HindeSight Investment #100 May 2023 - Newsletter - Read Here
CONTENTS
OVERVIEW
INVESTMENT INSIGHTS
PORTFOLIO UPDATE
HINDESIGHT DIVIDEND UK - PORTFOLIO #1 MAY 2023
OVERVIEW
When it comes to getting an additional bank holiday in the UK because of the coronation of Charles III, no doubt there wasn’t a Republican in sight. I don’t think anyone would argue that we do pomp and circumstance very well in Great Britain. Very few royal houses these days actually crown their kings and queens, so it was certainly worth watching.
It was a reminder of the very long continuity of history that we have, where everything from the event stage at Westminster Abbey, that was rebuilt in 1269 to the great Imperial Crown wore by the new king. The prominent Black Ruby gem, (above the Cullinan II diamond) can track it’s immediate provenance to Henry V who brought it back after the famous battle of Agincourt in 1415, and beyond.
I thoroughly recommend the current series of “The History of Britain” by Simon Schama documenting the incredible royal and political struggles of the last millennium. What have we learnt along the way? We have certainly improved our communication abilities, as well as our killing methodologies but despite our modernisation, the long-feared/hoped for eradication of human labour taken over by machines leaving us with excess leisure time has not happened. Whether it was the promises/worries of industrial revolution, the computer age and now Artificial Intelligence, workers are still hard-nosed at the grindstone, amid the cyclical periods of trade globalisation and de-globalisation.
We have had outliers over the last 1000 years and more, like our current low point in UK political competence across all the parties and our last decade or so of insane central bank money printing and zero rates but war-peace, trade and the cost of capital have their cycle swings.
Unfortunately, the ‘normalisation’ of the cost of capital and risk-free rate is seeing interest rates rise at their fastest rate in history, to try to combat the inflation created by the money printing. In the true style of “It’s nothing to do with me, mate”, the central bankers are trying to absolve themselves of blame, of course. It’s beyond embarrassing to see them and politicians arguing about greed-flation, with workers striking and businesses raising prices, -it’s your frigging fault, you muppets!
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