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Btls Are Like Japanese Macaques

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A group of macaques (monkeys) in Japan like to sit in hot springs on icy winter days to keep warm. No matter how bad the weather gets, they feel safe and comfortable while immersed. They only pay the full price of their decision when the time comes to get out. At this point they risk being frozen to death by having wet fur in sub zero temperatures. If they don't get out however, they will starve to death in the water. The survivors are be the ones who get out early enough.

Doesn't this seem so much like the BTL conumdrum? In a bear market, the BTL initially feels warm and safe surrounded by his assets. As time passes however his need to get out grows. If he leaves it too long, falling rents and capital depreciation will wipe him out.

On a connected theme, the macaques have to get out the water well before sunset. HPC has seen at least one monkey wait until sunset before getting into the water.

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On a connected theme, the macaques have to get out the water well before sunset. HPC has seen at least one monkey wait until sunset before getting into the water.

We've even had one prominent macaque fighting through the undergrowth with a machete and torch and brawling with the pool attendant in the middle of the night in his attempt to get into the water.

He didn't get in, but can't see that they did him a favour!

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  • 302 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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