Friday, November 21, 2008
The Adelaide Advertiser Published my reply
I am pleased the Advertiser published my follow up Letter to the Editor. I must say the article a couple of days ago on which they put the heading "Still Feeling Good" I did feel was placed a little cynically by the Editor.
It was ironic that the very night after it was published the Reserve Bank of Australia Governor saw fit to warn Australia to be wary of talking ourselves down.
So what to do now - well I would suggest that "The Advertiser" and all other News Corp and media commentators should now start digging a little deeper and genuinely understanding the vagaries of our current Financial Market dealers. I am convinced that far too many of them are too young and too inexperienced and simply are playing with a numbers game and ignoring true fundamentals of life experience.
You cannot simply turn up and pop on a visor and sleeve bands and play money market dealer, and yet this is a trend that is repeated over and over again about every 10 to 15 years. I fear our markets are treated a little too much like the Texas Hold 'em Poker game down at the local pub, I also fear that too many of the dealers are the young men and women I spied sitting at the tables the other night.
I was sent a summary of a book recently and unfortunaetly cannot find it just now but will re-edit this blog when I find it. Essentially the author admitted how as a young man he was sat down at desk with Computer terminal, a big pot of money and not much else and sent of to market. Worrying but true and not much different to some of the experiences I had as young banker. Although I must also say I had some of the most experienced men around sitting on my shoulder.
Market melt downs are so completely unnecessary but unfortunately greed and stupidity continue to get in the way.
The simple announcement of Timothy Geithner as the new Secretary of the US Treasury by President (elect) Obama saw a last minute surge in Wall Street just before the close. The fundamentals sure did not change but perhaps the fact Barack Obama is getting on with the job and showing some wise judgement in his Executive appointments is the catalyst Wall Street needs to get back to fair market value trading and stop being influenced by the Bear Market hedge dealers.
Let's get on with the job - the Listed Blue Chip shares today look even more blue than they did yesterday.