Hi David, <<Your NEM strategy sounds a lot like my News Corp strategy except that my long position in News is almost 14% of NAV>> and except I am willing to LTBH NEM. On the allocation, I may catch up quickly when necessary, or when I panic:0)
I have been taking the last few days off (since the 20th), and have just been informed that China will be on national holiday from the 1st to the 6th. My business has everything to do with China, US and Europe and nothing at all to do with Hong Kong, and so I will extend my holiday of doing nothing much accordingly. Hong Kong’s reunification with the mainland certainly gave us a lot of holidays (May 1-7, Oct 1-7, and now Jan 1-6). At this rate I will soon have to work out a third business activity to keep occupied. In the meantime, some anecdotes :0)
I am looking at the latest Hong Kong and Shanghai Bank interest rate sheet for 1 year fixed deposit in various currencies (HSBC is the largest and safest bank in HK and pays a somewhat lower interest rate on deposit):
AUD 3.13%
CAD 1.19%
CHF 1.165%
EUR 2.2%
GBP 3.1%
HKD 0.8%
JPY 0.01%
NZD 3.85%
SGD 0.15%
THB 3.75%
USD 1.14%
Notice that JPY, HKD, and SGD is paying a lesser interest rate than USD, and guess what, no recovery in HK, and more importantly, none in sight, and by the way, no one in government or media is even bothering to talk about eventual recovery. We are a realistic bunch on this cartoon-like Freedom Rock, formerly Money Mountain.
No one I met at this year’s parties complain about their jobs any more, because all knew the harsh response they would get if they did, ‘at least you have a job’.
Husbands at parties are comparing notes on the monthly allowances they give to their wives and other companions. The ladies are nervous. Cuts are coming, wife's first:0)
Looking at another bank notice, I grimace at an auto-rollover 30-day fixed deposit slip dated December 21st: the annualized rate on that particular day ended up being 0.1% for 30 days.
A local bank’s CEO says credit is very easy, but no takers. Why? Because everything you can buy with money goes down in value, everywhere.
The partygoers, collectively, are a highly educated (maybe that is the problem), ostensibly networked, and apparently well-off bunch, and yet none had any truly enticing ideas born of strong conviction on where to seek food, sustenance, or shelter; somewhat like a mass of cockroaches inadvertently trapped in the roach motel.
I think I may have to energize my capital hoard for the challenge of 2002 (Maurice, paying attention?), the Year of the Financial Tsunami, and thus I picture a bunch more cockroach like Jays rummaging around looking for an out of the Roach Motel. I see QCOM, and I say, “neh, that isn’t it”, and yet Maurice is all over the stuff, gobbling it down in large chunks, microwave warmed.
Last night Wall Street bought the slash-gones and the dot-bombs, indicative of the absolute dearth of brilliance and the sheer lack of opportunities.
Chugs, Jay |
