What caught my eye this week.<\/em><\/p>\n H<\/span>as winter dragged on for you too, or is it just me? I asked ChatGPT<\/em> if the weather has been unusually cold and it waffled on for a bit with some anecdotes and then said I should check with the BBC.<\/p>\n Which seemed pretty unhelpful, but then I thought it\u2019s also scarily similar to what you\u2019d actually hear if you asked your nearest mate.<\/p>\n Anyway it has been especially chilly<\/a> for the past few days. January saw the UK\u2019s coldest night since 2015<\/a>. Meanwhile on renewable energy investor forums I see debates about whether the slowdown<\/a> in the North Atlantic conveyor has caused the wind to not blow as much as was forecasted. Which could explain why I\u2019ve worn gloves every day since November.<\/p>\n But I also know I\u2019m prone to Seasonally Affected Depression.<\/p>\n Every January I think I\u2019ve dodged it and then it kicks in \u2013 well, about now \u2013 and I find myself reading articles about emigrating<\/a> to Australia.<\/p>\n And yet crazed with cold fever I also ran these numbers<\/a> on living on a canal boat. A definite case of jumping out of the refrigerator and into the icebox.<\/p>\n A big problem with emotions is how they skew judgement.<\/p>\n For instance I just saw this story<\/a> about the Met police objecting to a new jazz club in Covent Garden on the grounds that drunk patrons might get mugged on the way home. It seemed ridiculous and I despaired at what London has become since I first arrived in the early-1990s.<\/p>\n But actually\u2026safer is one thing it has become. So am I properly weighting that as I read the story against what mostly appears to me to be the enfeebling of London\u2019s citizens and its nightlife?<\/p>\n Politics is where this emotional distortion effect looms largest.<\/p>\n Perhaps you\u2019ve read in my previous Weekend Reading<\/em> links how someone\u2019s perceptions instantly reverse<\/a> in the US depending on whether their favoured candidate is in the White House? So far-reaching is Trump\u2019s chaos theory politics that I don\u2019t doubt it\u2019s affecting me too.<\/p>\n Then again there\u2019s enough to be dispirited about closer to home.<\/p>\n Not least that despite demonstrably hobbling the UK economy \u2013 to the tune of \u00a31,750 per person, annually<\/a> \u2013 with his economically insensible Brexit, Nigel Farage is back and doling out his sounds-about-right slop to the same credulous faction who fell for it last time<\/a>.<\/p>\n We\u2019re told his resurgent<\/a> Reform party could even dethrone the Conservatives.<\/p>\n Who knows? Though nobody could do a better job of unseating the Tory party than the Tory party managed over the past decade.<\/p>\n The Reform party this week said it would tax<\/a> renewable energy, reflecting the party leadership\u2019s long history of climate denial<\/a>. Soon British policy could be driven by the motiviations of an angry middle-aged man in a near-empty pub on a Wednesday afternoon shouting at the television in the corner.<\/p>\n Elsewhere\u00a0The Atlantic<\/a><\/em> is reflecting on how Covid deniers won \u2013 politically, not scientifically \u2013 and Politico<\/a> listed the 37 ways the supposedly disavowed \u2018Project 2025\u2019 has already shown up in Trump\u2019s executive orders.<\/p>\n It\u2019s depressing.<\/p>\n But maybe you\u2019re depressed about me bringing politics to your otherwise favourite financial resource?<\/p>\n Well I have some sympathy, believe it or not.<\/p>\n Over the past six months I\u2019ve grown increasingly irritated at how one of my favourite small-cap share pundits has spent years bemoaning British doomsters as unpatriotic while he dismisses the idea that Brexit had any impact on the UK economy \u2013 even as he repeatedly sees an economic recovery around the corner and then is mystified when we instead limp along in semi-stagflation.<\/p>\n Stick to shares, I mutter \u2013 obviously in large part because I disagree with him.<\/p>\n Perhaps as you did with me above.<\/span><\/p>\n Naturally I think I\u2019m even-handed. For example I flagged up the failings I saw in Rachel Reeves\u2019 budget.<\/p>\n But then I would think that, wouldn\u2019t I?<\/p>\n We all believe we\u2019re above-average drivers.<\/p>\n The big political currents underway seem too important to avoid any mention of on my own website, even if only from a narrow financial perspective \u2013 which I do mostly try to stick to. It\u2019s a highfalutin thing to say, but it almost feels irresponsible to look the other way when I have a platform.