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Tiger Woods?

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Everything posted by Tiger Woods?

  1. It's an awful way to "get on the ladder". These things will be worth absolutely nothing in a few years - one step forwards and two (ten!) steps back. No one is laughing at people who can't afford a 100k mortgage, however, people are laughing at anyone who thinks that those shoe boxes are worth 95k. They will be slums in a few years. 100% guaranteed. These desperation houses will suffer much more than anything else over the next few years. No one, other than a single student for a couple of years, should be expected to live in accommodation like this in a supposedly first world country. This isn't about expecting 6 bed mansions, this is about having enough space to be mentally healthy. Do you honestly believe that the couples featured in those videos are going to be able to have enough personal space not to be at each others throats within 6 months? The place reminds me of the worst married accommodation I and my then partner were offered by Oxford Uni 12 years ago. It was of similar size. They couldn't get anyone to live in it. The strange thing was that the bedroom had two floor level single beds on rollers that were obviously meant to be put together. There was also a large piece of fibre board leaning up against the wall. We concluded that this was to slide between the two beds when you had the "final argument" so the university could still keep collecting the rent. Anyhow, we took one look at the place and quickly decided that there was no way 2 people could live and study in such a small space and went and found private accommodation. Seriously, sell yours as quickly as possible and rent until this whole mess blows over...then come back into the market and see what you can get for a similar price. If you can lock in the 15k you've "made" since buying the property you might be in a better position than many.
  2. Not even room for a door on the bedroom closet!
  3. Will there be a Labour Party after 2010? There hasn't been one since John Smith died in 1994!
  4. They'd lend me 293k on a 393k property. There is NO WAY I would borrow 293k on my salary. Never.
  5. Ummm - in the late 70s till 1980 punters were buying gold. If the media start saying Furbies are the best way to make a quick buck, everyone will be doing it, until the smart money leaves. Gold is just beginning to hit public consciousness (i.e. the media are talking about it) It will be just another bubble, but potentially one that is still worthwhile jumping onto at present in my opinion.
  6. It is my understanding that in SOME states in the US there is no comeback on mortgages - you can literally hand back the keys and if the bank cannot recover the debt on the mortgage from the sale of the house - tough luck to them. This is probably where this UK urban myth comes from on forums? I actually think it is a good idea. One would hope that it would make banks and valuers more conservative with the value they put on a property and how much they would be lend against it - unless of course they can package them all up into CDOs and sell them on ;-). I'm sure it doesn't go down well on your credit rating...but one can certainly get rid of an albatross. In the UK they can chase you.
  7. This is not legal. They cannot make you use a particular supplier. If it is in your contract it would be deemed an unfair term. Of course, there is nothing to stop them getting annoyed at you and booting you out when your AST is up...but sounds to me as if you would be better off with a different LL.
  8. You can open such accounts through most of the big banks (e.g. Barclays, HSBC etc.) in one of their offshore subsidiaries/branches (i.e. Jersey/Isle of Man etc.). These accounts usually have minimu funding requirement of £10000 or thereabouts. You tend to get poorish interest and charges are high. Personally, as Yen interest rates are only 0.5%, the easiest way to "hold" yen, would be to take a small spread bet of Yen whilst keeping the majority of your money in your UK ISA as pounds. All you would lose is the interest on your margin. Be aware that these markets are volatile and that you would want to have a reasonably large spread to ensure you don't get stopped out (if you are viewing this as a currency hedge rather than short term speculation). This also has the advantage of earning interest on the pounds in the ISA, which you would not earn if you converted it all directly into yen.
  9. Here's an option that gets the best of both worlds - take a spread bet (or better still a real FX trade) on the Euro/CHF against Sterling of a size large enough to cover the relative changes in value of your GBP capital to the Euro/CHF. Keep everything that is not covering your margin in your UK ISA.
  10. Australia. Come from there but have been living in the UK for 15 years (g*d knows why?!) Hedged my currency and just waiting for the cash cow, errr ... I mean the company I work for, to go bust.
  11. My calculations indicate that Bullionvault is cheaper.
  12. A simple way of effectively holding foreign currency whilst still keeping a lot of your money in pounds is as follow - get an account with oanda or one of the spread betting firms (igindex, finspreads etc.). Take a portion of your money and sell gbp for (say) yen. As an example, 2 days ago I took £1300 and sold gbp for yen at £2 per point with a guaranteed stop limit 650 points above the current exchange rate. This effectively protected £44000 of my gbp cash, so that it would retain more or less the same value as yen. The risk is that I get it wrong and a long or short term fluctuation in the exchange rate wipes out my position (i.e. the yen becomes less valuable relative to pounds). This may feel a lot like gambling - but it is no more or less gambling than buying and holding the yen in an account - you'll still lose the same amount it is just that one is psychologically more stressfully framed in my opinion. Alternatively, many of the banks have accounts that you can hold money in other currencies. You usually have to have more than £10000 to invest.
