Greeceword

“I pulled in to Nazareth was feelin' 'bout a half past dead
I just need some place where I can lay my head
Hey mister, can you tell me where a girl might find a bed
He just grinned and shook my hand, no was all he said…”

Last week was a tough one.

Not only did we lose Aretha Franklin but my security clearance was revoked and I lost access to the wine cellar. 

For a really bad week you have to look to Sevencent Holdings.

The current price of 336 means it is down 30% from its 52 week high of 476. Brokers have now cut their forecast in a remarkable outburst of bolting the stable door after the Pony has bolted. (Buddy can you spare a dime?)

Turkey seems well and truly stuffed and the rumour is there will be no Thanksgiving pardon this year.

In fact, Turkey has told the USA it will look for new friends and allies.

I suspect there will be a long queue of countries doing the same. 

And I’m now awaiting confirmation of the acronym for when that new trading alliance of South Africa, Hungary,  India and Turkey will be formed.

Can the BRICS and the PIIGS be replaced? I am sure the first ETF is already in the making.

My favourite headline of late has been “Elon Musk was not on weed when tweeting”.

What a dope!

I suppose it could have been worse if it had been his president. Imagine the headline “the president was not weed on when tweeting”.

What a shower.

Equally uplifting is Jeremy Hunt’s shock revelation that the UK would survive a no-deal Brexit.

Survive?

What happened to the land of milk and honey?

It seems we have been led out of the Promised Land and into the Wilderness. Moses must be spinning in his grave.

In an upbeat ‘good news’ story I read recently that Greece is once again the word.

It is about to exit its bailout and hopes to return to the international markets.

Reuters reveals that unemployment is down to only 19.5%. Memories of crises tend to be short in the financial world. Assurances that “we will never again lend to ****** [insert country or corporate of your choice]…” tend to have a lifespan shorter than a geriatric mayfly.

And finally, IKEA has opened its first store in India.

The Hyderabad store is reported to be getting 28,000 visitors each day, some of whom have even managed to find their way out.

At one point the queuing time to get in was two hours.

Vijay Flatpakritraj commented: these are the best curried meatballs I have ever tasted but I had a little difficulty with the self-assembly instructions.

And on that note, I can only quote Sophia Loren and Peter Sellers:

“It goes boom boody-boom boody-boom boody-boom
Boody-boom boody-boom boody-boom-boom-boom
Well, goodness gracious me…”

Author
Hu Ziss in Hong Kong
This letter is the personal view of Mr Hu, and is not necessarily the view of Alan Steel Asset Management.