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Greed — if everyone else is investing, probably best you don’t

By Mike Turner, Investment Solutions, Aberdeen Asset Management

This article expands upon the third of Mike Turner’s Seven Deadly Sins, which was first published in booklet form in January 2014.

What’s the most you would pay for a pretty tulip? A few dollars, perhaps? How about a particularly beautiful midnight blue tulip with crimson petals? Nowadays, it seems hard to believe that at the height of ‘tulip mania’ — the first recorded financial market bubble in 1630s Holland — such tulip bulbs were selling for the equivalent of a wealthy merchant’s annual salary. At its peak, just before the crash in 1637, the price of the most desirable tulip had risen to the equivalent of an opulent house in Amsterdam. Investors had driven up the price of a visually appealing flower, yet one with no practical use, to extortionate levels.

Fast-forward 370 years and the technology, media and telecoms (TMT), aka the dot-com bubble, burst in the US. Like the tulip investors before them, investors in the TMT bubble were similarly carried away by euphoria and excitement, this time for all things related to the internet. Investors paid the price when the bubble burst with resounding consequences.



Employment falls for first time since 2013

The number of people in work has inched downwards over the last three months for the first time since April 2013. Figures from the Office for National Statistics show the total dropped to 30.98 million for the three months to May 2015, a reduction of 67,000 on the previous three months, equivalent to a 0.2 per […]


Is BoE paving the way for buy-to-let intervention?

Bank of England warnings on the dangers of the booming buy-to-let market could be the precursor to a wave of interventions in the sector. The Bank warned last week in its bi-annual financial stability report that the size of the market poses risks to the UK economy’s stability. According to Bank statistics, buy-to-let lending accounts […]


Osborne refuses UK contribution to Greece bailout

Chancellor George Osborne is to refuse the UK’s part in the new €86bn Greek bailout, saying it goes against a previous agreement of EU leaders in 2010. Downing Street is said to be angered by the most recent deal struck by European leaders on a Greek bailout, reports the FT, which would see the country’s contribution […]


Yellen reaffirms US rate rise before year-end

US interest rates are likely to rise by the end of this year following the “favourable” prospects in the jobs market and the economy, Federal Reserve boss Janet Yellen says. In her testimony for the US House of Representatives Financial Services Committee she states: “If the economy evolves as we expect, economic conditions likely would make it […]


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