Remember when we used to have a proper silly season in summer? Jelly-throwing contests, plagues of ladybirds, ice cream, and everything quiet in the markets because everyone was away on the beach? So does David Cowell of Myddleton Croft Investment Managers . Sigh, this year it looks like we’re all back to screaming at each other.  Greece, China, the IMF… Thank goodness, then, for the weekend.


MC shopping images

The Chairman and Company Secretary go shopping:


The International Monetary Fund (IMF) has warned that Greece could need a 30 year moratorium on debt repayments if its creditors are to avoid taking ‘deep upfront haircuts’. That could make for an interesting debate in the Bundestag.

Standard Life has renamed their latest acquisition, Pearson Jones (our next-door neighbour), ‘1825’. I wonder how much the brand consultancy was paid for this piece of genius? Also, what’s so special about twenty five past six?

Michael Barrett, consulting director at The Lang Cat, notes that most platforms do provide access to some DFM portfolios, although typically a restricted range. For example, he notes Brewin Dolphin’s portfolios can be accessed via a number of platforms, whereas Standard Life offers access to around eight DFMs. He says: “Our view would be that the trend to outsource is generally a good thing. It allows advisers to have a much more process-driven and cost-effective business, but more importantly it should ensure the client’s investments are managed by experts, with the adviser still handling the wider financial planning and client relationship.” If some advisers are still concerned that a DM will steal clients they should use one of the very few firms that don’t have advisory permissions – such as us.


Mark Carney has stated that three things need to be clear before interest rates rise: a) consolidation of growth at over 0.6% per quarter; b) domestic costs need to continue to firm, and c) growth in labour costs needs to continue to rise so as to meet the 2% inflation target. It could well take longer than currently thought.

Chinese ETFs have been hit by price swings and wide valuation gaps as a result of the suspension of trading on a large proportion of Chinese stocks last week. China’s economy expanded 7% (so they say!!) in the second quarter compared to a year ago – unchanged from the previous quarter when growth was at the lowest level since the global financial crisis. The data failed to motivate investors as on Wednesday the Shanghai Composite was down by 4.4% while the Hang Seng fell 0.8%. Today equities rallied strongly after it was revealed state banks have lent some 1.3trn yuan ($209bn) to the margin finance agency in an attempt to prevent further market falls. The Shanghai Composite closed 3.5% higher, after falling over 30% in the last month.

Over the past three years, Japanese dividends are up 56%. The trend looks as though it will continue hence our liking for domestic Japanese stocks.


Aviva Investors has introduced bid pricing to its Property Trust after what it describes as a ‘period of sustained net outflows’. It shows that people shouldn’t forget that property is inherently illiquid.

Europe moved to re-open funding to Greece’s stricken economy on Thursday, hours after a fractious Greek parliament approved a tough bailout programme in a vote that left the government without a majority and looking to new elections within months. What’s the betting that once they’ve got the money they just carry on as before?

An acquaintance was out playing golf in Dubai and unfortunately overturned his cart. For those who know the Emirates courses it was the one nearest to the villas lining the side of the course. A nubile young lady dashed out of one of the villas and fussed over him before inviting him back to her villa for a little R&R. He muttered that he would but didn’t think that his wife would like it.


She quickly overcame his objections, and they enjoyed a little sojourn but not before he had again said that his wife wouldn’t like it. Afterwards she offered to help him right his cart and asked him where his wife was.

He replied that she was under the cart.

Have a good weekend.



David Cowell



For and on behalf of Myddleton Croft Investment Managers

1 Woodside Mews

Clayton Wood Close


LS16 6QE

Tel:        0113 274 7700

Fax:       0113 274 7711

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