Any other business

A wood is the one fixed point in a changing world

‘Can’t see the wood for the trees’ is an old saying and a true one, not only metaphorically but literally. Nature students often look carefully at trees and know a lot about them. But they don’t notice the wood, and know nothing about its life and history. Since I began drawing trees with close attention

The promise of real profits from a weird virtual world

My name is Cosmic Finucane. I have lots of money, a body to die for and I’m building my dream house on an island with an ocean view. At least, that’s my alternative persona — sadly, a far stretch from the real me. He inhabits the internet’s hottest new phenomenon, the virtual world of Second

Flawless, timeless, almost priceless

White diamonds are the world’s most expensive gems. White diamonds are the world’s most expensive gems. The ideal stone is like a piece of ice, whiter than white, graded ‘D’, the purest possible grading, and cut with exquisite precision. Only a handful exist. Ten years ago a pure white, pear-shaped 100.10 carat diamond (pictured here),

A year in exile, but still in the game

Bill Browder is strangely apologetic for the grandeur of his offices in Hudson House, a Lutyens mansion off Covent Garden. ‘I like the high ceilings,’ he says, scanning the room with a nervous smile, ‘It’s easier to work with some space around me.’ Somehow, though, neither the building’s fine fa

Men with guns are the new dotcoms

Matthew Lynn finds private military contractors such as Colonel Tim Spicer — formerly known as mercenaries — responding to demand in a high-growth business sector Sitting behind his smartly fashioned desk in one of the new, antiseptic office blocks that line London’s Victoria Street, Tim Spicer looks the very model of the modern entrepreneur. He

As Tom Paine wrote, ‘Every nickname is a title’

A recent movie suggests that the Duke of Edinburgh’s nickname for the Queen is ‘Cabbage’. His experience dates back to the day when this delicious vegetable was overboiled into tastelessness. But now that most people cook it very lightly and so preserve its fine flavour and crispiness, the term is one of endearment, as (no

The City’s surprise success story

Once synonymous with men in red braces peddling junk bonds, the leveraged buy-out industry has become almost respectable. This is in large part thanks to some clever rebranding that would make even David Cameron blush; now invariably described as ‘private equity’, which sounds a lot cuddlier, the industry has even enticed that holier-than-thou old rock

Amaranth: how to lose $6 billion in a fortnight

Hedge funds, you read here in June, are often riskier than they are made out to be. Putting your money into ‘a fund that blows up, closes down or disappears with all your money’, I suggested, is a real risk for the unwary investor. The danger, I could have written, is that you will find

Martin Vander Weyer

Time to invest in Korean reunification? I know a man who did

As the absurdly coiffed and probably deranged Kim Jong-Il fingers his nuclear button, not even the ballsiest hedge fund manager would contemplate investing in the prospect of Korean reunification. But I could name one secretive London investor who took a big punt back in the 1980s, buying a bundle of North Korean government debt at

The day the City entered the modern world

It was a day to remember: 20 years ago, on 27 October 1986, Big Bang caused a revolution in the securities market which turned the whole financial sector upside down. The early 1980s was a time of change. The Thatcher government’s thirst for deregulation was at its height. Exchange controls had been lifted, capital could

Ross Clark

Monetary genius? I beg to differ

Amid the growing mutterings over his suitability to be prime minister, Gordon Brown has managed to preserve his reputation in at least one quarter. It has become received wisdom that the Chancellor played a blinder on his first day in the job in 1997 by making the Bank of England independent, giving us perpetually low

Making jokes is hard, and is certainly no laughing matter

The most valuable people on earth are those who can make you laugh. Laughter is the great restorative and rejuvenator. I’m surprised more philosophers have not written about it: only boring Bergson. In recent years the people who have made me laugh most — ‘shriek’, as Nancy Mitford called it — are Carla, Leonie and

Leadership, clarity and a very thick skin

If you get up early enough you might spy the solid frame of Allan Leighton running round one of the London parks before he pays a surprise visit to a Royal Mail delivery office. The reaction of the postmen and women is usually the same. ‘They always say, “Oh s***, it’s the chairman”,’ Leighton laughs.

Switching channels

‘Have you had an accident at work that’s led to a loss of income?’ ‘Would you like to consolidate your debt?’ ‘Do you want to release equity from your property?’ If you’ve ever had the misfortune to find yourself watching ITV1 during the daytime (according to the British Market Research Bureau, not a single Spectator

Every home should have a hedge fund

John Andrews says investing is like motoring: it’s not the vehicle that’s dangerous but the way it’s driven Dave wins millions on the lottery, and the first thing he does is sprint down to the nearest Ferrari showroom and jump into the latest model with extra-deep bass woofers and a little fold-down table for his