Bitcoin believers are perfectly entitled to believe what they want to believe. The rest of us: too clever to fall for the hype, or too stupid to understand – depending on your perspective, have grandstand seats for the BTC “how low will it go this time” championship.
After a busy few days in London, I need some light comic relief this morning, so let’s figure out why Britain is really broken. It’s nothing to do with Government. It’s all about crap customer service and the treacle that makes Big Companies so poor. They no longer care. And that spreads like a cancer around the economy. Trying to deal with large firms and the private utilities that run the UK is like daily root-canal surgery.
The BBC is/was the world’s most trusted broadcaster. It’s impartiality stood above the fake news and politicised opinion presented as irrefuttable facts pumped out by private channels. It was held to the highest standards, and when it’s seen to have slipped – as has happened – suddenly there is no stopping a tidal wave of manufactured shock and fury flooding the media space.
The supreme art of war is to subdue the enemy without fighting. As Europe wakes up to the threat, the war in Ukraine shows how quickly the battlespace is evolving. Rearming the West requires a focus on decisive, scalable, deployable technologies to deter further aggression. Let me introduce Spitfire Strategic Capital – a new fund focused on War-Winning Defence Platforms.
There is nothing like a Trump tweet to set the tone for the week. Feels like the markets are living on borrowed time re AI, US Treasuries and current valuations. All look strong, but what if the bottom falls out? Relax… the sun will come up tomorrow.
Is the AI bubble bursting? Who will be the survivors and losers? Or is it more fundamental – US AI firms talk of spending billions, but what is China is doing AI better and cheaper? If China wins the AI race, then it will confirm more than just the waning of the American century. It will fundamentally shift valuations.
Yesterday saw bad political theatre in the UK. Rachel Reeves got up and warned everyone it’s going to be bad and therefore made it so. Acres of negative coverage and lots for the opposition to make noise about. But the reality is maybe very different. There is not that much [more than usual] to worry about.
Yet again I was wrong and overly bearish. Markets survived October with barely a shrug. Everything is apparently fine and dandy.. nothing to worry about? Complacency and belief abound. We have been here before…. And what does Rugby tell us about markets?
What will the future look like? Many Porridge readers fear Technofeudalism – where a new aristocracy of big tech will replace democracy and make serfs of us all. What might it look like…?
This morning’s meeting in Busan, Korea was short and sweet. Goal achieved - the global meltdown that would have followed a rare-earth embargo by China has been avoided. What is more interesting is how it could change the current power set-up in Washington as Scott Bessent and Marco Rubio increasingly take centre stage.
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