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.

Wednesday, June 25, 2014

Melbourne floods

Not caused by rain but by a high tide and wind.  And the inexorable rise in the sea level.  Nine inches since 1960.  And now, with the Antarctic and Greenland glaciers moving 10 times as fast as they used to just 20 years ago, thus over time accelerating the sea level rise, it is now expected that by 2100 the sea level will have risen by 2 metres.  That's just 85 years away.  My children will see half of that.  Flooding in Melbourne will happen more and more often.  As it will in other world cities close to sea level.  And the cost of protecting them will be prodigious, far, far more than the cost of switching to a carbon-free future.

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