  13. Clearly, if they are worried about security, and if no land line is available they should ensure that 2 agents accompany the interested party, not tell a client that s/he cannot view the property. Really poor business. Not every one I know has a land line.
  14. The cycle he describes is reasonable and I believe that something like his argument (the amount a human can produce in a working life time), but the book is repetitive and not particularly well argued in my opinion. In summary, the idea is a good one, the execution is poor.
  15. I and my partner are more or less in the same position as you and yours (similar amount of money to invest etc.) Earlier this year our portfolio was (in terms of portion of money invested - ratios are different when one considers what would be there if we cashed them in today): Premium Bonds: 18% (am a higher rate taxpayer, so the interest rate on these was ok) Cash ISA: 40% Share ISA: 16% Gold: 14% (75% physical) Other currencies: 12% (AUD) As of August: Gold: 45% 20% physical, 80% Bullionvault Cash ISA: 22% Share ISA: 16% (specific well researched shares and commodity etfs) Spread Betting Account: 12% Other currencies: 5% (AUD) The spread betting account is for shorting stocks (builders, banks etc.) and punts on intuitions. It's been doing rather well, but got stung (in a very small way - underestimated volatility rather than chose wrong direction) a few times in the beginning. Nice thing is that any profits are tax free. One word of warning - spread bets, which are basically buying or selling short stocks on margin are highly leveraged investments I would stay away from these if you don't keep up to date (i.e. a few times each day) with the news and state of the world as the market can shift very quickly against you, or if you can't bear seeing your position drop by hundreds of pounds in seconds. It takes a fair amount of work for this to be anything other than gambling. I'm not naturally a gold bug, but do think that there is some likelihood of this turning out to be a good investment/insurance - it may lose 25% too, but I have resigned myself to that as a possibility, it may also do very well, and I believe that any interest "lost" will be more than made up by a drop in gbp. It all depends on whether the US keeps trying to inflate its way out of trouble. If it stops doing that, then I'd probably sell a lot of the yellow stuff.
  16. Manias, Panics, and Crashes by Charles P Kindleberger He was professor of economics at MIT for 30 odd years, but writes literary economics instead of a whole heap of mathematics. Very clear, very well written, and very convincing. I think he hits the nail on the head that these booms and crashes in the end are all facilitated by loose credit. Certainly the most cogent book I have rad on the topic. Can also recommend the Galbraith book, but prefer Kindleberger for its prose style and scope.
  17. Manias, Panics and Crashes by Charles Kindelberger is probably the best book that I have read on crashes, and he subscribes to the theory that it is all about credit getting too loose. You are correct though in that the cause of crashes has been known for a long time.
  18. Disgusted. Absolutely disgusted. Will be interesting to see how the vote went.
  19. If you do go down this route, make sure you keep a diary and photographs to back up any claims. Helps a lot in court.
  20. My understanding is that personal details only have to be recorded for single transactions of greater than £5000 or £10000 from the same dealer in one year.
  21. You have to be careful. Volatility will kill you on these things so you need a decently high stop. It's also hard to sit and watch a position that you KNOW is correct in the long run start getting into the -£1000 range, can really put you off your lunch. The funny thing is the framing effect. Much less psychologically stressful to see £10000 worth of shares change by 10% than it is to see a 10% £1000 stop get steamrollered.
  22. Yep. Had a very similar week. Short positions blown out of the water all over the place. Gold down. Still have some on A and L, which should work out well in the long run (their announcement on Thursday was taken as positive, but its glossed over a lot of negativity and their write down is NOT in line with other institutions percentages - "different accounting practices" apparently) and would have no problem increasing my stop level, except for the rumours about a mad Spanish bank wanting to add to its UK portfolio, and the complete irrationality of the A&L share buyers at present. Do they just base their positions on press releases. Do they not think about the assumptions as stated by A&L? Oh well, as has been said before, the market can remain irrational longer than you can remain solvent.
  23. I think you meant $740, otherwise i will be a VERY happy boy when I wake up on Monday.
  24. Moral hazard. Weep. I despair. Well, as a famous biologist said to me a few years ago, there is little evidence that there has been strong selection for intelligence in our recent evolutionary past. In fact its high heritability suggests the opposite. Why the f*** should one bother behaving financially responsibly in this day and age. There is no hope for this world. None.
  25. That piece of the software has probably never been tested before...
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