Fridays P&L: GBP 485.00
Fridays Booze: 3 liters of some organic cider, 1 liter of red wine, 1 large Vodka on ice.
Another relatively pointless day. Spot cable, (GBP/USD), took a massive hit of 400 points because the recession in the UK isn't over as Germany, France and The US are making signs of recovering. In my opinion we are just being more honest. I took a beating on the foreign exchange futures I had but made a profit on a short position on the DAX.
Last night in the UK we had the head of the British National Party on the tv. He is, as you would expect, a loathsome character and he is supposed to be the friendly public face of his party but I have to admit he made some good points. I should hate this guy and all he stands for, after all I am nothing if not an internationalist and aside from my love of London as one of the truly great cities in the world I have no overwhelming attachment to the UK. I am aware, though of how some British people are feeling regarding the overwhelming immigration into the UK and worse, the insistence of certain groups to have their traditions and beliefs respected above those of their new country. While it is meaningless to me, I have lived in muslim countries, (only relatively secular ones), and have seen the friction that can be caused. I wouldn't really want that in Britain. I wonder why the UK is the target for so many immigrants, I mean in theory we are all part of Europe and the living standards in Germany and Sweden are much better than in the UK, so why the surge to Britain. I can only assume the benefits system here really is more advantageous. I wouldn't really know as I have never claimed benefits in my life but I have taken advantage of the health system. My concern is that the likes of the BNP cater to the dumbed down, me now generation.
Anyway, another weekend looms ahead, the recent cold weather pays havoc with my ankles and knees, I mean I am still mobile, but after all those fractures there is bound to be some residual pain - the most irritating is in my right knee which feels like a burning spike deep inside the knee cap. There is no way to relieve this, you can't scratch it like an itch you just have to learn to ignore it. That was a lot easier when I was drinking 2 or more liters of vodka a day. Anyway enough of feeling sorry for myself. Lets just hope next week is better.
Friday, 23 October 2009
Thursday, 22 October 2009
Thursdays P&L: GBP390.00
Thursdays Booze: Last bottle of Chateau de Beaucastel 2000, 8 cans of Kronenbourg 1664
What to think about today? The markets still defy reason. After taking a fairly severe beating on some index shorts I had, I am taking money where I can find it, just to try and rebuild some capital. I am sure in the long-run I will be right, but trading isn't about being right - its a business and timing is everything.
Here in the UK we have one of our crazy right wing nationalists appearing on the tv tonight. I will be interested in hearing what the old crackpot has to say. My girlfriend is a foreigner who just happens to have come from a fairly wealthy background. Having said that she has never shied away from an honest days work in her life and has donated far more to charity, (in this country and abroad), than I ever have. I would be prepared to bet loads of money that she has donated more in charity and time to the underprivileged in this country than Nick Griffin ever has. So is she welcome because she contributes? if that is the case then the man is more hypocritical than I thought. I do believe that the BNP in this country is a bit of a sideshow, something to take our minds of the true dismal situation and corruption. You just have to look at the protesters on Sky tv. Some of them clearly don't know if they are protesting against racism or climate change or globalization. One things for sure they all have that smug self-satisfied look of people who have never endured hardship but are willing to cry on someones shoulder about other peoples situation. I only have to see the red dyed hair and nasal piercing to tune out before someone tells me about the terrible situation in Nepal or in Burma.
Thursdays Booze: Last bottle of Chateau de Beaucastel 2000, 8 cans of Kronenbourg 1664
What to think about today? The markets still defy reason. After taking a fairly severe beating on some index shorts I had, I am taking money where I can find it, just to try and rebuild some capital. I am sure in the long-run I will be right, but trading isn't about being right - its a business and timing is everything.
Here in the UK we have one of our crazy right wing nationalists appearing on the tv tonight. I will be interested in hearing what the old crackpot has to say. My girlfriend is a foreigner who just happens to have come from a fairly wealthy background. Having said that she has never shied away from an honest days work in her life and has donated far more to charity, (in this country and abroad), than I ever have. I would be prepared to bet loads of money that she has donated more in charity and time to the underprivileged in this country than Nick Griffin ever has. So is she welcome because she contributes? if that is the case then the man is more hypocritical than I thought. I do believe that the BNP in this country is a bit of a sideshow, something to take our minds of the true dismal situation and corruption. You just have to look at the protesters on Sky tv. Some of them clearly don't know if they are protesting against racism or climate change or globalization. One things for sure they all have that smug self-satisfied look of people who have never endured hardship but are willing to cry on someones shoulder about other peoples situation. I only have to see the red dyed hair and nasal piercing to tune out before someone tells me about the terrible situation in Nepal or in Burma.
