Speaking of slowdowns the UBS and DB results speak volumes about an industry needing to get its house in order. Too many long term guarantees seem to have been made to staff in the 2009 hiring freenzy at many banks. DB said they planed to axe 1,900 staff. UBS cost-to-income ratio is 85. I remember seeing management panic if that ratio got above 50% . . . what is the board thinking now?
The hardest thing in investing is to look through the windscreen and not into the rear-view mirror of the car you're driving. History is important, but you need to drive the road ahead first and foremost. Something I've been waiting for is for the weak GBP to have an impact of engineering exporters. We had confirmation that things were changing from GKN:
We'll be looking more closely at some British engineering tonight when they run the Olympic time trial over 44km's. All eye's on Wiggins and Froome. The outsiders for this in my mind are Cancellara (who went down heavily during the road race) and Phinney.
I follow Phinney on Strava and he's been training hard after not riding the TdF, but doing well in the Giro. Look up some of his recent training rides on this link. Wiggins deserves to be favorite, but a cheeky bet on young Mr Phinney might be worth a flutter.