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Tidemarks
ALL SHARE ALL BLEAK
THE BEAR EXTENDS HAPPY HOUR
BANKING IGNORANCE
WONT WATCH THE BIRDIE
TRYING TO BURY A BULL
STRIKING A CHORD
MILE AFTER MILE OF BULL
SHOULD THE BULL CARRY A WEALTH WARNING?
EVERYTHING UP EXCEPT THE TEMPERATURE
MORE TOXIC LIQUIDITY
RATES UP. RATS LEAVE
ANOTHER ROUND BARMAN. THE GOVERNMENT IS PAYING
DEEP IN THE DZONGA
ON THE BRINK OF SOMETHING BIG
LEAPING TO CONFUSIONS
BUDGET BANISHES BEARS
LION SINGS THE BLUES
BULL TRAPS AND POTHOLES
BERNANKE & MBOWENI GO BEAR SHOOTING
DARKEN OUR LIGHTNESS
BEARS CAN SEE IN THE DARK
THE BULL HAS LEFT THE BUILDING
DIGGING UP THE DIRT
BEARING UP – OR IS THAT DOWN?
BLACKING OUT
DEFENDING THE BRAVE MAN
GLOBAL WARNING
MINING HOUSES MAKE LIKE MISSILES
EVERYTHING COMES IN CYCLES
THANK YOU JAKE WHITE. HAVE A NICE LIFE
CHINA SYNDROME
THE ‘BOKKE BY FIFTEEN
WHO REMEMBERED KRUGER DAY?
WHAT IS HAPPENING TO OUR COUNTRY?
BEARS CITED FOR UNDERPERFORMANCE
IS A PERMANENT BULL MARKET OUR HERITAGE?
SHOW ME MY MONEY
SUMMER IS A’COMING IN. LOUD BLOW THE REF’S WHISTLE
THINGS ARE GETTING OLD AND SMELLY
DEAD WOOD, BOUNCING MARKETS & INTERESTING TIMES
ALWAYS BAT FIRST
GO BIG OR GO HOME
“PLEASE BE PATIENT, YOUR CALL IS IRRELEVANT TO US”
MAN OF THE MATCH : THE SOUTH AFRICAN RAND
LET THE MEDAL COUNT BEGIN
PLAYING TO THE CROWD
A QUADRILLION IS NOT AN EQUESTRIAN EVENT
TICKETS FOR TAX PAYERS
BIG OIL CHASES BEARS INTO THE MARKETS
IS THAT A LIGHT OR JUST A BURNING TRUCK?
THROWING LOTS AND LOTS OF MONEY AT THE PROBLEM
DRIVING IN THE DARK
WAXING MOON WANING MARKETS
BALLS DROPPING EVERYWHERE
AND NOW THE CURRENCY CRUNCH
BULLS ARE BLUE
AT LEAST OCTOBER IS NOW OVER
BARRACK ROOM DRAMA
COPING WITH A DOWNGRADE
SINKING MARKETS SINKING PIRATES
TEA FOR TWO TOO MUCH
SOLID SUPPORT DISCARDED
THE BUMPY ROAD TO CHRISTMAS
KEEP A TIGHT HOLD ON YOUR WALLET IN 2009
PRESIDENT PARTY TIME
SNOWBALLS VERSUS BEACHBALLS
WHEN PRICES GO BAD.
BUDGETTING FOR A BAIL_OUT
PUTTING IT IN WRITING
CRASH AND BURN
THE BEAR IS STILL MARCHING
BULL IN FULL FLOW
QUANTITATIVE EASING – STRETCHING BY NUMBERS?
THE BULL SLIPS IN OIL
WHAT NEXT? ONE MAN ONE PASSPORT?
TAXES AND RANSOMS
THE GOVERNMENT IS INVITED TO FOLLOW ON
UNAPPEALING ACTION
THE TSHWANE SHINDIG – NOT ANOTHER IPL TEAM
JOBS FOR PALS (AND THEIR PALS ALSO)
THE CADRES MARATHON
A DELUGE OF DATA, DISCOUNTED.
KIDS FOR AFRICA
IS THE BEAR GOING TO COP IT?
FLAGGING MARKETS
BLOWING OUR OWN VUVUZELA
TAXES HORSES AND BOURSES
THERE IS NOTHING USEFUL TO SAY ABOUT THE MARKETS
THE BULL ENJOYS THE COLD SNAP
PROFIT IS A DIRTY WORD
REVENUE IS RUBBISHED
“WHAT ONE PERSON RECEIVES WITHOUT WORKING FOR, ANOTHER PERSON MUST WORK FOR WITHOUT RECEIVING”
THERE IS MORE TO KIMBERLY THAN A BIG HOLE
RACING TO GET AWAY
ASYLUM IS NOT FOR SISSIES
DANCING WITH DATA.
TAX AND BEND
SPONSORED STUPIDITY
SHOE IN
THE DOLLAR IS LOSING WEIGHT
BULLET PROOF VESTS IN DEMAND
SO WHERE IS ALL THE BAD NEWS?
DUELLING COMPUTERS RUIN THE RAND
CIVIL SERVANTS GET UNLUCKY
LOTS OF SPENDING – THE TAXING WILL FOLLOW
STARVE A TREE. DON’T BREATH OUT
EVERY YEAR IS DIFFERENT
2010 KICKS OFF
TICKETS PLEASE. PLEASE BUY TICKETS
BEARS AND CROCODILES
MINES? YOURS!
WHAT’S “DEFICIT” IN GREEK?
THIS LITTLE PIGGY WENT TO PARLIAMENT
BEARABLE BUDGET
DIRECTIONLESS
HOLIDAY FEVER
A BULL MARKET IN CORRUPTION
TICKETS PLEASE
THE WORLD IS NEITHER ROUND NOR FLAT. ITS CROOKED
AUTUMN ANNOUNCEMENTS
Tidemarks 1 Q 2010
Tidemarks May 2010
BLOW BUT DON’T THROW YOUR HORN

