Thanks for the heads up Kauri, couldn't read the whole article as I'm not a subscriber but from the first few paragraphs it sounds like another hedge fund genuis who turned out not to be, surprise, surprise, not a genius.
Just nationalise the lot..In the WSJ website ..a story that "the cities" Richmond Capital has seen off about half its money in January......
U.K. Hedge Fund Plunges
London-based hedge fund Richmond Capital LLP has stumbled badly this year, losing about half its money in January alone, according to investor groups briefed on the results.
That makes Richmond, launched by Luca Bechis, an experienced trader with a track record of posting strong gains, among the biggest losers in a year that is already proving challenging for a number of funds.
January was one of the worst months for hedge funds in recent years, with funds down an average of 1.8%, according to data tracker Hedge Fund Research ...
A bagel seller interviewed on CNBC on Friday (bagels are the staple diet of cosmopolitan Americans) noted that last year he was paying US$12 for a bag of wheat. On his latest price enquiry he was offered US$68.
Link?UK Consumer inflation barometer up 86% , yikes there's a record .
What's the BoE gunna do now , hold 5.25 ?
Hmmm , safest bet .
Stuff having their job , better off working for the FSA , less rocks .
Feed on broker platform . copyrighted .
AFX News Limited
UK consumers' fears of inflation rise to record levels - Lloyds TSB
03.02.08, 7:16 PM ET
LONDON (Thomson Financial) - UK consumers' fears about rising prices are worsening rapidly, according to a survey by a leading bank.
The Lloyds TSB (nyse: LYG - news - people ) Consumer Barometer for February found perceptions of current inflation and expectations for prices both at record highs, although consumers' worries about job security eased a touch.
The balance of consumers who believe inflation is higher now than at the same point last year jumped 8 percentage points to 86 pct -- a survey record.
The balance of consumers expecting inflation to rise in the coming year also hit a record, of 87 pct.
Consumers' rising inflation expectations reflect soaring energy bills, which the BoE acknowledges will probably push the consumer price index (CPI) above 3 pct this year, from 2.2 pct in January.
Noted .
Your on the ground there Wayne , where do you think the rate will be this time next year ?
To be honest, I'll take a straight out punt and say they'll be roughly where they are now, give or take 3%.
Haha! I can tell you where I think it *should* be, but where they will actually be is probably more the subject for a comedy sketch.
Merv the Swerve in now in between a rock and a hard place (as we all knew he would eventually be). Will the MPC exercise their independence and actually set rates according to their remit of targeting inflation? Or will they remain at the beckon of McBean & Daaaaaaaahhling?
The Doves have the likes of the ludicrous David Beltchflower (WTF is he doing on the MPC anyway?) and the imbecilic Rachel Lowbrow who can always be relied on to vote for a cut, and they have Gordo stamping his feet, shaking his fist and frightening the hawks with his considerable ugliness. So a raise will be pushing the brown stuff uphill.
To be honest, I'll take a straight out punt and say they'll be roughly where they are now, give or take 3%.
Feb. 29 (Bloomberg) -- U.S. municipal bonds are headed for their worst month in more than four years after collapsing demand for securities with rates set at periodic auctions sent debt costs for state taxpayers and hospitals as high as 20 percent.
The municipal market in the last week and a half or so has been in a free fall,'' Warren Pierson, vice president and municipal portfolio manager at Robert W. Baird & Co., said in an interview from Milwaukee
This will be an interesting week, maybe the tipping point?Almost 200,000 newly constructed single-family homes are sitting empty in the U.S., the most since Commerce Department statistics began in 1973. Partially completed developments reduce revenue for cities and towns and hurt businesses, said Nicolas Retsinas, the director of Harvard University's Joint Center for Housing Studies. Rising foreclosures and falling property values may cut tax revenue by more than $6.6 billion for 10 states, including New York, California and Florida, the U.S. Conference of Mayors said in a November report.
Meanwhile, back in middle 'muni' America.....
Snips..
Apparently a lot of otherwise successful, and conservative, business people have already gone into bankruptcy because of high cost's of funding imposed/demanded by their lenders.
So they are or will be finding that it is increasingly difficult to fund local government projects & services eg health, transport, colleges. The bedrock of modern US society is being rattled, with possibly ominous consequences. This is not good. Is Bushs' middle name Nero? Riots in the streets.....
This will be an interesting week, maybe the tipping point?
Not sure if this is the right thread for posting the following message from Alan Kohler which I am sure many of the readers have read and acted on. Market will be probably further worsen with Reserve Bank and other Banks announcement.
Excepting few rays of light it all appear to be opaque .
Bloody hell so after the whole thing has tanked his switched his tune from raving bull to Bear. After the market drops 20%. His words are worth nothing.
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