HindeSight Investment #108 February 2024 - Newsletter & Podcast - READ HERE
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CONTENTS
OVERVIEW
INVESTMENT INSIGHTS
PORTFOLIO UPDATE
HINDESIGHT DIVIDEND UK PORTFOLIO
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OVERVIEW
Back in the 1990’s, there was a brilliant sketch with comedian, Alexei Sayle where he is concerned that if his brain becomes too full, and he is given a useless piece of information, something useful would be forced out, such as how to walk or talk. At that point, he is given two such pieces and immediately starts to talk gibberish and fall over.
I couldn’t help thinking of this sketch with my recent experience with a major UK high street bank and the HMRC, (UK GovtTax Authority). Despite having ticked all the right boxes, the HMRC had issued a tax rebate in cheque form rather than to the requested bank account. Of course, inefficiency/incompetence is the obvious thought, but I can’t help thinking that maybe the HMRC have worked out that paying by cheque delays encashment by a significant time margin that with 5% deposit rates, it’s business plan 101, delay your supplier payments! Certainly in my case, where the HMRC decided to issue the cheque in joint names of my wife and myself, but with no joint account, we were unable to pay in the cheque. Left with the option of getting HMRC to cancel and re-issue separate split amounts, (think two months), I thought it would be the far easier and quicker option to add myself to my wife’s bank account or vice-versa. Well, it took six weeks, multiple emails, on-line communications, complaints and dozens of (computer says no) document uploads. So, when I hear that AI is going to change the world, I do have to laugh because clearly we have ‘forgotten’ how to do things today that 20 years ago would have taken five minutes at your local branch!
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