Misty perspectives in an uncertain world
NO EXIT: a forthcoming liquidity trap?
It may be easy to get in, but like the appropriately named Hotel California hard to leave. “Relax, ” said the night man, “We are programmed to receiveYou can check out any time you like, but you can never leave” When bulls try to escape pursued by bears, they may find themselves like the guests…
Europe capitulates to China.
At the EU-China summit in July 2025 President Costa made the following remarks: “We are committed to deepening our bilateral partnership and pursuing constructive and stable relations, anchored in respect for the rules-based international order, balanced engagement and reciprocity.” The truth is that the writing was on the wall long before this, at the time…
Are Non-executive directors completely useless
What’s the point of non-executive directors? The idea that non-executive directors (NEDs) are a useful addition to the way that companies are managed or governed has grown from small beginnings to become a massive industry in its own right. There are dozens of websites and programmes to help aspiring NEDs to find roles; and to…
Snakes and Ladders in the housing market
The housing market in Britain is like a game of Snakes and Ladders. If you are not lucky enough or have sufficient resources to be able to get on the ‘housing ladder’ you will most likely end up sliding down a snake that may lead you at the end to homelessness. The story goes like…
How to organise 4-day (or more day) weeks – the day pricing model
The pressure is on! The pressure for shorter working hours and working from home has presented many organisations with a problem. How to respond this trend? It is time to conceive a way of working as revolutionary as that described by Adam Smith in his theory of division of labour illustrated by the example of…
Asset manager alert. Compliance with consumer duty
The Potemkin village solution The satirical tone of this post is not intended to minimise the importance of ethical behaviour in the fund management industry. It simply illustrates the difficulty of applying vague moral standards to a generally honest and proper industry. The effect of this is to impose additional costs on the majority of…
The housing market is in a mess
Obsession with home ownership is a negative economic influence. Financial markets should be prepared for radical change. Britain’s housing market is in a mess. Britain’s obsession with home ownership is a principal part of the reason for low growth and social and generational division. The structure of the market drives prices up making ownership increasingly…
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