Thursday Ramble

Captains blog, star date - Greek resolution minus 1000 years.

Are we allowed to be bored of the Greek situation? Or is that to admit defeat to the Eurostriche policy of death by x-axis? A policy which is starting to take its toll on the finance industry as the cancer of fixed costs yet falling returns is starting to see a new involuntary exodus from the Street/Rue/Place/Wharf. Equity sales is particularly rough. Last one out please switch the lights off.

Talking of lights TMM has for the last year or so, been trying to upgrade the 500 gigawatts of halogen light bulbs scattered around TMM Towers to LED replacements having noticed that the large direct debits hitting the current account aren't shopping or child phone bill related, but the monthly electricity bill. Ouch. In fact TMM are noticing they are not alone as social company now regularly involves male moaning about electricity bills, even if most spouses appear oblivious or dismissive of trying to control spending on one of life's "necessities". But change does appear to be underway and discussion over which LED bulbs are best is now almost acceptable dinner table talk.

Due to TMM's tight-fistedness married with an inherent belief that every major shop chain in the UK works on a pricing structure based on piracy, TMM have, in quiet moments, been picking the equivalent of LED lottery tickets from the internet and one by one trying to find the ultimate bulb. But the process has been laborious to say the least as each new experimental bulb is judged by Mrs TMM to make everything look too dim, blue, green or washed out. To be fair we do agree, but 500W down to 50W? There is a price for everything, even having your skin made to look like zombie flesh. But we would be very grateful for any links or advice from anyone who has identified the ultimate 50W halogen spot replacement bulb that gives similar light, a healthy hue and doesn't cost 30 quid each? If so please let us know, we are sure we are not alone in this search.

Sorry for the diversion there. Today's Euro fall has of course been accompanied by a fall in EUR/CHF and though TMM do not believe that the SNB will let the floor go (well this year anyway), they were snooping around some SNB pages for any clues and stumbled upon something unrelated but interesting none the less. If you inflict negative interest rates on your average depositor TMM have always imagined that it makes sense to keep the money stuffed in your Sealy Posturepedic ATM mattress rather than paying your local gnome to look after it. And here is the proof that this is happening. That's a LOT of 1000CHF notes in circulation and despite the exorbitant price of a coffee in a swiss service station we don't think they are all being used in shops.

Sorry that was a bit of a ramble but though the search for lights may be new our search for alpha remains pretty unchanged. The shorter term correction is occurring which to us has FADE stamped across its forehead (this morning saw perma-bears remerging from their caves as if it was a bright spring morning). The Apple being William Tell'd last night is just not important. So plus ca change at TMM Towers.

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Note .. Since starting this ramble things have indeed started to go bid which just proves - the moral of the story is to load the boat when you get sent a chart of [insert risk asset here] overlaid with AAPL.