Looking back on the month, it was more eventful than Augusts are reputed to be.
In the UK we are getting used to our new government. And, in some cases, violently testing its boundaries with some summer rioting. We’ve seen some dreadful street behaviour, frequently of a racist / anti-Muslim nature. Thankfully it hasn’t really impacted London, where racism is mercifully rare. The street protests closest to me were jubilant Bangladeshi crowds celebrating the overthrow of Prime Minister Hasina.
Across the channel, the Olympics provided some sporting entertainment. I didn’t make it over there, though, and only watched a couple of events. It was good to see Team GB do creditably well, though beaten on several measures by the Australians and even the Netherland for Pete’s sake. On any sort measure, Europe (inc Team GB, naturellement) thrashed everybody else, though that isn’t how even the FT reported it, and India did typically dreadfully.
Towards the end of the month came the truly horrific tragedy of the sinking of British entrepreneur Mike Lynch’s yacht Bayesian. I don’t think there are any wider lessons for me in this tragedy but somehow it felt very relatable. And to pile mindblowing co-incidence on horrific tragedy, his former business partner (and co defendant in US Federal Court) died earlier that week when hit by a car. If there was a conspiracy at work, it was a particularly devious one, but it is a terrible end to an extraordinary story.
Markets in August 2024
The markets have been nervy and volatile in August. VWRL, Vanguard’s global equity index tracker, was at £102/share on 30 July. During August it dipped to £98, and rose to £104, before finishing on £103. So the signal of the monthly numbers strips out a lot of noise.
Continue reading “August ’24: From triumph to tragedy”
FIRE v London 