Friday, 16 October 2009
Fridays P&L: GBP 120!!!!
Fridays Booze: 2 bottles of cheap french red wine, 1 litre of dry cider
Still on Doctors orders as far as the grog goes, I am craving spirits so much. Am I an addict? I don't doubt it, the quack thinks I am lucky to be alive, but you know what? All that booze I drunk, all the risks I took they never impaired my work - My birthday in January, never thought I would be so old.
The girlfriend is harassing me. Wants to get married, I can't help wondering who the fuck would want to marry someone like me. Its not that I think I am a bad person, on the contrary - I think I am an excellent fellow. Would I want my daughter, (if I had one), to marry someone like myself? Not in a million years. There are plenty of decent blokes out there, guys who are falling over themselves to find suitable girls. I have always really regarded any women I went out with as rather lucky to have met me.
The markets are dead right now, small chance of me making my fortune back if this continues. Maybe I am just not seeing the chances, it wouldn't surprise me I have had rather a lot on my mind lately.
Fridays Booze: 2 bottles of cheap french red wine, 1 litre of dry cider
Still on Doctors orders as far as the grog goes, I am craving spirits so much. Am I an addict? I don't doubt it, the quack thinks I am lucky to be alive, but you know what? All that booze I drunk, all the risks I took they never impaired my work - My birthday in January, never thought I would be so old.
The girlfriend is harassing me. Wants to get married, I can't help wondering who the fuck would want to marry someone like me. Its not that I think I am a bad person, on the contrary - I think I am an excellent fellow. Would I want my daughter, (if I had one), to marry someone like myself? Not in a million years. There are plenty of decent blokes out there, guys who are falling over themselves to find suitable girls. I have always really regarded any women I went out with as rather lucky to have met me.
The markets are dead right now, small chance of me making my fortune back if this continues. Maybe I am just not seeing the chances, it wouldn't surprise me I have had rather a lot on my mind lately.
Saturday, 10 October 2009
Working Men
Fridays P&L: GBP 1,200
Fridays Booze: 8 pints of Stella Artois, 1 bottle Tinto Pesquera 1994
What a strange day. The markets continue to believe that everything is good. A year on in and the crisis is over. Yet something doesn't sit right. Was this financial crisis so temporary? Could it really be solved by just injecting unlimited capital into the banking system? The politicians in the UK have been on holiday and seem focused on dealing with the troublesome issue of their expenses when they return. The part conferences have shown that deep down and despite whatever promises they make, non of the politicians have any idea how to address the gaping whole in our national finances. The American Politicians are basking in the reflected glory of Obama and his Nobel prize, (for which he was nominated after just 11 days in office).
Its the Americans I feel sorriest for. They seem unable to accept their new role in the world and hope things will return to normal, but how can it? The securities houses of Bear Stearns, Lehman Brothers, Merril Lynch, Morgan Stanley and Goldman Sachs are all gone. OK, they still exist apart from Lehmans, but they have all been forced into unfavorable mergers or converted into FDIC regulated bank holding companies. These companies that survived the depression, both world wars and all the recessions of the last century just collapsed under the weight of their own hubris and greed. The same thing happened here in the UK. RBS, the biggest British bank with total assets exceeding the GDP of the country floundered, so did HBOS, the biggest mortgage lender in the country. These banks were rescued at an unknown cost, (the full cost to the country will never be revealed), because what was the alternative? The banks not opening the next day, people unable to withdraw cash from ATM's salaries not being paid into bank accounts, businesses unable to pay suppliers. In effect the complete meltdown of the modern society we have grown to depend on. We were literally hours away from this happening. and yet when I walk around London most people seem unaware.
It isn't the case with a lot of the trading community, I spoke to a few ex-colleagues who have come close to committing suicide. Its easy to distract the general public with stories of huge bonuses and yes, many investment bankers and traders earned huge salaries, but these were earned, contracts were established and generally bonuses were similar in percentage terms to top salespeople in other fields. Just the revenues were exceptional. Anyway, the bubble has been reinflated, but the future consequences are unknown. One thing is for sure, things will never be the same again.
