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David Fickling Profile picture
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14 Oct, 6 tweets, 3 min read
This is just devastating stupidity, even for this band of absolute chiefs.

Imagine making a highly-levered bet against the Hong Kong dollar peg, at a time when the aggregate balance which underpins it is absolutely surging.
bloomberg.com/news/articles/…
Look at the chart here. When this line goes up, it gets easier and easier for the HKMA to fund the currency peg.

May is when they're shopping this trade around and none of the investors appears to have thought to look at the HKMA's website. Image
Image
They really should have been reading @shuli_ren: bloomberg.com/opinion/articl…
@shuli_ren Or @andymukherjee70: bloomberg.com/opinion/articl…
@shuli_ren @andymukherjee70 As Andy points out, they were also ignoring the huge number of well-publicized mega-IPOs coming down the pipe in May 2020, which immediately increases demand for HKD and lifts liquidity in the aggregate balance...

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More from @davidfickling

David Fickling Profile picture
11 Oct
Have you noticed all the Takes doing the rounds about how the current spike in fossil fuel prices shows the energy transition won't work?

This is, IMO, absolute brain-wormed nonsense. I wrote on this topic today, here's a quick thread to explain:

bloomberg.com/opinion/articl…
There's plenty of examples of this genre around. We have a big climate meeting coming up, energy prices are going crazy, so it's a good opportunity to make some tendentious links:
Here's the WSJ's editorial page last month: "Europe’s anti-carbon policies have created a fossil-fuel shortage"

wsj.com/articles/europ…
Read 34 tweets
David Fickling Profile picture
26 Sep
⠀ ⠀ ⠀ 🤠
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📊 📊　📊
👇 📊📊 👇
　 📊　📊
　 📊　 📊
　 👢 👢
howdy. i'm the sheriff of charts, and I'm here to report a most heinous series of #chartcrimes Image
🤔 I wonder what happened in the middle of July to switch vaccine distribution policy from strongly anti-partisan (send most doses to Victoria) to strongly partisan (send most doses to NSW)? It's a mystery! Image
Could it be that the way Qld and WA have drifted from the average since March is something to do with the fact that they have more eliminated Covid so don't need as many urgent doses as some other states? 🤔
Read 8 tweets
David Fickling Profile picture
15 Sep
This is a huge issue across social media, and not enough attention us being devoted to it.

"Engagement" is a nice euphemism that covers a spectrum from benign interest to harmful addiction, and social media companies show a pointed public disinterest in teasing out which it is.
For companies dealing in addictive activities like like drinking, gambling and smoking, a lot of the revenue is driven by the most "engaged" segment of their customer base — addicts.
Social media companies are the same, and if you look through their stock market filings and advice for third-party developers they'll often say explicitly that it's the most "engaged" users who'll drive revenues.
Read 9 tweets
David Fickling Profile picture
29 Aug
RIP Lee Perry.

It's ridiculous how much of my favourite music he produced or appeared on.

But this may be my favourite memory:
Read 4 tweets
David Fickling Profile picture
27 Aug
One genuinely heartening thing out there is the rate of vaccine uptake in NSW now.

At the rate we hit over the past week (7.6% took a first dose from 19 to 26 August), we should be about a week away from the point when 70% of the over-16 population has a first dose in them.
That's obviously still at least a month away from double-dosed and with immunity built up, for even Pfizer. Longer for AstraZeneca given the longer gap between doses.

Still, people are rushing out to get the jabs once they've been made available to them in sufficient numbers.
This is what makes the hectoring tone from government all the more infuriating. There doesn't look to be much hesitancy at this point from where I'm sitting.
Read 4 tweets
David Fickling Profile picture
25 Jul
The accelerating pace of climate change means the world's biggest reinsurer is already cutting back its exposure to the sort of natural disasters that have swept through China, Germany, Canada and London in recent weeks:

bloomberg.com/opinion/articl…
Reinsurers, who provide insurance to insurance companies, are key to how the world pays for natural disasters.

They get less than 5% of the industry's premium fees but cover as much as two-thirds of its losses when catastrophes like earthquakes and cyclones strike: Image
Most of the disasters that have been in the news of late, though, aren't those large-scale cataclysms.

They're so-called "secondary perils" — smaller local events like flooding, wildfire, storms, hail. ImageImageImageImage
Read 8 tweets

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