Some people are addicted but for most people it's a discretionary purchase. People working from home are less likely to make a trip to the pub on the way back from work. So if they're consuming alcohol as before, they're paying liquor store price, not pub prices and they aren't buying rounds at home which translates to fewer liquor purchases.
Very interesting, and Nick Train is an important figure in the industry - but what if the investing landscape has permanently changed? What if those former celebrated stock-pickers, even those as adept as Train, are moribund? Many of them are now retiring, it seems. Perhaps the future is trend, theme, and inescapably short-term; perhaps - deep breath - those many managers who pride themselves on buying and holding for twenty years will no longer be able to afford to do so.
Throughout history, rich and poor countries alike have been lending, borrowing, crashing-and recovering-their way through an extraordinary range of financial crises. Each time, the experts have chimed, “this time is different”-claiming that the old rules of valuation no longer apply and that the new situation bears little similarity to past disasters. Start of a reset perhaps......
I am not at all clear why owners should be satisfied with under half the after tax earnings each year. Employees don't have to leave half their salaries with the employer on the basis he knows better what to do with it. Of course, HMT takes about half our income and spends it badly but that is because politicians are in charge. If these grwoth opportunities Nick says he knows are there, the businesses could try explaining it to owners and some might accept scrip dividends or subscribe to a capital raise, if only they had the chance. Private shareholders typically do not get the chance to subscribe.
I am looking forward to the autumn statement,surely this government has somebody with the financial nowse to kick start a revolution in private investment. If this government don't get a grip,i think we will lose a generation of investor for ever
If Nick Train had his own podcast, he could call it: "Train of thought".
As for Diageo - perhaps the addiction to alcohol is fading, admittedly slowly, and that the future is not falling over dead drunk, even in the UK.
Some people are addicted but for most people it's a discretionary purchase. People working from home are less likely to make a trip to the pub on the way back from work. So if they're consuming alcohol as before, they're paying liquor store price, not pub prices and they aren't buying rounds at home which translates to fewer liquor purchases.
Very interesting, and Nick Train is an important figure in the industry - but what if the investing landscape has permanently changed? What if those former celebrated stock-pickers, even those as adept as Train, are moribund? Many of them are now retiring, it seems. Perhaps the future is trend, theme, and inescapably short-term; perhaps - deep breath - those many managers who pride themselves on buying and holding for twenty years will no longer be able to afford to do so.
Throughout history, rich and poor countries alike have been lending, borrowing, crashing-and recovering-their way through an extraordinary range of financial crises. Each time, the experts have chimed, “this time is different”-claiming that the old rules of valuation no longer apply and that the new situation bears little similarity to past disasters. Start of a reset perhaps......
I am not at all clear why owners should be satisfied with under half the after tax earnings each year. Employees don't have to leave half their salaries with the employer on the basis he knows better what to do with it. Of course, HMT takes about half our income and spends it badly but that is because politicians are in charge.
If these grwoth opportunities Nick says he knows are there, the businesses could try explaining it to owners and some might accept scrip dividends or subscribe to a capital raise, if only they had the chance. Private shareholders typically do not get the chance to subscribe.
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I am looking forward to the autumn statement,surely this government has somebody with the financial nowse to kick start a revolution in private investment.
If this government don't get a grip,i think we will lose a generation of investor for ever