Hedge Fund Land seems to be in disarray. Investment losses keep mounting up. It would not come as a surprise to hear that fully 70 per cent of these often complex and sophisticated offshore investment vehicles have percentage losses running into double figures over the last year, with a large number down by over 25
Are you sophisticated? Here’s how to find out The word ‘sophisticated’, though commonly used, especially by persons who turn out on close investigation to be unsophisticated, is tricky, and truly sophisticated people avoid it altogether. Now, having got that off my chest, let us try to define it. One difficulty is that the root of
As guests made their way out of the Taj hotel in Mumbai after spending New Year’s Eve in its restaurants, many stopped to study a small memorial plaque erected to commemorate the 12 staff who died protecting guests from terrorists at the end of November. If it has the same dignified simplicity as a British
This is the time of year when I repeat Christina Rossetti’s lines In the bleak mid-winter Frosty wind made moan, Earth stood hard as iron Water like a stone. November was as cold as I remember this once-muggy, foggy month. And December even harder. The Met Office says the rest of winter will be severe,
Reading an account by the historian John Waller of the Dancing Plague in Alsace in 1518 recently, I could not help but notice the interesting but perhaps incomplete parallels with our own time. Economic conditions in Strasbourg were dire in 1518 when a woman called Frau Troffea started dancing in public and continued for days
To a hammer everything is a nail, and to a doctor everything is a symptom. I was recently in a supermarket in a handsome and as yet unspoilt town in the west of England where, as my wife observed (being French and therefore a close observer of the English in all their guises), every woman
A hot new brand, a better train service and a kinder role model for harsh times Here in Old Queen Street, we have (in our editor’s eloquent phrase) said pants to recession by launching a fistful of ‘brand extensions’ this year: our Australian edition, our online Book Club, and the soaraway monthly Spectator Business. Even
‘Behold, I bring good news for all the people,’ the Christmas angel reassures the shepherds. Given that ‘all the people’ includes capitalists, has the Church a gospel for them, other than ‘Don’t be’? Christianity’s down on capitalism surely stems from Christ. His impoverished birth in a stable sets the stamp on a life where market
Next year will be a good one for anniversaries. A century since Lloyd George’s People’s Budget, 60 years since Attlee’s devaluation, 25 since inflation swept away the ha’penny coin and £1 note. And it’s the golden jubilee of the reverse yield gap. Yet the reverse yield gap will not be present at its own celebrations.
Zero interest rates, record borrowing, printing money; the government has indicated that it is prepared to consider anything to slay the spectre of deflation. But if deflation is really such a bad thing — and I’m not convinced that, in a mild form, it is — then perhaps ministers should look at reining in a
A simple explanation for the origins of the universe — and us too Some people maintain that, in the age of the internet and Google, public lectures are an outmoded way of acquiring knowledge. I don’t agree. They demand effort to get to, fighting London’s horrid traffic, crowded tubes, parking problems etc., and that is
I am old enough to remember the last slump — I was three in 1932 and lived in the Potteries in North Staffordshire, always a precarious area economically, and badly hit by slack trade. Most of the workers in the pot bank were women and girls, traditionally paid low wages, and now subjected to pay
On my walk from Charing Cross station each morning I see Steven outside Boots, rain or shine, his outstretched arm holding the latest Big Issue at eye level for passing commuters. He’s part vendor, part performance artist. Many, like me, stop to buy; others look down and hurry on. Though passers-by might pretend he’s invisible,
David Young, who later served in Margaret Thatcher’s cabinet and as chairman of Cable & Wireless, recalls his struggle for survival as an up-and-coming entrepreneur There are some days you just never forget. It was Monday morning, 12 November 1973, and I was in my office at Town & City Properties in Carlton Gardens. I
Katrina Manson explores Africa’s extraordinary multimillion-pound trade in secondhand clothing, much of it imported from Britain and the United States Christmas might be a time for cheer and charity but, just as emotionally consuming, it’s also a time for clear-outs. As the annual wander through your wardrobe beckons, consider what happens to cast-offs dispatched to
At last, a fine statue of Brian Clough — but still not even a plaque for Jesse Boot ‘All Nottingham has is Robin Hood — and he’s dead,’ said Brian Roy, a Dutch footballer who starred, briefly, for Nottingham Forest in the 1990s. Roy’s assessment of this bleak East Midlands city, as wounding as Orson
It would be hard to imagine a worse run of events for paper money. Investment banks such as Lehman Brothers have drowned in a sea of subprime debt. Building societies such as Bradford & Bingley, once so dull and safe they made fun of it in their ads, have had to be nationalised. In the
Now that businessmen from Kazakhstan to California speak a single language, it’s perhaps not surprising that we endured a Babel of borrowing over the past ten years. And like all towers which reach too high, it fell — and great was the fall of it. So great, in fact, that the financial world was overwhelmed.
Plus ça change in the bustling hurly-burly of Westbourne Grove The chill winds are already blowing down Westbourne Grove as the recession takes hold. They would, wouldn’t they? The Grove is a peculiarly fragile and sensitive street, and has been ever since it was set up in the 1850s. At one time it was known
There’s a modern myth that food miles are bad. But measuring the carbon footprints of food items produces surprising results. We discover, for example, that bringing New Zealand lamb to our table — according to information collated by Oxford’s Environmental Change Institute — can generate fewer emissions than if the Sunday joint originated in Wales,