Monk © fintag

News comments:
So a number of my clients are talking about cash. They are fed up with volatility and want to preserve capital so are dressing up in orange robes and seeking salvation. I don't blame them although cash is just as volatile.

Being worth $10million last year isn't the same as being worth $10million this year. It sounds the same but if you are unhappy this year and would be happier if you had $12million then its not the same. What am I talking about? Bollox mostly.

Hedge Fund managers have always enjoyed cash bonuses but alas no more. (cityam) As usual the regulators have missed the point. If I charge 2 and 50 then its not a bonus, its just a fee. They cannot cap that. If a fee is deemed a bonus then we are all in big trouble. What do I get instead? I am already the owner in my company, why would I want share options? These people are stupid, really dumb.

Today's shorts:
The King Is Cash (bloomberg)
Spain: At Long Last The CRAs Wake Up (bloomberg)
Cash No More For Bankers (bbc)
Short Fat Totty In The Money (hitc)
Regulators Get Jobs At Hedgies (reuters)

Today's longs:
Brits To Live In Mud Huts (telegraph)
UK Residential Property 27% overvalued (thisismoney)
UBS Goes After Highland Again (dealbook)
Free Lunches (allaboutalpha)
AIG Was A Good Company (independent)

Gossip:
RBS to be renamed the Green Investment Bank.