Drunk Trading

Guido had lunch a couple of weeks ago with a reader who had promised to buy him a decent bottle for slotting Damian McBride.

This co-conspirator happens to be one of the most successful traders in the City and a wine buff, so when he says a “decent bottle of wine” we are talking a bottle that you can get a mortgage on.

Over lunch he said that his big break in the early days was trading drunk, a few drinks gave him the confidence to take risk. Guido explained that his drunk trading merely got him carried out the back door of the dealing room by worried co-workers back in his investment banking days.

Anyway, this Friday after a few bottles of rosé* Guido finally steeled himself to short the stockmarket rally via U.S. stock futures. They subsequently rallied into the close taking about 20% of this year’s trading profits with them. Damn the Bloomberg for Blackberry app, damn being able to enter trades from your Blackberry when tipsy.

Anyway the holiday has not been completely blighted, stock markets are going south today. Who knows, Guido might even make a profit…

*People knock rosé wine, including the farmer who is our neighbour here. There are some cracking underestimated varieties which suit Guido’s palate – they go very well with salads. Honestly. Not too bad on their own, in a deck chair, in the shade.




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Quote of the Day

Stephen Bush writing in the New Statesman‘s morning briefing…

“The terrifying truth is that the Opposition is too divided – within the parliamentary party, within the trades unions, within the Shadow Cabinet and even within the leader’s office – to be anything other than a veto player as far as Brexit goes, and the party’s whole gambit is really about trying to make that weakness look like a strength. Keir Starmer saying that Labour is “increasingly likely” to vote down the deal is simply a reflection of the fact that the one thing the Labour party will be able to agree on as far as Brexit goes is that Theresa May’s deal is no good.”

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