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Ross Naylor's Ezine - Issue6 and a bit - Scattered Thoughts


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Ross Naylor's Ezine - Issue6 and a bit - Scattered Thoughts

  1. 1. Ross Naylor +48 (22) 389 65 70 (w) +48 512 275 706 (m) ul. Królewska 27 lok 411 Warszawa 00-060 Poland. Scattered thoughts Between 1 and 2.5 million people (depending on whose view you take - whatever, it's a lot) took to the streets to protest against French pension reforms last week. The government want to raise the minimum retirement age from 60 to 62. This is going to happen more and more and not only in France. Governments simply cannot afford to honour the pledges made by previ ous administrations. Meanwhile in Britain, research by Barings Asset Management revealed that 48% of those who do have a pension plan, have never reviewed it. Scarier still, of those who had reviewed it a third of them still didn't know where their money was invested. Small wonder then that, in the same survey, 42% of respondents had no idea when they would be able to retire. Swiss Banking Secrecy - R.I.P. As of the 1st of October any foreign government with which the Swiss have a tax information exchange agreement can request that the Swiss tax authorities investigate any named individual. They have however managed to i nsert a clause whereby any investigations arising based on actions which are punishable under Swiss law, e.g. cd's full of data stolen by bank employees, are ignored. Never bet against those crafty Swiss. China and Russia plan to start trading in each other's currencies as the world's second-biggest energy consumer and the largest energy supplier seek to diminish the dollar's role in global trade.
  2. 2. The plan is to eliminate the need to convert yuan holdings in to dollars before converting in to rubles to pay for Russian commodities. Not a good sign for the dollar's status as reserve currency. August was a good month for managed futures funds. Man Group's AHL was up 6.2%, Winton's flagship fund was up 4.33% and IQS was up 15.46%. I'm thinking that timber can be an interesting asset class to get exposure to. It has very little correlation to traditional equity markets. All I need to do now , is figure out how to do so. The Baltic Dry Index (BDIY:IND), which I mentioned back in mid July, has risen by nearly 60% since then. It is now at a level around 3,000, which is close to it's historic trend. Remember, that things always revert to their trend. But they never just revert and then stop. They revert and keep going, until it is time to revert back again. This applies on the way up and on the way down. The government of Norway is buying up Greek government bonds, because they do not think that the Greek government will default on them. The Norwegian government (or at least the part of it that is responsible for managing it's oil wealth) has a record for being pretty shrewd. So this is a real vote of confidence for Greece. That's it for today As always, thanks for reading. I know that the demands on your time are many and pressi ng. If you are one of those who have been forwarded this by someone else and wish to receive further issues, just click the "email me" button at the bottom of the page and put "subscribe" in the subject line. And finally, if you are one of those who has forwarded this on to someone else, THANK YOU!!! Disclaimer: The views expressed here are my own. They are not necessarily shared by AES International. They are subject to change at any time based on market and other conditions. This is not an offer or solicitation for the purchase or sale of any security and should not be construed as such. References to specific securities are for illustrative or informational purposes only and are not intended to be, and should not be interpreted as, recommendations to
  3. 3. purchase or sell such securities. Call me: +48 (22) 389 65 70 (w) +48 512 275 706 (m)