Many thanks to Graham for his excellent report yesterday. I was mainly in bed, with mild man flu (OK, a cold!). I'd recovered enough by the evening to append some brief comments to Graham's report, on IGR, IMO, and JSG. So here's the link for yesterday's slightly enlarged full report.
I'm covering today's news, so just one report here today. Graham might possibly append some comments of his own later, to this report.
First off though, a little rant on economists & how useless most of them are.
I see that the latest UK PMI data has been very positive, again confounding all the gloomy economic forecasts. There's an interesting article in today's Telegraph, with the respected Chief Economist for the Bank of England, Andy Haldane. He admits that economic forecasters have (so far) got it completely wrong. Also, almost all economists failed to foresee the GFC (great financial crisis of 2008).
Alastair Heath (an excellent financial journalist) has been saying similar things for a while now - i.e. that economics is a failing profession, unable to even vaguely forecast what is likely to happen in the real world.
Sir Mervyn King has an equally damning opinion of economists, urging them to stop pretending that they can forecast things with any degree of accuracy, or at all actually, in his excellent book, "The End of Alchemy" (highly recommended, if you haven't already read it).
This reminds me of my youth. I absolutely loved Economics at O and A levels, and had a fantastic teacher called Dave Lines. We thought he was the coolest dude ever, and he even managed to pull off carrying a handbag (or manbag, as he called it) for his keys & cigs - this was before the days of mobile phones of course, so nobody had to worry about carrying those, as they hadn't been invented.
I enjoyed Economics at school so much, that I was considering going on to do an Economics degree at LSE. Mr Lines persuaded me not to. He said that beyond A level, Economics descended into irrelevance. The academics had at some point got mathematics envy, and decided they had to super-complicate Economics with unfathomable mathematical equations. None of this was any use in the real world, said Mr Lines, so don't waste your life going down an academic cul-de-sac. Very wise words from him, and thank goodness I listened &…