Innholdsfortegnelse for August 2017 i Money Magazine

‘Most people work just hard enough not to get fired and get paid just enough money not to quit. ’GEORGE CARLIN, COMEDIAN In late June I was shocked to read that Australia could be in for no less than eight Reserve Bank rate hikes over the next two years, according to former RBA board member John Edwards. But another report suggested that rising debt and property prices are keeping rates at record lows. Another suggested that inflation was about to hit as “the growth rate of the money supply is galloping ahead of economic activity”. If economists can’t agree, what are we mere mortals supposed to do? Our guest chief economist this month, David Bassanese of BetaShares, notes that “rising global interest rates do suggest a growing focus on international…

MARCUS PADLEY Marcus is a stockbroker and author of sharemarket newsletter Marcus Today. Marcus says: “For a hopelessly busy person I am a sucker for anything that will improve my productivity and get me home a bit earlier. The Apple pencil and iPad Pro, for instance. Dictation software. Any clever technology that saves time and improves quality, I’ll pay for!” DAVID BASSANESE David is chief economist at BetaShares. David says: “It would be buying more ebooks than I seem capable of reading. Amazon is very good at making suggestions and prices are enticingly low – and it’s just too easy to click-buy and add to the library of books you mean to read ‘one day’. Luckily I have Amazon stock within the managed funds I own!” STEPH NASH Steph is…

Have you received a text message on your smartphone saying you have been subscribed to a service and will be charged? These messages don’t come from your telco and may result in unexpected charges being added to your phone bill. The services you are buying can be phone apps, pay-per-view videos, games and other content. A recent survey by the Australian Communications Consumer Action Network reveals that 12% of respondents have found these unexpected charges on their bills. When applied to the mobile customer base of Telstra, Optus and Vodafone, this equates to almost 1.9 million people. Over a third who had incurred unexpected charges said they weren’t informed, didn’t consent to or confirm the charge, or understand how or how much they would be charged. If you find unexpected…

BUILD IT AND THE MONEY WILL COME Tony Dimitriadis Grammar Factory, RRP $24.95 If you’re in the building and construction industry, this book can help you to increase the profitability of your business. Tony Dimitriadis shares his five secrets of financial management so that you can build a financially rewarding, tax-efficient business. Dimitriadis, a certified practising accountant (CPA), is the co-founder of accounting and financial planning firms AD Partners and AD Wealth. It is his vision for every business owner to achieve financial freedom. Ten readers can win a copy. In 25 words or less, who do you think is the best business manager of all time and why. Send entries to Book of the Month, Money, GPO Box 4088, Sydney, NSW 2001 or email money@bauer-media.com. au. Don’t forget to include…

While it was previously easy to rack up points on premium rewards cards, this is no longer the case as card issuers take the knife to rewards programs in direct response to the Reserve Bank’s cap on interchange fees, which came into effect on July 1. Cardholders are seeing their points-earning potential dwindle before their eyes with seven card providers devaluing their rewards programs this year alone by tweaking point tiering and capping and slashing earn rates. The result is that cardholders now have to spend over $3500 more than they did two years ago to earn a $100 gift card. ANZ is no longer offering American Express companion cards from August 5, a move that will see customers up to 10,000 points worse off each month. Following this, the…

As the cost of electricity skyrockets, it appears homeowners are looking for ways to circumvent the hit to their hip pocket. According to Compare the Market, energy bills could go up by $30-$200 a year by 2018-19, with three of the major providers already lifting rates by up to 19%. To reduce costs, more households are investing in “green renovations”. Data from peer-to-peer lender RateSetter, which has a “green loan marketplace” facility, shows that almost one in five home improvement loans are now taken out for green renovations, with borrowers spending an average of $13,230 a year on energy-efficient improvements. These renovations include the installation of energy-efficient lighting and alternative power sources, such as solar panels and batteries. Renewable energy is clearly something homeowners take seriously, with almost 90% of…

