Production of Tidemarks recently has been curtailed by firstly a
planned trip to the bush and secondly by a definitely unplanned bout with a
bacteria. Then there has been this four- (or most likely, three-) day week, non-stop Olympics action on
the TV, cruel and unusual weather and the usual quota of stupid and incompetent
displays of leadership and officialdom, all
of which have affected my involvement in the markets.
The most exciting event for me, however, has been the successful landing
of the US
space craft Curiosity on Mars. It has been such fun to watch the shirt-sleeved
informality of the obviously ferociously skilled and bright engineers who
shepherded the craft through its complex landing rituals. It was a very
nostalgic moment for anyone who was learning their science in the 60s and 70s from
American text books and envying the US achievements and attitude. Sadly
and tragically a very far cry from our own nation today that can’t even deliver
text books let alone read them.
No one seems to be scared of anything when it comes to investing. The
All Share index has cleared 35 000 and had a few no-jumps at the 36 000 level. Even,
it is suggested, Telkom has been battered so much that it must now offer value.
(No thanks). It is way too soon to see if the rate cut has any of the effects
that Reserve Bank wished for but obviously simply holding cash is unappealing
and must be one of the causes for the demand for shares.
The big issues, however, continue to be the euro currency and the
ability of the major economies to avoid a lengthy slowdown. There is certainly
no clarity or bankable trends emerging for either of these indicators yet. The
August holiday season In Europe seems to have been eagerly embraced by all the
exhausted players and probably only next month will the squabbling crank up
again.
Exhausted players pretty much sums up the Sharks disappointing
display at the Super 15 Final and now it’s Currie Cup season. The suits who
control this game are definitely not making good decisions about tournament
schedules. Similarly I wonder at the sense of running dozens of ads on all the
Olympics TV channels for a beer that is sold only in Nigeria. Even if it does have no
sugar.
James Greener
10th August 2012
