Hello Everyone,
Meetings. The practical alternative to work.
Are you lonely? Work on your own? Hate having to make decisions? Rather talk about it than do it?
Then why not “hold a meeting”, or create a “committee”?
It's great! You can get to see other people. Sleep in peace. Offload decisions. Learn to write volumes of meaningless notes. Feel important and impress (or bore) your colleagues, and all in work time.
Does this all sound and feel familiar? It could be said that there is a definite resemblance to the way the United Kingdom appears to have been run and governed.
Working from home, for a number of days a week, and “zoom” type meetings, have almost become mandatory for people employed by the Civil Service. That perhaps accounts for the present performance of the HMIT, NS&I, DVLA, MOD, along with many other government departments.
When trying to make contact by telephone, instead of contact we all receive an infuriating injection of classical music. I'm sure that there are dedicated people working in these organisations, but reducing staff, and increrasing home working, probably isn't the solution, in fact it’s more likely to be part of the problem.
Another bone of contention for me, is the crazily high salaries being paid to some people who are simply on a “mates” spiral, where they are paid because of their job title, and not experience and performance. Perhaps it would be more informative today if management salaries were accompanied by a figure of how many people could be employed for this same amount.
If the average countrywide remuneration was say £40k, then a salary of £1m equates to 25 people on average earnings. If you’re in control of Thames Water, with a remuneration of £2.3m, this equates to nearly 60 of the people out working and getting their feet wet. Perhaps this information would bring a little more perspective for shareholders (financial institutions) when agreeing to these rewards. Still, this would also be a little like asking turkeys to vote for Christmas!
This month, we have seen fluctuations and a major fall in stock markets across the world. This appears to have been precipitated by an accumulation of poor financial statistics from the USA, disappointing inflation numbers, no interest rate movements, a massive multi-trillion dollar debt, and a fall in job employment numbers. At the same time there was an unexpected interest rate hike in Japan. This, on the back of a general unhappiness with the over-valuation of the “Magnificent Seven”, the leading Technology and Artificial Intelligence businesses in the USA, seems to have lit the fuse. Ideal conditions for a general market realignment to take place.
However, it was not a clean sweep of all the markets. India somehow has dodged the chaos, and I cannot understand the reason. But for the moment it has. I have held the Jupiter India fund since January 2019, when it was valued at £1.09, and although it has fluctuated up and down over the years, it is now valued at over £2.60. It did not suffer from last week’s entertainment, and I would love to understand why.
Somewhere, in the mix above, must be the reason, or some of the reasons, for their stock market’s and the country’s relative economic stability. So, for the moment, I will continue to stay invested in the Jupiter India fund.
Recent times have pushed hard at my decision-making as to whether to sell, or hold on to my present investments, or even buy more. This is called timing the market and it is something that I never get right. The professional investors say this is a definite “no no” which you should never attempt. So, I have changed my tactics. My present approach is to simply sell down to my sleeping point!
Meetings. The practical alternative to work.
Are you lonely? Work on your own? Hate having to make decisions? Rather talk about it than do it?
Then why not “hold a meeting”, or create a “committee”?
It's great! You can get to see other people. Sleep in peace. Offload decisions. Learn to write volumes of meaningless notes. Feel important and impress (or bore) your colleagues, and all in work time.
Does this all sound and feel familiar? It could be said that there is a definite resemblance to the way the United Kingdom appears to have been run and governed.
Working from home, for a number of days a week, and “zoom” type meetings, have almost become mandatory for people employed by the Civil Service. That perhaps accounts for the present performance of the HMIT, NS&I, DVLA, MOD, along with many other government departments.
When trying to make contact by telephone, instead of contact we all receive an infuriating injection of classical music. I'm sure that there are dedicated people working in these organisations, but reducing staff, and increrasing home working, probably isn't the solution, in fact it’s more likely to be part of the problem.
Another bone of contention for me, is the crazily high salaries being paid to some people who are simply on a “mates” spiral, where they are paid because of their job title, and not experience and performance. Perhaps it would be more informative today if management salaries were accompanied by a figure of how many people could be employed for this same amount.
If the average countrywide remuneration was say £40k, then a salary of £1m equates to 25 people on average earnings. If you’re in control of Thames Water, with a remuneration of £2.3m, this equates to nearly 60 of the people out working and getting their feet wet. Perhaps this information would bring a little more perspective for shareholders (financial institutions) when agreeing to these rewards. Still, this would also be a little like asking turkeys to vote for Christmas!
This month, we have seen fluctuations and a major fall in stock markets across the world. This appears to have been precipitated by an accumulation of poor financial statistics from the USA, disappointing inflation numbers, no interest rate movements, a massive multi-trillion dollar debt, and a fall in job employment numbers. At the same time there was an unexpected interest rate hike in Japan. This, on the back of a general unhappiness with the over-valuation of the “Magnificent Seven”, the leading Technology and Artificial Intelligence businesses in the USA, seems to have lit the fuse. Ideal conditions for a general market realignment to take place.
However, it was not a clean sweep of all the markets. India somehow has dodged the chaos, and I cannot understand the reason. But for the moment it has. I have held the Jupiter India fund since January 2019, when it was valued at £1.09, and although it has fluctuated up and down over the years, it is now valued at over £2.60. It did not suffer from last week’s entertainment, and I would love to understand why.
- Politically, President Modi seems to have retained control of the country.
- India has the largest population in the world which is still growing.
- They have invested in education, far more than most other countries.
- They export a significant amount of these highly skilled people, who cannot get related jobs and remuneration at home. Think of the number of Doctors, Dentists, Opticians, Research Scientists, and University Lecturers in the UK, and presumably elsewhere in the world.
- They also export vast quantities of unskilled and low paid labour into the developing world, and they then return money to their families back at home in India.
- India is not known for exporting massive volumes of consumer goods.
- They have retained the “caste” system, with the accompanying poverty, although there are signs that this is now being diluted. At the same time there is a definite increase in the number of people that might be described as Middle Class.
- They have an Arms and Space Industry, but this takes a much lower percentage of GDP compared with other major countries.
- India has a central government debt of less than 50% of GDP, whereas the USA and UK debt hover around 100% of GDP. (However, calculating the rate for India is slightly difficult because you need to take into account their significant unregulated and unregistered economic activity).
- India’s debt equates to around $750 per person, whereas in the UK it is £27,000 (over $35,000) per person … quite incredible.
Somewhere, in the mix above, must be the reason, or some of the reasons, for their stock market’s and the country’s relative economic stability. So, for the moment, I will continue to stay invested in the Jupiter India fund.
Recent times have pushed hard at my decision-making as to whether to sell, or hold on to my present investments, or even buy more. This is called timing the market and it is something that I never get right. The professional investors say this is a definite “no no” which you should never attempt. So, I have changed my tactics. My present approach is to simply sell down to my sleeping point!
Best wishes and good luck with your investments.
Douglas
Founder & Chairman
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