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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. These days I'm retired, and I can't by law give you advice. I do make mistakes, but I try hard to do my analysis thoroughly, and to make sure my data are correct. Remember: the unexpected sometimes happens. The expected does too, but all too often it takes longer than you thought it would.
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.
BTW, clicking on most charts will produce the original-sized, i.e., bigger version.
Thursday, February 7, 2013
The cost of the GFC in Spain
A telling chart. As so often, it is the poor, in fact the poorest of the poor, who suffer: the lowest percentile falling nearly 45% in real terms. The property speculators and the top bankers have pocketed their profits and bonuses. Those who in and closest to grinding poverty pay the price. Shameful.