<\/p>\n Yet I really can see the sense in Jaren Dillan\u2019s perspective at We\u2019re Gonna Get Those Bastards<\/em>, when he argues it\u2019s okay to ignore politics<\/a>:<\/p>\n Do you want to be right, or do you want to be happy?<\/p>\n Let\u2019s say you choose the former. Good luck? Maybe get back to me in four years with a list of what you actually accomplished.<\/p>\n Yes, I am suggesting that we are all impotent. Yes, I am suggesting that one person can\u2019t make a difference. Yes, I am just that cynical.<\/p>\n But deep down\u2014do you disagree with me? Do you think that your rage-posting on social media is going to make a difference? Not only will it not make a difference, it is counterproductive, because, chances are, you\u2019re turning people off in the process.<\/p>\n<\/blockquote>\n I know he\u2019s probably right. Who has changed their mind about Brexit, despite its non-existent achievements? The polls have mostly turned against it only because so many of its supporters have died<\/a>.<\/p>\n Oh well, at least my portfolio is up nicely so far in 2025.<\/p>\n And we\u2019re inching towards spring\u2026surely?<\/p>\n Have a great weekend!<\/p>\n p.s. <\/em><\/span>\u200b<\/span>Moguls<\/em><\/span>\u200b<\/span><\/a>: I didn\u2019t get a chance to send out the Monevator merchandise email this week \u2013 so don\u2019t worry, you haven\u2019t missed out on the fashion event of the century. The next two to three days for sure!<\/em><\/span><\/p>\n Investing in infrastructure \u2013 Monevator<\/a> [Members<\/a>]<\/em><\/p>\n Lab-grown diamonds \u2013 Monevator<\/a><\/p>\n From the archive-ator: Should you invest in buy-to-let through a limited company? \u2013 Monevator<\/a><\/p>\n Note: Some links are Google search results \u2013 in PC\/desktop view click through to read the article. Try privacy\/incognito mode to avoid cookies. Consider subscribing to sites you visit a lot.<\/em><\/p>\n UK economy saw 0.1% growth in final months of 2024 \u2013 Yahoo Finance<\/a><\/p>\n Why 1.5m Britons are still hunting for a job \u2013 Guardian<\/a><\/p>\n Annuity sales jump 24% to a ten-year high \u2013 ABI<\/a><\/p>\n Nationwide claims big cash ISA deposits are funding a lot of mortgages \u2013 Guardian<\/a><\/p>\n Government must stop \u2018ridiculous\u2019 proliferation of millions of small pension pots \u2013 IFS<\/a><\/p>\n First-time buyer market rebounds with 19% more purchases\u2026 \u2013 IFA Mag<\/a><\/p>\n \u2026but beware: just seven weeks until stamp duty increases \u2013 This Is Money<\/a><\/p>\n Thames Water launches appeal to raise bills even higher \u2013 Guardian<\/a><\/p>\n Non-dom tax raid forces Castle-owning fintech founder out of UK \u2013 CityAM<\/a><\/p>\n Local government pension schemes headed for embarrassment of riches [Search result, nerdy]<\/em> \u2013 FT<\/a><\/p>\n 2025E Capex \/ 2025E Net Income<\/strong><\/p>\n What will be the return on the Magnificent Seven\u2019s A.I. spending? \u2013 Verdad<\/a><\/p>\n How Vanguard plans to play disruptor again \u2013 FT<\/a><\/p>\n Barclays and Santander cut mortgages rates below 4%\u2026 \u2013 What Mortgage<\/a><\/p>\n \u2026but Barclays has also cuts its easy-access savings rate to just 1.26% \u2013 T.I.M.<\/a><\/p>\n You can get up to \u00a33,000 cashback when you transfer your pension to Interactive Investor<\/a>. Terms and fees apply. \u2013 Interactive Investor<\/a><\/p>\n Goldman Sachs targets leading role in active ETFs in Europe \u2013 FT<\/a><\/p>\n Will you miss out on the full state pension? \u2013 Be Clever With Your Cash<\/a><\/p>\n \u2026some people are struggling to find out \u2013 This Is Money<\/a><\/p>\n Open an account with low-cost platform InvestEngine via our link<\/a> and get up to \u00a3100 when you invest at least \u00a3100 (T&Cs apply. Capital at risk) \u2013 InvestEngine<\/a><\/p>\n What does \u2018making tax digital\u2019 actually mean? \u2013 Which<\/a><\/p>\n Vintage experts on 21 ways to buy secondhand treasures \u2013 Guardian<\/a><\/p>\n Does living in a hard water area make energy bills more expensive? \u2013 This Is Money<\/a><\/p>\n Homes for sale with links to TV and film, in pictures \u2013 Guardian<\/a><\/p>\n OBR gloom spells trouble ahead for Rachel Reeves \u2013 The Spectator<\/a><\/p>\n Feeling guilty about an inheritance \u2013 Kindness FP<\/a><\/p>\n \u201cMy 1.3% mortgage rate is soaring to 4.5%\u201d<\/em> \u2013 Telegraph via Yahoo Finance<\/a><\/p>\n The misery value of money \u2013 A Teachable Moment<\/a><\/p>\n Baby Maeve and the Ovarian Lottery \u2013 Best Interest<\/a><\/p>\n The five types of wealth [Podcast]<\/em> \u2013 Plain English<\/a><\/p>\n More evidence index fund flows are boosting large cap share prices\u2026 \u2013 K.O.I.