Fridays Booze: 8 pints of Stella Artois, 1 bottle Tinto Pesquera 1994
What a strange day. The markets continue to believe that everything is good. A year on in and the crisis is over. Yet something doesn't sit right. Was this financial crisis so temporary? Could it really be solved by just injecting unlimited capital into the banking system? The politicians in the UK have been on holiday and seem focused on dealing with the troublesome issue of their expenses when they return. The part conferences have shown that deep down and despite whatever promises they make, non of the politicians have any idea how to address the gaping whole in our national finances. The American Politicians are basking in the reflected glory of Obama and his Nobel prize, (for which he was nominated after just 11 days in office).
Its the Americans I feel sorriest for. They seem unable to accept their new role in the world and hope things will return to normal, but how can it? The securities houses of Bear Stearns, Lehman Brothers, Merril Lynch, Morgan Stanley and Goldman Sachs are all gone. OK, they still exist apart from Lehmans, but they have all been forced into unfavorable mergers or converted into FDIC regulated bank holding companies. These companies that survived the depression, both world wars and all the recessions of the last century just collapsed under the weight of their own hubris and greed. The same thing happened here in the UK. RBS, the biggest British bank with total assets exceeding the GDP of the country floundered, so did HBOS, the biggest mortgage lender in the country. These banks were rescued at an unknown cost, (the full cost to the country will never be revealed), because what was the alternative? The banks not opening the next day, people unable to withdraw cash from ATM's salaries not being paid into bank accounts, businesses unable to pay suppliers. In effect the complete meltdown of the modern society we have grown to depend on. We were literally hours away from this happening. and yet when I walk around London most people seem unaware.
It isn't the case with a lot of the trading community, I spoke to a few ex-colleagues who have come close to committing suicide. Its easy to distract the general public with stories of huge bonuses and yes, many investment bankers and traders earned huge salaries, but these were earned, contracts were established and generally bonuses were similar in percentage terms to top salespeople in other fields. Just the revenues were exceptional. Anyway, the bubble has been reinflated, but the future consequences are unknown. One thing is for sure, things will never be the same again.
Thursday, 13 August 2009
Wednesdays P&L: GBP923
Wednesdays booze: 3 bottles of Australian white wine, 4 cans of Carlsberg Premium, 3 large Vodka & Tonic
Read the market completely wrong yesterday but managed to salvage something. I anticipated another sell-off yesterday. I don't pay huge amounts of attention to charts, although I should as most market participants are just sheep these days, blindly following the buy and sell indicators generated by whatever charting method they use. I am more interested in interpreting what I see happening around me and I still see hard times coming. I am not surprised there has been an uptick in the markets, the sheer amount of liquidity that has been pumped in has to have some effect. What surprises me is that people are not saying, "well hang on a minute...isn't this what got us into this mess in the first place"? I am not much of a student having left school at 16 but I always was interested in history and the belief that if you don't understand the past you cannot learn from it. The finance industry seems hopelessly unable to learn from its mistakes. After wasn't it only 2 months ago people were getting upset by the rewards bankers earned and just this week Citibank has had to defend its decision to pay an oil trader USD100million and our own RBS, (surely the UK version of Citi), has announced it is hiring a bond trader from Merrill Lynch for a minimum of GBP7million. There is no fuss about this, because of course the public has moved on to fresh outrages. All the time the US and the UK are printing money hoping that things will return to normal. The US knows that the enormous debt it has is not really its problem, it is China, Japan and the rest of the world. Of course America should lose its AAA rating. Of course the dollar should tank but if that happened the losers would be the holders of the debt. The UK is no better its own debt situation is nothing more than a ponzi scheme. It can only end badly.
What do I know if these recent events had happened when I was still working for a bank, I would have genuinely thought the global economy was coming to an end but instead things go on as normal. People go to ATM's and withdraw their cash - it doesn't matter to them if the Nat West is owned by RBS or the government. The banks continue to send out letters to people behind on their mortgages or credit cards admonishing them for imprudent borrowing and poor financial management with no hint of irony. When this first happened in the UK. Northern Rock should have been shuttered and the people who routinely sign repossession letters or say "computer says no" should have been made redundant. OK it wasn't their fault that the company collapsed they are just tiny cogs in a far bigger machine but the effects of a few thousand losing their jobs would have been significant and also given us a truer picture of the real situation at the banks. The depositors at the bank should have received the protection they were entitled to if they had more than that amount then that is their fault. It is not as though there were a shortage of alternatives to deposit their money. Instead we have the bizarre situation where the banks are being supported by the very people they have no hesitation in sending the bailiffs for. All the time the excess liquidity is building up in the system and when the banks finally find themselves confident to lend again, they may find there are a lot less people with jobs to be able to afford loans from them.
