David Cowell from Myddleton Croft Investment Managers celebrates the referendum result with a little southern comfort

myddleton croftHaving returned from my brief sojourn in the South West, where there appear to be so many different brews of cider that to taste a realistic sample would take at least a month, I admit to only trying four. Five, if I count the bottle kindly given to me by Alex Sullivan of IFA magazine when we met in Bristol. I haven’t entered it on our register of inducements as it was only a small bottle, but very tasty.




As I have said all along, Scotland voted to remain part of the UK. Now the fun’s over they can get back to frying Mars bars and being beaten at rugby. I jest, of course, some of my best friends aren’t Scottish. I may take quite a different and more serious line if it was independence for Yorkshire.  I thought  that Alex Salmond was very statesmanlike in his concessionary address. I was quite expecting him to re-quote Dick Tuck who, after losing an election for the California State Senate in 1966, said, “The people have spoken, the bastards.”



The US Fed voted to end its massive stimulus package in October but said that it will not raise interest rates for a ‘considerable time’ but forecast a faster pace of rate rises in 2015 and 2016.

An Indian TV news anchor has been sacked after she referred to Chinese President Xi Jinping as ‘Eleven’ Jinping, apparently confusing Xi’s name with the Roman numerals XI.

In theory there is no difference between theory and practice. In practice there is. – Yogi Berra



A glance at the chart below will give you an insight as to why Europe is in such a state:

Per capita GDP



More than any other chart, this one shows why the Euro is structurally challenged. On a different note but the same theme, GDP per head in Scotland is half that in Denmark with about the same population. I wonder why?

Why would Germany change anything about the current Euro system? It works for Germany. Why would Italy accept anythingabout the current Euro system? The system fails Italy. The system fails other countries, too, like Spain, Portugal, and Greece, but these countries are in the Euro by necessity. Their economies are far too small to go it alone. Italy is big enough to go it alone without the euro.


“Draghi knows that he’s pushing on a string with the ABS program, and that growth won’t return until the fundamental political dynamic changes in France in Italy, which is why he is calling both countries out by name to institute “structural reforms.” Ben Hunt, Salient Partners.


Vestra Wealth investment manager Jim Mackie has quit the firm. There’s a lot of it about.


The ONS CPI was 1.5%, down from 1.6% in July. Falls in the prices of motor fuels and food and non-alcoholic drinks provided the largest downward contributions. Upward effects came from clothing, transport services and alcohol. RPI, which takes into account housing costs, fell to 2.4% from 2.5%. I seem to remember that September figures are the ones used for pensions uplifts so let’s see what happens next month.

This year’s Ig Nobel Prize for Psychology has been awarded to  3 researchers for discovering that people who habitually stay up late tend to be more self-admiring, more manipulative and more psychopathic than people who habitually arise early. Totally rubbish and I will personally crucify anyone who says different.

What do you say to a Premier League football player dressed in a three-piece suit? ”

“Will the defendant please stand up.”


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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