I only have one Valéry Giscard d’Estaing anecdote, from a conference at an Irish castle back in 2012. ft.com/content/b44c1c…
He was on a panel with a host of bigwigs, like @paulkrugman and Peter Mandelson. The Eurozone crisis was raging, and Giscard d’Estaing proposed that Greece take a two-year "holiday"from the euro to sort itself out.
I remember @paulkrugman visibly spluttered at what was obviously an insane idea - Greece perhaps should have exited the euro, but the idea of a temporary "holiday" was preposterous. But Paul was too polite to say how dumb it was.
But Mandy didnt give two fucks, and just HAMMERED Giscard d’Estaing, saying straight up in his icy way that it was "the stupidest thing I've heard in a long time" or something to that effect, and then utterly demolished the idea in front of everyone.
Say what you will about the "Prince of Darkness" but he was a very smart guy and astonishingly clear communicator (ok maybe this was more of an anecdote about the New Labour bete noire than Giscard d’Estaing, but to the latter's credit he took his savaging with incredible grace).

• • •

Missing some Tweet in this thread? You can try to force a refresh
 

Keep Current with Robin Wigglesworth

Robin Wigglesworth Profile picture

Stay in touch and get notified when new unrolls are available from this author!

Read all threads

This Thread may be Removed Anytime!

PDF

Twitter may remove this content at anytime! Save it as PDF for later use!

Try unrolling a thread yourself!

how to unroll video
  1. Follow @ThreadReaderApp to mention us!

  2. From a Twitter thread mention us with a keyword "unroll"
@threadreaderapp unroll

Practice here first or read more on our help page!

More from @RobinWigg

3 Dec
Welcome to the "Omnirally". The development of Covid vaccines has helped nurture the single biggest monthly gain for global equities on record. But is the euphoria obscuring some festering economic challenges? My latest big read: ft.com/content/d78563…
For sure, the global economy has bounced far more strongly than we dared hope earlier this year, and corporate profits will follow next year.
But the optimism is palpable. Fund managers haven't been this optimistic that growth and profits will strengthen in nearly two decades.
Read 7 tweets
24 Nov
Quants continue to ramp up the use of machine learning, according to a Morgan Stanley survey of clients.
Risk of overfitting (ML finding spurious correlations from data mining) is the biggest risk.
Unsurprisingly, quants are divided on factors. Think there's an element of denialism with the ones saying their experience has been positive over the last year. You can still be a believer and admit the last year has been profoundly shitty.
Read 8 tweets
17 Nov
With vaccine news adding even more fizz to financial markets, we are now approaching "full bull", according to Bank of America's Michael Hartnett.
The love for emerging markets is certainly pretty fulsome. cc @AllThatIsSolid
@AllThatIsSolid Growth expectations now at at the strongest since the early noughties.
Read 5 tweets
11 Nov
I have a new big read out, on the renewed challenges that active fund managers have had in fulfilling their promise to outperform in rockier markets - and the implications of that. ft.com/content/621d51…
There's now north of $12tn in index funds and ETFs, after a decade of breakneck growth.
Even that underestimates their heft. BlackRock estimated in 2017 that there is another $6.8tn of institutional or internal indexed strategies just on the equities side, so we're almost certainly talking well over $20tn in total now. blackrock.com/corporate/lite…
Read 19 tweets
8 Nov
Since I know that what everyone *really* wants right now is the take of financial analysts, I’m going to share some of the first notes to hit my inbox. First up is Goldman Sachs, which thinks Biden will still get a $1tn stimulus package despite GOP-controlled Senate.
Here’s Oxford Economics, which warns that Biden is inheriting a “frail” economy.
SEB also thinks a $1tn stimulus package is coming, but expects the biggest change to be on the international arena.
Read 5 tweets
10 Sep
We recently revealed Masayoshi Son's SoftBank as the "Nasdaq Whale" that created a splash in the US options market, and contributed to the summer stock market melt-up. But there are millions of "Mini Masas" that in aggregate likely dwarf its impact. ft.com/content/b330e0…
As the previous chart shows (a massive thanks to @jasongoepfert for the data), the volume of call premiums being traded in small retail-sized lots (10 contracts or less) has gone absolutely PARABOLIC lately.
@jasongoepfert Here is the share of small US equity options lots as a % of the whole market. Absolutely wild.
Read 5 tweets

Did Thread Reader help you today?

Support us! We are indie developers!


This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3/month or $30/year) and get exclusive features!

Become Premium

Too expensive? Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal Become our Patreon

Thank you for your support!

Follow Us on Twitter!