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Morning all,

Seems the Boys from Brazil weren’t the only ones asking this question…talks suspended last night and down we went…is this all just politics, noise and spin..we will see but as we enter day 16 of the Government shut down and two days to go before the debt ceiling is breached its going to get interesting…the market is relatively sanguine about the ‘Neon Swan’ event…no one believes that the US is dopey enough to default or take it to the wire and that a deal will be done..let’s hope so!! If you have forgotten a Neon Swan is an event that is pretty unlikely but we all see coming…sound like the debt crisis!!You bet!

To reset the US economy!!!!

KeepCalmAnd-30219

Anyway if the inconceivable or unthinkable does happen it will unleash hell as our Russ said in Gladiator!

Zombieland has been very quiet..apart from Ireland planning to exit the ICU…the UK is going gangbusters at the moment..house prices are driving the economy with the average now 247,000 quid..more housing bubbles there as the “Help to Buy” scheme is driving things higher..the Pollies are currently in China sucking up and offering easier visas for Chinese nationals as they hope to increase the tourist dollar from cashed up Chinese visitors…it seems that already the Chinese are buying London,(their turn now as the Russians have bought most of it)and buying businesses and industry in the UK..big stake in Thames Water,Airports,cars and boats on the agenda and large property developments…seems they are keen to get money out of boring China and into a growth market like the UK!!!

Today we will back and fill a little but nothing spectacular as no one believes that the Swan could happen so it’s a buying opportunity…down 20 ish…and low volume..fence sitting kind of day!

Gold was better but only just after another slam down following a good rise…

Idea of the Day

It’s all about the yield stupid…at the moment you could sell anything as long as it pays a good yield..and I do mean anything(they will try it with NINE and Dick Smith I am sure!)…banks,TLSD,MOC, even some of the small ones on yields are going pretty well…Now I am a believer in both following the trend but also being a little contrarian..everyone hates resource stocks don’t they ,everyone.Was talking BHP yesterday and RIO announced their 3rd quarter production numbers last night..so still like BHP…also in other Iron Ore stocks AGO is appealing…did talk about them at 81/82 and now they are 99c…more to come though…suspect they will see 1.20 if Iron Ore stays firm…also might be time to nibble and I do mean nibble at some Gold stocks..straw hats in winter mentality…everyone hates Gold…Symposium today will prove that!!But maybe things will turn…may take a lot of patience and nerve but running with the sheep will only ensure one thing…sheep get slaughtered(Gordon Gecko)…don’t be a sheep forever ….works for a while but not forever!

Things to make me go mmmmm!

Socceroos won…hardly surprising though against Canada who couldn’t score a goal if there was no offside rule.

England won too so though to the World Cup finals..yeah…Rooooooooney!!!!!!GerrardDDDDDDD!

Malaysian casino mogul KT Lim’s Genting Group has found itself at the centre of Echo’s thinking once again, this time in regards to Qld’s casino plan and likely Brisbane redevelopment. Echo would be at least considering teaming up with Genting on a joint bid to redevelop Brisbane’s William Street casino precinct.

Institutional investors are sceptical that Anchorage Capital has made significant changes to the Dick Smith Electronics chain since buying it from Woolworths just 12 months ago, describing a forthcoming float as opportunistic for the sellers and risky for potential buyers.If you want to see how this business is traveling pop into Warringah Mall store..guaranteed you will be the only one in there!

41% of global wealth in the hands of a mere 0.7% of the world’s population.

Radiohead wrote the song for this mob… Leighton Holdings’ controlling shareholder Hochtief continues to increase its holdings in the Australian company, now owning 56.52 per cent compared to 56.39 per cent in July….I’m a creep..I’m a weirdo!What the hell am I doing here.I don’t belong here!!

Here’s a great growth business since 9/11.. Some 1,271 government organizations and 1,931 private companies work on programs related to counterterrorism, homeland security and intelligence in about 10,000 locations across the United States.

Now we all use google..the surprising thing is the autofill answer to” I want to sell my……”seems that google fills it in with Hair, Breast milk and Kidneys as the top picks in the US…good to see the economy is recovering.

The U.S.’s AAA credit grade was placed on rating watch negative by Fitch Ratings, which cited the government’s failure to raise its borrowing limit as the Treasury’s deadline for exhausting its borrowing limit nears.

Rumours continue to swirl around price manipulation of the Gold price as big sell orders drive the market down…seems the conspiracy theories abound in this one as ever but something is up,…Gold should go up in times of crisis and its not..big volume plunges in the last week or so…$25 falls in minutes..something is a foot…and if you don’t think anyone can rig a market you are naïve….remember LIEBOR and other fixes…

Call that a wealth fund..this is a wealth fund!! 1 Trillion Dollars!!!! Norway is western Europe’s largest oil and gas producer. It reaps revenue from taxes on oil and gas, ownership of petroleum fields as well as from its 67 percent stake in Statoil ASA. (STL) It wealth fund now holds on average about 1.2 percent of the world’s listed companies and invests abroad to avoid stoking domestic inflation. The incoming government is now tapping that fund to pay for better health care and education outcomes…

Ireland plans to shut a tax arrangement used by Apple to shelter $40bn (£25bn) from taxation. On Tuesday, the Irish government said it planned to make it illegal for a company to have no tax domicile.

And finally…

A man boarded an aircraft at  London’s Heathrow Airport Terminal 5 for New York, and taking his seat as  he settled in, he noticed a very beautiful woman boarding the plane.

He realised she was heading straight toward his seat and bingo – she took the seat right beside him.

‘Hello’, he blurted out, ‘Business trip or vacation?’

She turned, smiled enchantingly and said, ‘Business.

I’m going to the annual nymphomaniac convention in the United  States ..

He swallowed hard.  Here was the most gorgeous woman he had ever seen sitting next to him, and she was going to a meeting for  nymphomaniacs!

Struggling to maintain his composure, he calmly asked, ‘What’s your business role at this convention?’

‘Lecturer,’ she  responded. ‘I use my experience to debunk some of the popular myths about  sexuality.’

‘Really’, he smiled, ‘what myths are those?’

‘Well,’ she  explained, ‘one popular myth is that African-American men are the most well  endowed when, in fact, it’s the Native American Indian who is most  likely to possess that trait.

Another popular myth is that French men are the best lovers, when actually it is the men of Greek descent.  We have  also found that the best potential lovers in all categories are the Irish.’

Suddenly the woman became uncomfortable and blushed.  ‘I’m sorry,’ she said ‘I really shouldn’t be discussing this with you, I don’t even

know your name!’

‘Tonto,’ the man said. ‘Tonto Papadopoulos, but my friends call me Paddy.’

I am off to the Gold Symposium this afternoon at Luna Park in Sydney..should be interesting and am on a panel with some big wigs from finance…think I must be there to make them look good!!!

Have a great Wednesday

Clarence

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Any financial product advice contained in this email is general financial product advice only and does not take into account any one person’s objectives, financial situation or needs. Therefore, before acting on any financial product advice in this email, you should consider, with or without the assistance of an independent adviser, the appropriateness of the advice, having regard to your objectives, financial situation and needs.

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