Start early, invest regularly and have a long-term outlook is advice I give to everyone, so John is on the right track with his idea of investing for his grandchildren. He wants a portfolio he can top up regularly over the years. He should aim to keep costs low by investing via a single account and diversifying across a range of investments. Given John’s investment horizon, the portfolio is likely to be weighted towards Australian and global shares with a smaller allocation to defensive assets such as bonds. John says he’s interested in a set-and-forget option so a digital investment service (or robo adviser) could be a good option. Robo advisers recommend a portfolio of ETFs that offer diversification benefits, are very low cost and don’t require risky stock picking.…

My husband has $205,000 in super and I have $245,000. Our money is managed by AustralianSuper. My husband is aged 40 and I’m 39 and we have two kids aged 3½ years and nine months. I’m currently on maternity leave and have requested an additional year so won’t be back to work until August 2018. I’m interested in setting up a self-managed fund and using the money to purchase a property. How much can we borrow with about $450,000? What type of property should we look for – one with high rental income or one with high potential for capital growth? Should we invest 100% of our money in property or split some between shares and property? Natalie One of the things I enjoy about my long-running Verdict column is…

About 20% of Australian families have children from previous relationships. Blending kids into a new relationship isn’t easy and it can take a number of years – at least five, according to the experts – for things to go smoothly. But it is best not to take so long to sort out the finances. There are plenty of financial tensions among blended family members and it’s a good idea to sort them out as soon as possible. For a start, consider drawing up a prenuptial agreement that outlines who owns what and who pays for what. But if you haven’t already done one, there is still time for a “mid-nup”. You never know what will happen and you need some clarity about ownership of assets, superannuation beneficiaries and estate planning.…

YOU’VE GOT TO BE KIDDING! Yes, it does seem unlikely. But respected economist and former Reserve Bank board member John Edwards put the cat among the pigeons by suggesting it was possible recently. He didn’t set out to scare people deliberately. But it drew attention to the fact that at some stage interest rates have to go up. THE RATIONALE For starters, the international trend is up. The US Federal Reserve has already started to lift rates and there have been indications of likely future rate rises in Canada, England and New Zealand, eventually extending into negative interest rate areas such as Europe and Japan. Rates have been historically low since the GFC when rates were cut to try to stabilise world economies and encourage growth. But that was 10…

‘It sounds prehistoric but a budget really is the best way to avoid drowning in debt’ After 18 months of writing this column, it’s time to wrap it up. I’m no longer starting out. I’ve worked in a full-time capacity for almost three years, I’ve been living independently for almost five (two of those in a studio all by myself!) and my partner and I have saved enough money to put a deposit on a property. Happy days! And I owe it all to everything I’ve learnt at Money. Here are the top three things I’ve learnt on the job: 1 Live within your means Life is expensive. Health insurance and electricity costs increase almost every year but wages growth continues to wane. Unlike our parents’ situation did when they…

QI’ve heard it’s harder to get finance for off-the-plan purchases. What will a lender look for when approving a loan for an off-the-plan property? The lender will look at things such as the amount of deposit the buyer has to put forward, along with recent values in the area and the amount of saturation of the particular type of property. Some lenders also restrict lending completely in certain areas if they have already invested heavily in funding the development – they are less likely to fund purchases as they would essentially be moving money from their residential book across to their commercial book. For some banks, lending can be restricted based on the development size or even the postcode. MICHAEL SALIBA Q How do I avoid buying a dud? Concentrate…

When it comes to the fees your super fund is charging, treat it just as you would a bank. It is standard practice to compare the fees your bank is charging on your accounts with what its competitors are offering, looking for the best deal. Well, it is time to do the same with your superannuation: understand what you are paying, what you are getting and look at what other funds are doing. Just as you wouldn’t park your cash in a bank account with high fees, nor should you be in a super fund that charges top fees. This is the advice from Kirby Rappell, research manager at SuperRatings, who has examined the fees of over 600 funds that collectively have $1.2 trillion under management. Fees may look insignificant…

