The 2002-03 season in the English Premier League, which ended with Sir Alex Ferguson winning a seventh Premier League title, developed into a hectic battle between Manchester United and Arsenal. At the height of the race for the title, with only a few weeks left of the season, Sir Alex uttered the now famous words: “It's getting tickly now – squeaky bum time, I call it.”
Squeaky bum time describes very well my emotional state at the moment. Equity markets continue to set new highs, seemingly prepared to disregard economic fundamentals. I have never felt entirely comfortable when I struggle to rationalise investor behaviour and I am not alone. All over the world market pundits are busy declaring this rally the latest in a long string of market bubbles which have been doing the rounds over the past few years.
Meanwhile business partner and good friend Nick Rees has now left the Canary Islands on board a rowing boat set for Antigua in the Caribbean where they expect to arrive in late January (you can follow Nick’s progress here). If you click on the race tracker map, Nick is in the boat called Team Neas Energy (very kindly sponsored by our friends in Aalborg, Denmark). Ellen (Nick’s wife) posted this report (see here) over the weekend:
“At 5pm last night (Friday) Nick and Ed were on deck, Nick rowing, Ed eating dinner. They were having a good chat apparently! A freak wave described by Nick as ‘enormous’ reared up behind the boat. The wave knocked them out of the boat and it capsized to the side, but righted very quickly and the boys (who were wired onto their safety lines) were able to get back on board safely. Nick got back on the oars to try to continue rowing, and Ed went into the cabin – however another wave threatened to roll them again and Nick joined Ed inside. They were then rocketed forward at a terrifying 14.5knots by the waves.”
Squeaky bum time indeed!
See full PDF here.