SHOW ME MY MONEY

There’s a photograph whizzing around the internet today which shows an orderly but lengthy queue. The line begins inside the London City branch of one of Britain’s largest mortgage lending companies and winds down the street. This morning the company was reported to have been turned away empty-handed from the Bank of England when it asked if it could borrow a few quid. I doubt that the people in that and other queues reportedly forming elsewhere outside other branches of the company are rallying round to offer bundles of cash to the beleaguered institution. I would rather think they are trying to do the opposite and leave the premises with folding stuff that they will pop under the mattress for the time being. These are amazing scenes. That allegedly “small and contained” sub-prime debacle in the US is spreading its tentacles.

It is now quickly dawning on people who actually have money that considerable numbers of their fellow citizens who have been borrowing it are really unable to meet the interest payments. More seriously, they are also not in any position to repay the principal amount either. This is because in the worst cases they have consumed it or because the assets they “invested in” have plunged in value. The intermediaries in this whole sorry mess are now suspected of being rather too cavalier in their promises to the lenders and rather sloppy in their evaluation of the borrowers. The fact that many of those intermediaries have been seen to be standing up to their navels in fees and commissions during these last few years of alleged plenty is not improving tempers. The fear and greed pointer is sliding towards the F word.

In the US, the problems for the savers and investors is compounded by the fact that the dollars themselves that they are extricating from the ruins are falling in value against oil, gold and other currencies. The demand for “safe” US treasury paper has been so large that interest rates have been pushed down and that too is putting pressure on income. It is a mess.

I do believe that I am not being naive and complacent when I claim that domestically in SA there is no crisis of comparable size or severity lurking. Nevertheless, the banking shares on the JSE are being smashed and are leading the whole market away from the local peak it attained this week. The September futures “close-out” event takes place on Thursday afternoon and may be seen as a reason to ratchet up anxiety levels a notch or two. These are exceptionally interesting times.

Only the largest three gold mining companies of the dozen or so that are listed on the JSE seem actually to be making any money. This week I saw news of another one that hopes to get permission to reopen the ancient workings that used to define the southern edge of Johannesburg city. Mining is not for pessimists or sissies. But I suppose this is another of those opportunities to “Unleash Your Investment Potential’ – whatever that might mean.

As well as trying to cope with unfolding events in the markets there are at last two international sporting tournaments clamouring for my attention. Now let’s get this straight. If England beat Australia this afternoon then the Aussies go home early. Come on England! But tonight we need to beat England ourselves so we don’t meet Australia in the semis. Whew! The marketing geniuses down at SA Breweries have replaced the old six-pack with the eight-pack. Not a moment too soon. Have a wonderful safe sporting weekend and may your teams win (but not against us).

James Greener 14th September 2007