A breathtaking outburst from an independent trader, who "dreams of another recession". Scary thing is his advice at the end is probably pretty sound...
The BBC has confirmed it's not a hoax...
A breathtaking outburst from an independent trader, who "dreams of another recession". Scary thing is his advice at the end is probably pretty sound...
The BBC has confirmed it's not a hoax...
I'm surprised that a trader would say those things on the record, but it's certainly the way a lot of them operate.
For some years, I worked in the settlements area of a major bank down in that London, and part of our job involved reading the computerised conversations that our banks' traders had with traders at other banks, and suffice to say that for them, the terrorist attack on the World trade centre was like winning the pools. They make most of their money when the markets go beserk, and "earn" their obscene bonuses, often on the back of other people's misfortune.
'Parasites' springs to mind.
For those who don't trade, i.e deal on a daily basis, just choose companies with good economic fundamentals and take a 5-15 year view you won't go far wrong.
People do make a lot of money in a downwards market (the money doesn't just disappear) but you need to take a long term view for investing otherwise you'd be better sticking it in cash.
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