Categories
IOLO

moneymockery

I spent an early part of my career working in financial marketing and saw all the shenanigans used by ’the City’ to make its ridiculous salaries. From ’arbitrage’ to ’active fund management’ and definitely in ’investment banking’ it was a joke then and is more laughable now.

Over 30 years, I paid between £300-£400 a month into a pension fund. I received forests of documents meant to protect and inform me during this time. But very little information on what the money men were earning and what return they were delivering, let alone the interest of MPs and government ministers in the funds and company I was/am invested in.

Suffice to say that my pension is worth less than the money paid in after 32 years of being passed around from Refuge to others then Royal London then Scottish Widows (who recently sacked the risible vowel-averse and profit averse abrdn as fund managers in favour of Blackrock.

The same pattern is reflected across my ISAs and in my crypto investments.

Only two things have made me money over the past 38 years – my own companies and property (arguably we’ve done well with art and gold as well).

So you really have to ask what the point of these so called ’professional’ money managers is ? abrdn should clearly have its funds sold or reallocated and be closed down since its fund managers under perform what my cat would do with an inkpad and the FT (and Tigger only requires a can of tuna as payment).

I’m sure that there are good money managers out there but I’m damned if they want to deal with those of us with under £10m.

Money, as they say, begets money and all that’s left for us relatively poor plonkers is buy-to-let and the ravages of inflation.

Categories
IOLO

pastpopularity

Once upon a time Boris Johnson was hugely popular. He convinced the Labour and LibDem voters of London to make him mayor and took the glory for Rival Livingstone’s hard work in winning the Olympics for the city.

He then fudged his rather liberal views to oppose the EU and front the successful but ultimately disastrous Brexit project.

It was a continuation of rule by the notorious Oxford Bullingdon Club.

Then there was Partygate, proving that our Tory rulers believe that the laws they create do not apply to them.

The Tory prevaricstion over energy security is, perhaps, what is most unforgivable. The risible David ’husky’ Cameron introduced some great eco policies and then cut them down in the name of a book balancing exercise that seems risible after Covid.

Prioritising profit over security seems to be a particularly Tory trait.

On the verge of WW3, with the economy tanking and many people facing sheer poverty, the clown’s face paint is running, his quips aren’t funny any more.

BoJo the clown is dead.