For fund managers who specialised in Japan, 2005 was a fantastic year. After more than a decade of dealing with a market in the doldrums they suddenly found themselves in the middle of a boom: stocks were rising fast, gurus around the world were tipping Japan as their favourite market and Japanese-themed hedge funds were
An entry in the new edition of Who’s Who isn’t quite like a knighthood — you can’t buy one, for a start — but it is nevertheless a distinction. It’s also a useful indicator of trends. Business leaders appearing in the big red book for the first time this year illustrate the march of international corporate life:
It is good news that Longfellow is at last enjoying a revival, happily coinciding this year with the 200th anniversary of his birth. He is far and away America’s greatest poet. In his own time this was the general verdict on both sides of the Atlantic, and critical approval joined with popular success. His narrative
If you ever happen to find yourself teaching an economics class at a private school, here’s a question you could write on the blackboard. Which industry manages to keep pushing up its prices faster than inflation, and expanding its market share at the same time? The answer is the one you’re in: private education. In
New Orleans always had a split personality. There was the picture-postcard city that visitors enjoyed: lovely, languid, funky, obsessed with food and music and bon temps, in the local parlance. Then there was workaday New Orleans, home to poverty that would have shocked the rest of America and the developed world if they had seen
Suppose you have 15 minutes to while away waiting for the train. Why not pull out your mobile phone, punch in your pin number and download a Playboy movie for as little as £5? Not interested? Of course you’re not; you’re a Spectator reader, for heaven’s sake. But there are plenty of people out there
If I had a teenage child with a passion for serious music, I would not hesitate to give him or her Essays in Musical Analysis by Donald Francis Tovey. This is a formidable work. The first volume is on symphonies, the second on symphonies, variations and orchestral polyphony, the third on concertos, the fourth on
We smile, naturally, sometimes on our first day of life. But we have to learn to laugh — that is, we imitate the mouth motions, facial contortions and, above all, the laugh noises of our elders. This is why the way we laugh is part of our breeding. I notice every year at the Christmas
I like to think I helped start the national debate about fairness and executive pay with an article here in May 1993 headlined ‘Snouts in the Trough’, illustrated by Garland with pin-striped porkers helping themselves to huge portions of gravy. Since then, bosses’ pay packets have ballooned — the heat in 1993 was caused by
It says something about how cosmopolitan the City has become that, for my money, the three winners of my personal ‘people of the year’ awards are an Irishman, a Dutchwoman and an Indian. The latter is Lakshmi Mittal, who had the audacity to take on the French establishment with his bid for Arcelor and win.
The Velázquez show at the National Gallery has reminded me that art history is not only about what was, and what is, but what might have been. This Andalusian from Seville (his father was Portuguese) was a lifelong snob and social climber and later maintained his family were of gentry, if not noble, stock. We
Journalists are paid to be thought-provoking, but something very odd comes over them when they unfold their thoughts on the subject of Latin. Neal Ascherson, for example, once argued in the Independent on Sunday that he had been taught Latin at Eton as ‘a rite of exclusion for those outside, a ceremony of submission for
A friend of mine recently sustained terrible injuries to his hand when his shotgun blew up. Such accidents fill me with horror, not least because they remind me how important our hands are to us, and how easily — in scores of different ways — they can be damaged. Hands are miraculous things, and one
If you remember 1987 at all, it is probably for the October hurricane and the stock market crash. Because they coincided, they are inextricably linked as though one caused the other. In fact, despite falling 23 per cent, the market was back on its feet before the debris of the storm had been cleared. Share
Here’s a provocative thought for Christmas. Instead of buying your nearest and dearest one of those charity goat-for-Africa cards, it would make far more economic sense to buy them a few shares in a multinational corporation which is going to help boost the African economy. It may be deeply unfashionable to say so, but the
Christmas is almost upon us and you still haven’t sorted out that significant present for the woman in your life who has everything. And there’s the rub. She already has the jewels, the houses, the horses, the cars, the shoes and furs and more cashmere dressing gowns than she could possibly ever want. Knowing the
Philip Richards is an extreme investor. His willingness to bet against the crowd has turned his initial £150,000 investment in his hedge fund company RAB Capital into £150 million since 1999. In particular, his Special Situations Fund, which he manages personally with the credo ‘to maximise returns with minimal restrictions’, has performed spectacularly. Since he
Think of this as a two-for-one Christmas special, a City Life column gift-wrapped inside Any Other Business. The city is Istanbul, where I am on a mission — in the steps of Pope Benedict, as it were — to salute loyal expatriate Spectator readers. And what a life this city offers. ‘Very cosmopolitic!’ exclaimed Mustafa
Just as the English have inspired supreme artistry in male dress, symbolised by Savile Row and Beau Brummell, so they have also contributed a dissenting movement of genteel shabbiness or grand nonconformity. It is not dictated by lack of cash but by sup-erior indifference, meanness and what I call the Robinson Crusoe syndrome, a delight
It’s simple, this internet grocery shopping. Log on, pick what you want, pay with your credit card and get on with your life while you wait for the doorbell to ring. No need to schlep to the supermarket, fight your way to the checkout, lug all those overloaded plastic bags into the car and out