Madeleine helps out with the watering. All too soon winter will be upon us but, for now, the sun shines late and August ahead. Sonnet takes the Shakespeares to Primrose Hill to meet Dana and Nathan's newest project, baby Sierra. Bravo!
Reuters reports today that UK fund managers are hoarding cash which is now 9% of of their combined portfolio. This is the highest level since Lehman failed in October 2008. Europeans are playing a similar card. So we must wonder: will restive cash fuel the next stock-market rally or sit tight? Bank of America Merill Lynch thinks the latter, suggesting that the hopes for global recovery have turned negative - a net 12% of fund managers expect a weaker economic outlook over the next year compared to a net 42% expecting a stronger outlook only two months ago. On other metrics, including sharply declining hedge fund exposure, risk aversion is back at levels last seen in the dark days of March 2009. Earlier this summer, the City gearing up for an anticipated wave of mergers and acquisitions by staffing aggressively. So who does one believe - the money managers or the investment banks?
On the double dip (from Seinfeld):
(George takes a large tortilla chip, dips it into a bowl of dip, takes a bite, dips it into the bowl again, and then eats the remainder of the chip)Timmy: What are you doing?George: What?Timmy: Did, did you just double dip that chip?George: Excuse me?Timmy: You double dipped the chip!George: Double dipped? What, what are you talking about?Timmy: You dipped the chip. You took a bite, *points at the dip* and you dipped again.George: So?Timmy: That's like putting your whole mouth right in the dip. From now on, when you take a chip, just take one dip and end it.George: Well, I'm sorry, Timmy, but I don't dip that way.Timmy: Oh, you don't, huh?George: No. You dip the way you wanna dip. I'll dip the way I wanna dip.(George grabs another chip, dips it, takes a bite and begins to reach for the dip as Timmy grabs his hand)Timmy: Gimme the chip!(The argument becomes an all-out brawl between George and Timmy)
