Tuesday, 3 April 2012

Portofino and portfolios ....

People who have known me over the years have always wondered about my vacationing habits. To be honest I never liked to stay away from work for too long because stuff always happened. Given my current situation I'm learning slowly how to relax properly. My bike riding is central to the process, it gives me something to take the stress out on.

Today lounging around Santa Margherita and Portofino I just didn't feel relaxed until I pumped out a quick ride along the coast. The legs are still a bit wobbly from the weekend, but if anything I feel like I understand my bike a bit more. What I mean is that the cadence required to maintain a given speed seems to be a little more obvious. It's as though that last 25k's on Sunday required me to breakthrough a barrier that I can only compare to the immediate rut you get in when progressing with your skiing. The simple fact is you get better at things when you work or play with people better than you. Maybe that's what Sunday was about?

I've been approached to give an informal view on some derivative products by a group of private bankers in Geneva. They're smart guys and I'm looking forward to hearing their take on things. Without going into details it's my belief that the Apple dividend and low interest rates are focusing the minds of high nett worth individuals on cash flow again. Given I traded Japanese associated products for many years I remain skeptical of the bonds v. Dividends portfolio approach. Look at what happened to all the dumb money that sat in power utilities such as Tepco after the Tsunami struck. I'd also watch out for an over reach on bank dividends, especially in euro land. Enough about that, time to shower and get ready for a relaxing dinner.


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