‘I should be outraged but when I heard about this one I burst out laughing’ I would love to know the hit rate for the stream of scams we all get by email. Pretty obviously someone must be responding or they would not keep coming in ever-increasing numbers. Presumably the success of the scam is in direct proportion to the effort put into creating an authentic-looking email and a clever approach to get us to divulge personal information. Clearly, they are getting better. It was only a few years ago when they all seemed to be from someone who claimed to have defrauded a third world country of tens of millions and wanted to share that with us in return for us handing over our bank account details, plus sending…

Ever since APRA capped investment lending growth at 10% for all lenders in 2014, there have been plenty of pricing and policy changes. Some lenders have lowered the maximum loan-to-value ratios for property investors, while others have removed their discretionary interest rate discounts. Meanwhile, others have lifted the pricing across their suite of investment products. Most recently, the largest lenders increased their interest-only pricing for owner-occupiers and investors by 0.35%-0.4%. All this has made the mortgage market more complex than ever. The question now is: have we seen the end of the rate and policy adjustments? The short answer is: we can expect a lot more changes. Lenders will continue to tweak their policy and pricing in line with their appetite for business. Interestingly, data from our latest annual investor…

Finally, a digital wallet that stores (almost) everything. Using Moneytree, you can keep an eye on your bank accounts, frequent flyer miles, loyalty points, superannuation balance and your Opal or myki balance. Not all funds and accounts are compatible yet but there is still enough of a mix for the app to be useful for most people. It also has a tracking feature so that you can get an idea of your spending patterns. For example, you can look at your Woolworths Rewards account for a daily breakdown of how many points you earned at each store, or any points you used. With your everyday account, you can view the total money going in and out over the month. As with Pocketbook, you can also analyse your spending habits by…

The second-hand car market is worth $39 billion a year, yet many of us don’t know how to properly inspect a car before purchase. So around a third of us are buying cars with pre-existing issues and having to fork out for repairs. Issues to look for include: • Oil leaks. These can be a fire hazard and can cause the engine to fail. Use the light on your phone to look under the engine for leaks and cracked seals. Doing this may just save you $150 to $450 on repairs. • Oil colour. Clear means it’s just been serviced; a dark colour normally means it needs a service; but a cappuccino colour could indicate a major fault, such as a blown head gasket, which could cost upwards of $1500…

It is essential to have the necessary cash be taken into account when the lender is assessing the application. For self-employed applicants, all contributions made from the business will be taken into account in assessing the loan. Additionally, it is recommended that members discuss the level of their contributions with their accountant or financial adviser. Check your balance Ensure that your SMSF balance is above $200,000 with sufficient funds to allow for a deposit of at least 30%, costs associated with the purchase and the lender’s liquidity buffer. The buffer has been introduced by lenders to provide the SMSF with sufficient capacity flow inside a self-managed super fund to cover the ups and downs of investment property ownership. A trustee checklist can be useful when preparing to borrow money in an…

There has been plenty of talk about a possible price war in the grocery business. There are new competitors such as Kaufland and Amazon but Ben Gilbert, analyst with UBS, believes a war is unlikely. “While we lift our ‘probability measure’ of a price war to 25% (from 20%), we view the market as rational and expect industry margins to bottom in the 2017 financial year. We believe the outlook for grocery is improving following the lowest growth in more than 30 years over the 2016 financial year.” He says a resurgent Aldi is the key earnings risk, with Amazon’s entry some way off. Of the three listed Australian grocery businesses, Gilbert likes Wool-worths. “We believe Woolworths remains the greatest beneficiary of a rational market and improved growth as improved…

