An investment strategist who travels the world advising fund managers where to put their clients money was told by his company to censor his presentation for their American market. The London Head Office felt that American finance experts would not appreciate hearing about the decline of American markets. I used to work for his bank and they were not shrinking violets when it came to telling the brutal facts so this hesitancy to tell the truth just because the clients will not like what they hear and have deep pockets is a radically new policy.
Having lived through the last century, I lived through lights on the British Empire. Denial is the common reaction. Watch this season of Mad Men to see the British in full steam, eyes closed mode as they take over a New York agency and the Americans tell them “We are the future, not Britain.” Well, now Americans are in the same situation.
Smart investors will put aside their patriotism and figure out how to get on with things.
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