Deaths Crowding In

It’s a day to mourn the passing of several people who have made history. The latest is that of Lord Alistair Darling, former Chancellor, at the young age of 70 from cancer. As a leader in the Labour Party in the fight against the financial crisis in 2008, he effectively nationalised Northern Rock and Bradford & Bingley and took control of the Royal Bank of Scotland (now Nat West).

These actions effectively made UK banks uninvestable to the international investment world. Could he have acted differently? I believe so. The Government has yet to get rid of its holding in Nat West and Darling’s attempt to take control of the major UK banks in the socialist paradise of Gordon Brown was an abject failure.

Another death was that of Henry Kissinger at the age of 100. He had a major influence on international politics in the 1960s under more than one US President.

Two days previously the death of Charlie Munger was also announced. He was Warren Buffett’s partner in Berkshire Hathaway from which he became very rich but he was also a witty writer. For example, he said “I think you would understand any presentation using the word Ebitda if every time you saw that word you just substituted the phrase ‘bullshit earnings’”. You can certainly learn a lot from him if you wish to be an intelligent investor.

Munger died at the age of 99 while Buffett is still going strong at a few years younger. Clearly age is no barrier to investment success.

Me I am still trying to stay alive at the age of 77 having just commenced on kidney dialysis as the transplanted kidney I got from my brother is now over 25 years old and failing as expected. I am apparently not fit enough for another transplant at this time which is disappointing so no need to offer one!

I will continue to put comments on investment and the financial world on this blog so long as I can. But the financial world is certainly not helped by Andrew Bailey, Bank Governor, talking down the prospects for the UK in his recent comments. Bankers need to instil confidence in the economy not pretend we are headed for doom.

Roger Lawson (Twitter https://twitter.com/RogerWLawson  )

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