NAME: John Prentice STATUS: Retired grandfather of three young boys. QUESTIONS: I would like to put aside $1000 a year for each of my three young grandchildren, who are aged from 18 months to four years. What is the best way to invest? Should I set up one fund for all three or set up three separate funds? ANSWERS: Hold your grandchildren’s investments in your name, perhaps with an account designation. While one account may save you money, three separate accounts will give your kids a greater sense of ownership and they may like to contribute to them when they are older. As an investment, our experts’ suggestions include low-cost, diversified exchange traded funds. What is the best way to build up savings and investments for grandchildren? Increasingly grandparents such as…

NEED PAUL’S HELP? Send your questions to: Ask Paul, Money magazine, GPO Box 4088, Sydney NSW 2001 or money@bauer-media.com.au. Sorry, but Paul can’t personally answer your questions other than in the Q&A column. By submitting your question to Money, you consent to having your question and the response you receive from Paul published in the print and digital edition of Money. No need for Nikki to stress, just ... Spend time with young son Q My husband is 36 and I’m 29. Excluding super, he earns $135,000 and I earn $95,000 but I am on maternity leave with our eight-month-old son. We have a $740,000 house with a $200,000 mortgage at a favourable rate from family. We have $245,000 in super and $370,000 in Australian and international shares/managed funds. We…

‘The sooner your money is working for you the quicker it will grow’ OVERVIEW An investment that grows tenfold sounds like the answer to our financial prayers. It’s tricky if you want to do it quickly and still sleep at night but it can be done if you plan carefully. Alternatively, you can take your time and play it safe. Or there’s a middle course. Our three experts examine strategies for three risk profiles: low, moderate and high. If you’re willing to take a lot of risk – the type that might give you sleepless nights – you can potentially turn $5000 into $50,000 in a matter of weeks using strategies such as contracts for differences, trading forex or day trading. But you are just as likely to turn that…

Waiting for customers to pay an invoice is a major bugbear for small business owners. Slow payments create cash flow challenges and some businesses are now looking beyond traditional bank overdrafts to “invoice finance” (also known as factoring or debtor finance) to cover shortfalls. With factoring, your facility limit is based on your accounts receivable balances – in other words, your outstanding invoices. By using factoring, it’s possible to avoid the frustrating 30- or 45-day wait – and it’s sometimes longer – for customers to pay their invoices. Moreover, most debtor financing facilities don’t require real estate security such as the family home to enable your business to access finance. Growth industry There are more than 4000 Australian SMEs, with combined annual revenues of $65 billion, using debtor finance, according…

If you’re considering applying for a loan it’s always a good idea to get a copy of your credit report first to make sure there are no nasty surprises that could hinder your application. In fact, it pays to check your credit report every year. “As well as affecting your ability to get credit, incorrect listings can alert you to things like identity theft, where other people use your personal information for financial gain,” says the Australian Securities & Investments Commission consumer website moneysmart.gov.au. The good news is getting a copy of your credit report is fairly straightforward and doesn’t have to cost you a cent. You are entitled to check your credit report at no cost once every 12 months. You can also ask for a free report if…

High property prices make it tough for first home buyers to secure a decent deposit. The struggle is even harder for renters and buyers with a tarnished credit record. This has left a gap in the market – one filled by so-called black market housing operators spruiking rent-to-buy deals. Gerard Brody, CEO of the Consumer Action Law Centre, says rent-to-buy deals are pitched as an easy way to buy your own home without a mortgage “but when they come undone we see how complicated and dangerous they really are”. A recent report entitled Fringe Dwellings by the law centre found that these schemes can be financially devastating, with the arrangements often heavily stacked in favour of the vendor. How they work Chances are that at some stage you’ve come across…

Forget negative gearing! It’s still possible to buy houses that more than pay for themselves. Investing in properties with positive cash flow isn’t a new concept – experts such as Margaret Lomas have been talking about it for years. But the excitement generated by huge price increases in Sydney and to a lesser degree in Melbourne has led many people to think property investment is only a capital-growth strategy. This is far from the truth, with many investors, including some retirees, living off the rental income. And with record low interest rates it is now easier than ever to buy properties with positive cash flow. Score a sub-4% home loan and you will find many places with rental yields well above that. But some of these will be in areas…

