For a man who despises fractional-reserve banking, fiat currency and anything related to money manipulation, the dabbling in margin lending over the past six months seems a retreat on the values and principles I stand for.
Confidence has unquestionably struck my largest investment – Babcock & Brown. Its value is 1/8 of what it was. My hope had foolishly rested in EPS, but when nobody wants a smelly pile of debt laden shares, the market can be brutal. Emotion is probably playing a part it shouldn’t have, and I’ve taken the stance of sinking along with the ship. When I tally up my stock listing and find where at a time was I once debt free, I now see myself owing more money than I have in stock! A brilliant situation.
There is nothing quite like living for a bank and watching your savings seep into a black hole.
Eric Idle is ringing in my ears: ‘always look on the bright side of life…’
