Wealth Manager - the site for professional investment managers

Register free for our breaking news email alerts with analysis and cutting edge commentary from our award winning team. Registration only takes a minute.

'Twas the night before Christmas': rearranged by Jamie Berry

'Twas the night before Christmas': rearranged by Jamie Berry

The night before Christmas

It was the night before Christmas; a solitary figure shuffled through the fast emptying streets around the Bank of England.  The Christmas parties were coming to a close.  He hadn’t been invited to any: his gloom laden Scrooge like views on markets did nothing to induce festive cheer.

'It’s going to be a terrible year ahead' he said, to a huddle of revellers on a street corner.  'It’s a great time to be pessimistic.'

'In January, the USA faces its fiscal cliff, and this will lead to a double dip recession – there’s nothing they can do about it.'

'Europe faces collapse – we’ve all spent far too much – I bet all of you have got too much debt, just like our spendthrift government.  Not me though, I haven’t bought presents in years.'

'And China – an accident waiting to happen, their economic landing will be so hard it would knock the teeth out of a reindeer.'

'And as if that’s not enough', he said, smacking his lips with seeming relish at the prospect of such a miserable outlook, 'There’s a Canadian moving in there' – he beckoned to the Grand Old Lady of Threadneedle Street.  'What on earth do Canadians know about money?'

Most of the partygoers had drifted away from this endless rant, but a young man stayed behind.

'You’re right about all those things', he said, 'but they’re nothing new, other than the new Governor of the Bank of England.  Markets know about all these other issues, and will come to terms with them, however they map out.'

'The fiscal cliff is much exaggerated, and will probably only reduce America’s economic growth a small amount.  And Europe will survive, with or without Greece.  And China – well, I grant you, growth may slow, but the nation is an unstoppable train economically speaking.'

'And our new Governor?  Well, actually, Canada emerged from the banking crisis in sound shape.  Mark Carney is a fine man, and I think he will create a new era at the Bank.  I understand that he even runs marathons – which will be a first for a Governor.'

'I must join my friends now' said the young man, but I will say one more thing: 'You are right that there are dangers, but I would suggest that this is a very dangerous time to be bearish.  Markets will turn suddenly, and when they do, the bears will be left behind.  I don’t know when it will happen, but I for one don’t want to miss it.'

With that, the young man disappeared into Bank Station, leaving the solitary figure standing alone, friendless, his shoulders hunched, the snow swirling around his feet.

* With apologies to Charles Dickens, and Clement Clarke Moore

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Boutique tapes: my business will never be sold

Boutique tapes: my business will never be sold

In the final part of our four part series we discuss consolidation and whether it's getting tougher for boutiques to survive.

Play Boutique tapes: are top managers better off at small firms?

Boutique tapes: are top managers better off at small firms?

In episode three of our series, boutique bosses discuss whether the best fund managers are more likely to thrive at smaller firms.

Play Boutique tapes: if you want a Ferrari, you have to pay for it

Boutique tapes: if you want a Ferrari, you have to pay for it

In the second part of our four-part series, boutique bosses are asked how they can justify the fees charged by active managers.

Read More
Your Business: Cover Star Club

Profile: how this boutique beat the big guns of wealth

Profile: how this boutique beat the big guns of wealth

This small west country offshoot of a local IFA scooped a 2018 Citywire award from beneath the noses of the national challengers

Wealth Manager on Twitter