Wednesdays booze: 3 bottles of Australian white wine, 4 cans of Carlsberg Premium, 3 large Vodka & Tonic
Read the market completely wrong yesterday but managed to salvage something. I anticipated another sell-off yesterday. I don't pay huge amounts of attention to charts, although I should as most market participants are just sheep these days, blindly following the buy and sell indicators generated by whatever charting method they use. I am more interested in interpreting what I see happening around me and I still see hard times coming. I am not surprised there has been an uptick in the markets, the sheer amount of liquidity that has been pumped in has to have some effect. What surprises me is that people are not saying, "well hang on a minute...isn't this what got us into this mess in the first place"? I am not much of a student having left school at 16 but I always was interested in history and the belief that if you don't understand the past you cannot learn from it. The finance industry seems hopelessly unable to learn from its mistakes. After wasn't it only 2 months ago people were getting upset by the rewards bankers earned and just this week Citibank has had to defend its decision to pay an oil trader USD100million and our own RBS, (surely the UK version of Citi), has announced it is hiring a bond trader from Merrill Lynch for a minimum of GBP7million. There is no fuss about this, because of course the public has moved on to fresh outrages. All the time the US and the UK are printing money hoping that things will return to normal. The US knows that the enormous debt it has is not really its problem, it is China, Japan and the rest of the world. Of course America should lose its AAA rating. Of course the dollar should tank but if that happened the losers would be the holders of the debt. The UK is no better its own debt situation is nothing more than a ponzi scheme. It can only end badly.
What do I know if these recent events had happened when I was still working for a bank, I would have genuinely thought the global economy was coming to an end but instead things go on as normal. People go to ATM's and withdraw their cash - it doesn't matter to them if the Nat West is owned by RBS or the government. The banks continue to send out letters to people behind on their mortgages or credit cards admonishing them for imprudent borrowing and poor financial management with no hint of irony. When this first happened in the UK. Northern Rock should have been shuttered and the people who routinely sign repossession letters or say "computer says no" should have been made redundant. OK it wasn't their fault that the company collapsed they are just tiny cogs in a far bigger machine but the effects of a few thousand losing their jobs would have been significant and also given us a truer picture of the real situation at the banks. The depositors at the bank should have received the protection they were entitled to if they had more than that amount then that is their fault. It is not as though there were a shortage of alternatives to deposit their money. Instead we have the bizarre situation where the banks are being supported by the very people they have no hesitation in sending the bailiffs for. All the time the excess liquidity is building up in the system and when the banks finally find themselves confident to lend again, they may find there are a lot less people with jobs to be able to afford loans from them.
Saturday, 11 July 2009
Fridays P&L: GBP 2,000
Fridays booze: 2 bottles of Tinto Pesquera 1994, half a litre of co-ops finest triple distilled vodka, 2 bottles of Stella Artois.
Back down to 2 grand for the day - don't blame me, blame these cocksucker traders that have sucked the volatility out of the market. Maybe they are scared, don't see why the government seems to have given them carte blanche to do whatever they want.
Whats on my mind today? Well apart from the fact that my ex girlfriend who's family is literally worth hundreds of millions of dollars has decided to persecute me for a small loan of USD 75,000 she made to me, all because I have a new girlfriend. I guess what I am wondering about is the exit of GM from bankruptcy protection. The market seems divided over this. The pro-Obama types say that the new lean and mean GM will compete globally. The Republicans say its amazing what you can do with involuntary contributions from tax-payers. I am inclined to agree with the last opinion. GM is a shambles and I wouldn't buy one of their pony automobiles for all the tea in China, no matter how many rap stars drive around in their Escalades. As far as I can see the only people who actually buy GM cars are retirees in Florida and didn't they just shaft all of those when they were under chapter 11. Look for another wave of SCDO defaults as a result of the GM bankruptcy. While we are on the subject Bradford & Bingly triggered credit default swaps by not paying an expecter interest amount. Seeing as they are owned by Her Majesty's Government, well the shit part is, they rather generously gave away any workable assets to Santander for two vouchers for a Grande Latte at Starbucks, doesn't that mean that the UK is technically in default? Surely those wise level-headed people at Moody's and S&P have noticed this.