<\/a><\/p>\n Think you\u2019re too smart to be caught by scammers? [Search result]<\/em> \u2013 FT<\/a><\/p>\n The perils of line-item thinking \u2013 Behavioural Investment<\/a><\/p>\n Why speculators are still running wild when money is no longer free \u2013 FT<\/a><\/p>\n Never apply for a job online again \u2013 Hot Takes<\/a><\/p>\n $1 million is still a lot of money\u2026 \u2013 Of Dollars and Data<\/a><\/p>\n \u2026but who wants to look like a million dollars these days? \u2013 Guardian<\/a><\/p>\n Financial firms are still pushing to turn alternative assets into \u2018liquid alts\u2019 \u2013 I.I.<\/a><\/p>\n Did real assets hedge the Covid-era inflation spike? \u2013 CFA Institute<\/a><\/p>\n US endowments join crypto rush by building Bitcoin portfolios [Search result]<\/em> \u2013 FT<\/a><\/p>\n Broken markets? \u2013 The Brooklyn Investor<\/a><\/p>\n OnlyFan\u2019s<\/em> sticky business model \u2013 SatPost<\/a><\/p>\n An interview with Fundsmith founder Terry Smith [Podcast]<\/em> \u2013 R.W.H. via Apple<\/a><\/p>\n Commoditisation in the active management industry \u2013 BakStack<\/a><\/p>\n Primary sources \u2013 Rational Walk<\/a><\/p>\n The house of cards built by startups and VCs \u2013 Crunchbase<\/a><\/p>\n Fooled by Randomness<\/em>\u00a0by Nassim Taleb \u2013\u00a0\u00a30.99 on Kindle<\/a><\/p>\n The Price of Time<\/em>\u00a0by Edward Chancellor \u2013\u00a0\u00a30.99 on Kindle<\/a><\/p>\n Edible Economics<\/em>\u00a0by Ha-Joon Chang \u2013\u00a0\u00a30.99 on Kindle<\/a><\/p>\n Taxtopia<\/em>\u00a0by The Rebel Accountant \u2013\u00a0\u00a30.99 on Kindle<\/a><\/p>\n World\u2019s sea-ice falls to record low \u2013 BBC<\/a><\/p>\n Long-term investors split with asset managers over climate risk \u2013 FT<\/a><\/p>\n It\u2019s hard to cut out single-use plastic for even one month \u2013 Guardian<\/a><\/p>\n London\u2019s new super sewer is now fully connected \u2013 BBC<\/a><\/p>\n Three observations \u2013 Sam Altman<\/a><\/p>\n Ex-Google boss fears for AI \u2018Bin Laden scenario\u2019 \u2013 BBC<\/a><\/p>\n The embarrassing failure of the Paris AI summit \u2013 Transformer<\/a><\/p>\n Two AIs discuss AI in an AI podcast \u2013 Not Your Advisor<\/a> [and how to fool them<\/a>]<\/em><\/p>\n At work, a quiet AI revolution is underway\u2026 [Search result]<\/em> \u2013 FT<\/a><\/p>\n \u2026but not at one law firm, which now restricts AI use \u2013 BBC<\/a><\/p>\n Trump VAT threat raises fears of hit to UK \u2013 BBC<\/a><\/p>\n Deglobalisation: diversification rather than decoupling \u2013 Klement on Investing<\/a><\/p>\n When are tariffs good? \u2013 Noahpinion<\/a><\/p>\n Mario Draghi: Europe has successfully put tariffs on itself [Search result]<\/em> \u2013 FT<\/a><\/p>\n 100 years of London skyscrapers \u2013 Londonist<\/a><\/p>\n How to achieve immortality \u2013 The Honest Broker<\/a><\/p>\n Why Gen Z will never leave home \u2013 Maclean\u2019s<\/a> [h\/t Abnormal Returns<\/a>]<\/em><\/p>\n LinkedIn<\/em> is a weird, workaholic wasteland \u2013 Sherwood<\/a><\/p>\n Is romance in movies dying? The stats are in\u2026 \u2013 Stephen Follows<\/a><\/p>\n \u2026and they\u2019re also in on whether people\u00a0hate Coldplay \u2013 Stat Significant<\/a><\/p>\n How to write a good sex scene \u2013 Lit Hub<\/a><\/p>\n \u201cAs soon as something stops being fun, I think it\u2019s time to move on. Life is too short to be unhappy. Waking up stressed and miserable is not a good way to live.\u201d Like these links? Subscribe<\/a> to get them every Friday. Note this article includes affiliate links, such as from Amazon<\/a> and Interactive Investor<\/a>.<\/em><\/p>\nChill brains<\/h4>\n
Cold comfort<\/h4>\n
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From Monevator<\/h3>\n
News<\/h3>\n
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<\/a><\/p>\nProducts and services<\/h3>\n
Comment and opinion<\/h3>\n
Alternative assets mini-special<\/h3>\n
Naughty corner: Active antics<\/h3>\n
Kindle book bargains<\/h3>\n
Environmental factors<\/h3>\n
Robot overlord roundup<\/h3>\n
Trade wars mini-special<\/h3>\n
Off our beat<\/h3>\n
And finally\u2026<\/h3>\n
\u2013 Richard Branson, Screw It, Let\u2019s Do It<\/em><\/a><\/p>\n