Global markets may never sleep, but your humble Spy needs a holiday on rare occasions. This week, your intrepid reporter has left the Fragrant Harbour for the chiller climate of New Zealand (where, unbelievably, the Kiwi palm is a part of the landscape). As the chill descends on those remote islands, Spy has been sampling the Syrah’s of Hawke’s Bay and the deeply satisfying Pinot Noirs of the Bay of Plenty. Whilst the wealth management community of Asia will be concerned with rising rates and sloth-like equity markets, Spy will be dodging bumbling sheep and inquisitive cows. Spy will be back at his desk, or, in fact, his favourite Central gossip cafés, next week.
Should Spy get around to opening his travel knapsack, he will re-read the 1980s classic “Liar’s Poker” by Michael Lewis. Some books tell a story that is worth remembering even when the era has passed. The greed, the deception, the foolishness, and the hubris of a high octane period in financial markets – Spy suspects that Wall Street never learns and as Asia’s markets get bigger, the same infectious trading diseases will make their way to Shanghai and Hong Kong – again.
Although your Spy is on holiday, he has cracked the whip to ensure his roving photographers would do some work. They managed to snap the Vanguard tram, which Spy believes is like the China investment theme – slow, bumpy, crowded, but continuing to move forward:
Also choosing the shaky Hong Kong tram is Templeton, which is pitching its various emerging market funds:
Until next week…