Fridays booze: 2 bottles of Tinto Pesquera 1994, half a litre of co-ops finest triple distilled vodka, 2 bottles of Stella Artois.
Back down to 2 grand for the day - don't blame me, blame these cocksucker traders that have sucked the volatility out of the market. Maybe they are scared, don't see why the government seems to have given them carte blanche to do whatever they want.
Whats on my mind today? Well apart from the fact that my ex girlfriend who's family is literally worth hundreds of millions of dollars has decided to persecute me for a small loan of USD 75,000 she made to me, all because I have a new girlfriend. I guess what I am wondering about is the exit of GM from bankruptcy protection. The market seems divided over this. The pro-Obama types say that the new lean and mean GM will compete globally. The Republicans say its amazing what you can do with involuntary contributions from tax-payers. I am inclined to agree with the last opinion. GM is a shambles and I wouldn't buy one of their pony automobiles for all the tea in China, no matter how many rap stars drive around in their Escalades. As far as I can see the only people who actually buy GM cars are retirees in Florida and didn't they just shaft all of those when they were under chapter 11. Look for another wave of SCDO defaults as a result of the GM bankruptcy. While we are on the subject Bradford & Bingly triggered credit default swaps by not paying an expecter interest amount. Seeing as they are owned by Her Majesty's Government, well the shit part is, they rather generously gave away any workable assets to Santander for two vouchers for a Grande Latte at Starbucks, doesn't that mean that the UK is technically in default? Surely those wise level-headed people at Moody's and S&P have noticed this.
Thursday, 9 July 2009
Todays P&L: GBP 2,750
Todays booze: 3 litres of dry cider, 3 large Vodkas, 1 bottle of Vega Sicillia Unico 1989
Well so much for staying sober, at least I am not back on the Absinthe...yet. I am making a living salary again at last, although you can't really call it that untill you average over £5k per day for at least several months. Why the turn around in my trading fortunes? I am not sure, I assume it has something to do with the fact that I no longer have any faith in capitalism anymore. The US that bastion of capitalism has proven itself to be no better than the previous holder of that title, the UK.
America is allowing its manufacturing heartland to die while it allows the banking sector to openly mock the gowernment by accepting TARPS money and then when the conditions seem a little uncomfortable duck out of it. Meanwhile the Obama sideshow is still wandering around the globe accepting the plaudits for being the first black President. Well done mate, but sooner or later you are going to actually address the problems affecting your nation, which seems in terminal decline.
I should be happy, I have a girlfriend in my life as well as a few ex-girlfriends trying to get back in contact with me. However happiness is not a state I am naturally comfortable with. I am still unwell but I have given up worrying about that. My GP who also happens to be an MP has made it quite clear that his expenses are far more of a concern to him than the health of his patients. If you are a drunk, by the way, don't ever admit it to the quacks. As far as they are concerned, once you admit to being on the grog every illness that you may have is explained by your intake of booze!
Todays booze: 3 litres of dry cider, 3 large Vodkas, 1 bottle of Vega Sicillia Unico 1989
Well so much for staying sober, at least I am not back on the Absinthe...yet. I am making a living salary again at last, although you can't really call it that untill you average over £5k per day for at least several months. Why the turn around in my trading fortunes? I am not sure, I assume it has something to do with the fact that I no longer have any faith in capitalism anymore. The US that bastion of capitalism has proven itself to be no better than the previous holder of that title, the UK.
America is allowing its manufacturing heartland to die while it allows the banking sector to openly mock the gowernment by accepting TARPS money and then when the conditions seem a little uncomfortable duck out of it. Meanwhile the Obama sideshow is still wandering around the globe accepting the plaudits for being the first black President. Well done mate, but sooner or later you are going to actually address the problems affecting your nation, which seems in terminal decline.
I should be happy, I have a girlfriend in my life as well as a few ex-girlfriends trying to get back in contact with me. However happiness is not a state I am naturally comfortable with. I am still unwell but I have given up worrying about that. My GP who also happens to be an MP has made it quite clear that his expenses are far more of a concern to him than the health of his patients. If you are a drunk, by the way, don't ever admit it to the quacks. As far as they are concerned, once you admit to being on the grog every illness that you may have is explained by your intake of booze!
Subscribe to:
Posts (Atom)
