I do not pretend to have any understanding of economics. I am at a particular loss to understand how so many Western countries have completely mismanaged their finances. It seems as if we've all had boys pretending to be chancellors rather than men actually doing the job properly.

Yesterday's news from Ireland is being reported as a devastating blow to that country's much vaunted reputation for economic dynamism. It sounds as if it has been no more than the froth on top of a badly drawn pint of Guinness. Now the froth has subsided and the glass is revealed as being only half full.

Definitely NOT a work of Genius.

So from my narrow, parochial, selfish point of view, is there anything specific I need to think about? Any action I need to take? Any points I need to take on board?

The most obvious thing for me personally concerns Beazley Group (LON:BEZ) , the specialist Insurance company. I have a long standing interest in Beazley. I have dipped in and out of their shares a few times. I think their business model is very sound, the management team is outstanding, the CEO is extraordinarily good - sharp as a razor, completely straight, very open, hugely energetic. I like their self confidence combined with conservative risk management. I like the drive which has been displayed most recently in their hostile bid for another insurer. In short I hold the company in high esteem. I have been watching and waiting for the right time to re-enter. Next time I buy I envisage taking an ultra long term view of the shares and dropping them into a drawer which I don't re-open for years. (the last couple of times I have sold at a very healthy profit after a very short time for reasons entirely unrelated to my long term expectations of BEZ).

BUT.....You did know there was a but coming, didn't you?

Last year BEZ did some fancy footwork and relocated its business to Dublin for tax purposes. The immediate effect was a reduction in the headline rate of tax from about 28% to about 18%. (I've just tried and failed to validate those numbers so I'm quoting from memory here. Don't rely on my numbers being precise.) That meant that profit after tax rose from 72%…

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