HindeSight Investment #102 July 2023 - Newsletter - Read Here
CONTENTS
OVERVIEW
INVESTMENT INSIGHTS
PORTFOLIO UPDATE
HINDESIGHT DIVIDEND UK - PORTFOLIO #1 JULY 2023
OVERVIEW
Apologies for a slightly delayed letter this month. I have just enjoyed a randomly planned holiday in Spain, which turned out to be most relaxing and pleasant mainly due to the fact it was a holiday resort for Spanish people. The only football shirts in sight were Spanish teams! It also meant the prices were local, rather than foreign tourist premium, especially for the great food, no €50 for five prawns in sight! Mentally noting as a place to return to, I am not telling any of my friends!
I did manage to read a few books picked up at the airport, as you do, one of them being, “Winter in Madrid”-Sansom. I am a simple guy-going to Spain-buy book that must be to do with Spain, even if I was nowhere near Madrid. The background of the 1936-39 Spanish Civil War is dramatic and very thought provoking. The class struggle between left and right, led to the outside foreign support for the Republicans by the Soviets while Hitler supported Franco’s Nationalists. The ultimate victory saw Franco stay in power for almost 40 years, before ‘democracy’ returned. Yet, now in the recent, still being contested Spanish elections, there is a strong chance the far right will re-emerge in power for the first time since Franco’s death in 1975.
The tragedy and futility of the internecine war was well depicted, but I couldn’t help thinking of its relevance to the depressingly familiar situation in the Russian-Ukrainian conflict that still continues almost 18 months on. Nothing changes much, unfortunately. While the anti-Russian neo-cons in the US have mugged off the masses spouting the 1930’s appeasement line to support the sovereignty of Ukraine and push NATO west, there are or certainly were elements of civil war in southern/ eastern Ukraine and Crimea, prior to the west’s involvement with the same tragedy and futility to be seen, and it certainly isn’t as black and white as the western media would have us believe.
Although less addicted to the newsreel on vacation, I couldn’t miss the fascinating new farce with NatWest, Coutts and Nigel Farage. Barely three years on after NatWest Group changed their name from RBS Group to ‘forget’ the last farce during the 2008 Great Financial Crisis ‘inspired’ by old Freddie Goodwin, a new debacle unfolds. More than a few people must have been amazed by the “Subject Access Report” that Nigel Farage was able to get from Coutts, not least the people who actually made those statements! Long gone are the days of walking into Coutts, Lombard Street to be met by staff wearing tailcoats…..ah, the good old days.
News that has certainly not been widely picked up by the mainstream media is the BRICS summit in Johannesburg, August 22-24th. In GDP terms, the BRICS nations have recently overtaken the G7 nations, as a reference point on their growing status and importance in the global economy. Of course, they are now, ‘on the other side’. With South Africa party to the International Criminal Court, Russia’s Vladimir Putin has decided to participate by Zoom rather than risk arrest subject to the issued warrant by the ICC and head to The Hague, but the Western ‘coalition’ nations should take notice of developments at the summit. Especially the discussion on a new gold-backed currency for the participating nations with more determination than ever to move away from the US Dollar world to a New World Order.
As the global reserve currency, the US Dollar and the United States have been privileged to spend and borrow without constraint since the collapse of Bretton Woods in 1971 but the numbers are really getting out of control now. In the next few months, you will see the US interest expense on Government debt pass $1trillion and still rising. FML, and I thought my credit card was an issue!
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