We are all living in some bizarre dichotomy.
We hate the rich and yet we need the rich. The rich (the person whose wealth is 1 dollar more than yours) should be taxed hard and yet should be cuddled for they buy expensive things and provide jobs and opportunities.
Take the UK. We are the luxury brand of choice. From Burberry to Rolls Royce, us Brits just ooze class and bling. Despite living in times where the IMF has never been so busy (Hungry, Greece et al) the Asian way of life is pervading the west (small roomed houses and bling galore).
The West used to enjoy large houses, expensive education and aspirations of elitism. Today it no longer wants houses, gets it education from wikipedia and elitism is having a wage-slave job.
It is great to see the luxury brands are booming contrary to academic economic theory where luxury goods are the first to go in a recession (elastic) whereas necessities are the last (inelastic) like food. Obesity is out of fashion and brand labels are as strong as ever (take a look at SuperGroup (cityam))
Luxury is the new black and if you are to go long this year, make sure your portfolio has some commodities like Oil, Silver and Copper and handbags, super-cars and kitchens (have you noticed how our high streets are full of bathroom and kitchen shops? I met someone at Christmas who owns that well known one in Holland Park; he turned up for drinks in a spanking new Lambo. This time last year he was an unemployed banker)
Hedgies fight to the greek death (reuters)
Flying first class (reuters)
French wine (bloomberg)
Today is gossip free day.