Disclaimer. After nearly 40 years managing money for some of the largest life offices and investment managers in the world, I think I have something to offer. But I can't by law give you advice, and I do make mistakes. Remember: the unexpected sometimes happens. Oddly enough, the expected does too, but all too often it takes longer than you thought it would, or on the other hand happens more quickly than you expected. The Goddess of Markets punishes (eventually) greed, folly, laziness and arrogance. No matter how many years you've served Her. Take care. Be humble. And don't blame me.
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Friday, September 16, 2011
The European pollies continue to dither, but the key central banks are taking action. Finally.
Stephanie Flanders has a thoughtful blog post about the whole mess here.
I still think Greece will effectively default. Its burdens are too great now. But .... it's just possible that the default will be orderly.
Interesting times. I took some money off the table a few days ago, despairing that the Europeans would get their actions together. The outlook today is brighter. Somewhat.
Posted by Nikolaos at 12:40 PM