David Cowell Rant – He’s Returned, refreshed by the waters of Aphrodite!

by | Oct 12, 2015

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I have returned, refreshed by the waters of Aphrodite (poetically not literally, of course). The Cypriots are certainly now producing some very drinkable wines at reasonable prices; €15 a bottle in a good quality restaurant.

I have noticed that the platforms are starting to ready themselves for trail commission cut-off by writing to investors. Note, to investors.

A quote from the well-known but often misguided Paul Lewis, referring to bank deposits and fixed term bonds: “Finally, no one will take any charges from it.” How has he managed to get this far through life and still be so naïve?


Bank of England policymakers voted 8-1 to keep rates at a record-low 0.5 percent this month, and most saw a relatively soft outlook for inflation, suggesting they are in no hurry to raise interest rates. Well, that’s economists for you.

Vanguard is to launch a D2C platform in the UK. It is understood it is close to signing a deal with technology firm FNZ to build the platform. Vanguard is the latest fund manager to make a foray into the platform market, after Aberdeen Asset Management announced its acquisition of Parmenion Capital Partners last month. Doubtless there will be great play of stories that IFA clients will be off-limits, but…….

“I just returned from our 21st annual Women’s Symposium in St. Petersburg, Florida.  I swear it gets better every year!” said Raymond James advisor Sybil Verch. “Being in the same room as a few hundred female advisors is empowering and inspiring.” I just don’t have any comment whatsoever……although I expect that she also said that, in the spirit of balance and equality, the same would have applied if she had been in the same room as a few hundred men.


Retirees’ take-up of Pension Wise advice is only 10% according to recent figures and the staff are being ‘redeployed’. So, they are still being paid but not to do their job, having been trained (?) at our expense. I knew that governments wasting money was international but I thought that face-saving only went on in the Far East.

K Dividend Monitor for results in the year to the end March 2015, showed that dividend cover has fallen from 1.2x from 1.5x 12 months previously. Of the ten broad industry categories, only Technology, Financials and Basic Materials (including mining) saw a rise in dividend cover. Consumer services saw dividend cover more than halve from 1.4x to 0.6x, after reporting both a 12% fall in dividends and a 59% drop in net profits. As usual, the flight to income funds is at precisely the wrong time.

An interesting chart below for anyone who thinks that commodities are going to recover anytime soon. If China is growing at 3-4% instead of 7-8% in the past, where’s the recovery?

China's Raw Materials

China’s Raw Materials
















Separatists on Sunday 27 Sept won a clear majority of seats in Catalonia’s parliament in an election that sets the region on a collision course with Spain’s central government over independence. “Catalans have voted yes to independence,” acting regional government head Artur Mas told supporters, with secessionist parties securing 72 out of 135 seats in the powerful region of 7.5 million people that includes Barcelona. That’s what the SNP thought but it didn’t quite work out.

An elderly gentleman walks into an upscale cocktail lounge. He was in his  mid eighties. He was very well dressed, hair well groomed, great looking  suit, flower in his lapel and smelling slightly of a good after shave. He  presented a very well looked-after image.  Seated at the bar was an  elderly really classy looking lady, (mid seventies). The sharp old  gentleman walks over and sits along side of her. He orders a drink. He  takes a sip. He slowly turns to her and says,  “So tell me, do I come here  often?”

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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