There is little value in broker economics.

by | Jan 4, 2006 | News, Press

Financial Times., 4th January 2006 The FT reports regularly on the views of economists and stockbrokers. Readers might be intrigued by the conflicts between them but they should not be surprised. The purposes of the two groups are completely different. Economists are...

The need for economic Alka-Seltzer.

by | Dec 14, 2005 | News, Press

Nikkei Business., 14th December 2005 US consumption has been the driving force for the world economy since the recession of 2001. As the US household savings’ rate has fallen to zero, this is bound to change. Consumption is still robust, but will falter once savings...

Nice theory, what about practice?

by | Nov 7, 2005 | News, Press

Investment Adviser., 7th November 2005 In the movie Robin and the Seven Hoods, the Rat Pack sing: “You either have or you haven’t; got style, and if you have it, it stands out a mile.” As this seems to have become the theme tune of the fund management industry, it is...

Relegating Importance.

by | Sep 30, 2005 | News, Press

The Nikkei Financial Daily, 30th September 2005 There is a strong temptation for journalists to give priority to the interesting over the important. This has been a marked feature of recent reports on the economy. After fifteen years of economic disappointment,...

Lies, damn lies and stockbrokers.

by | Sep 12, 2005 | News, Press

Andrew Smithers (Smithers & Co. Ltd.) and Andrew Milligan (Standard Life Investments) Fund Strategy Magazine., 12th September 2005 Andrew Smithers, chairman of Smithers & Co, a firm that advises on international asset allocation, gives a tongue-in-cheek guide...

China Crisis.

by | Apr 28, 2005 | News, Press

Nikkei Business, 28th April 2005 Recent data on the economy have been almost universally bad, but comment remains cheerful. As I explained in my January article, Japanese policy makers are driven to optimism by their lack of policy options. If the economy is weak, the...