Back in Cape Town seeing clients. The Santa rally in risk assets in December has continued into January. It is starting to dawn on investors (and me) that the Eurozone might, after all, commit to providing the funding to firewall the peripheral countries. Primary is the huge $600bn plus of term funding offered to banks by the European Central Bank. And there is more of this to come. But there are other factors, not least that governments like the Italian technocrats under Mario Monti are not sitting on their hands. By being proactive they are also building credit with the sceptical north and this is enabling more financial leeway to help them through the crunch. Anyhoo, on Sunday a steady nor' wester sprung up - unusual for January when the south-easter can blow for days on end. I spent a long time in the water, catching waves at the back. Found myself drifting across the bay and at one point was way beyond the pavilion which I usually use as a boundary. Had to pull myself back from left to right. That's pretty much what happened in South Carolina, where Newt beat Mitt, going away. He started 20 points adrift and in the space of few days had chalked up a resounding win from apparently nowhere. The QSL is from WBSC, Bennettsville, SC heard on AM with 5kW from Cape Town in 1971. It seems the signal was beamed into my backyard. One of those nice, friendly letter QSLs from way back when.
No comments:
Post a Comment