Hello merry soldiers of wisdom.
Bozo on the road with clients this week so apologies in advance if Thursday and Friday updates are erratic or non-existent.
Given the state of the market, given my own time constraints and given my ego I thought it would be nice today to blow my own trumpet.
#
A brief perusal of the Bozo archives will unearth a post back on 16 April - some 6 weeks ago, in which Bozo revealed his incredulity that the FTSE had leapt above 5800. Then, and since he has confidently predicted its reversal.
How amazing therefore that despite a healthy upward correction overnight that the FTSE appears to currently be er, how can I put this? 5,000.
Why are you surprised? Bozo told you before the government bailed out the banks, indeed - long long before the government bailed out the banks - that the FTSE was at a nonsense level, as indeed were all assets.
Bozo said, if you go and look that:
"the next time it will be a good idea to buy assets there will no longer be two '0's in the year"
For those of you who struggle with cryptic clues that meant 2011.
Having read all the nonsense about house prices going up 10% in the past year I am sore tempted to push that out by a year or two.
Now that the banks have swung from 125% mortgages to 75% mortgages first time buyers need to be saving anything from £50k to £150k to buy a flat in a nice part of London. Even people with good jobs are going to struggle to do that.(Especially since many of them already have personal debt in five figures)
While you investment bankers with your £2m pads in South Ken might have rich arabs eyeing a weak pound as potential buyers the rest of the country depends in some way on the first time buyer to trigger the chain. And until prices correct to reflect the buying power of the first timer it just cannot happen.
The FTSE will not be above 5000 at Christmas.
House Prices will not be higher at Christmas.
I know you want to go and sell everything short so you can make a few quid while the poor people get made redundant.
So don't let me detain you. (If only the Queen was doing that)
I wonder how much money you will be able to make in 2011 having invented a needle with a REALLY BIG EYE.
Comments