, but can hardly complain, seeing as I've spent most of the year asleep so far.
One thing I find slightly bemusing about all this crash malarky is the public perception of city workers. And the BBC moderators have outdone themselves by publishing what, in my view, is the most ridiculous ever "Have Your Say" debate. The question was "Have you been affected by world stock slump?" and some of the responses were so wrong it was hilarious.
For example, the second most recommended comment is:
"Not yet, but I bet my endowment and pension suffer far more than the bonuses received by overpaid gamblers - sorry - city market analysts."
For a start, market analysts don't manage client funds, so calling them gamblers is just wrong. The gamblers are the traders and fund managers. And a lot of them have been making a killing from the crazy conditions. So the reader's rather sarcastic bet will be correct. As the overpaid gamblers should be in for higher rather than lower bonuses.
Other posters have attacked brokers, unaware that those middlemen have seen volumes, and thus commissions, rocket. One guy thought that any blow to the casinos of the rich was a good thing. But all the exchanges must be loving this, as they're making cash in the same way that the brokers are.
The true losers are those who hold long positions in shares. And the bulk of those long positions are held by pensions and institutions such as insurance companies. However, they can hardly complain of this small decline, as prices are still much higher than they were 6 months ago.
Before I sign off, I'd like to mention that a friend has had some builder problems in his flat, and has started a blog about it. It's called Ascent Loft Conversions Hole Problem Blog. Hardly a good name, but not everyone can have MiasDad's wit, or the world would die with laughter.
Related links
Have you been affected by world stock slump? - a debate.
US Follows Stock Market Sell-Off