Going into pension phase is a big deal. Suddenly, every dollar counts: gone are your regular salary and the super contributions that increased your balance. The challenge ahead, then, is to maximise what you have. You can’t control investment markets but you can control the fees that nibble away at your balance. First, it’s worth giving yourself plenty of time to figure things out before you move into pension phase. That means reviewing your current fund to establish whether it will meet your needs in retirement. Investment performance is obviously important but you also need to know that your fund is responsive and convenient to deal with. For instance, can you easily access your money in an emergency? If so, how does the fund stack up on fees compared with…

After rising briskly earlier this year to almost reach the 6000 level in April, the S&P/ASX 200 index pulled back in May and June and the market faces several challenges – but also opportunities – over the nearer term. In the main, the good news for investors is that the global economy continues to improve. At the same time, global inflation pressures remain contained. That said, one important challenge for global equity markets over the coming months is a likely further rebound in still quite low global bond yields, which could put downward pressure on currently above-average price-to-earnings valuations. Indeed, despite stubbornly low global inflation, more central banks appear to be coming around to the view that monetary policy settings should nonetheless start to be normalised or risk letting equity…

There has been a lot of buzz around American technology stocks and the so-called “FAANG” (Facebook, Amazon, Apple, Netflix and Google). Most of these high-performing tech companies have hit all-time high share prices. Given the recent excitement, it is important to remember not to expect to generate outsized returns if one overpays for an asset – no matter the quality of this asset. The emergence of dominant businesses such as Alibaba, Facebook and Tencent stems from a truly great business model: the online technology platform (OTP). We believe there are four major sources of advantage for owners of OTPs: 1 SCALE Research and development, sales and marketing and capital investments can be spread across a larger base of revenues stemming from the cumulative sales of the entire ecosystem. Furthermore, the…

What was your first job? My first job was bartending, on the side while studying, where I learnt some great interpersonal skills and also how to work efficiently. I also did an internship in investment banking in Brussels, which was an extremely fast-paced environment with numbers flying around constantly. I think both of these jobs complemented each other and made a great learning ground for launching my own business, where you need to have great interpersonal skills and, of course, be good at numbers. What’s the best money advice you’ve ever received? The best money advice was from my dad, who kept repeating to me that “whatever you invest your money in, make sure you understand it inside out”. For example, before you buy into anything you need to understand…

Tiny houses mean a simpler lifestyle “Small expectations” (June edition) explored tiny houses in Australia. This isn’t a new concept; the tiny house movement has attracted attention in the US since the early 2000s for offering both affordable and ecologically friendly housing. As a gen Y, I wouldn’t be surprised if the movement quickly gains momentum in Australia (subject to resolving the council laws and other land access issues identified in the article). Tiny houses offer much more than just an affordable housing solution. They embody the minimalist lifestyle sought by many gen Ys who, like myself, prefer to spend our hard-earned cash on experiences rather than “stuff”. There is a simplicity and flexibility that comes from living within the bounds of a 40sq m house on wheels which can…

The federal government has sprung into action to tackle Australia’s personal debt problem, with the latest data pinning the country’s outstanding credit card bill at around $52 billion. Following a senate inquiry, the treasurer, Scott Morrison, announced a four-pronged approach to crackdown on “unfair and predatory practices used by credit card providers”. The first phase is expected to be in place by the end of the year. First, the government wants a change in the way eligibility for a credit card is assessed. Currently applicants need only demonstrate they’re able to meet the minimum repayments, which Morrison suggests has left customers with debt they weren’t prepared to pay down. The new system would see applicants assessed on their ability to “repay the credit limit within a reasonable period”. Unsolicited written…

VanEck has launched a new ETF that offers investors exposure to a diversified portfolio of Australian floating rate notes. The VanEck Vectors Australian Floating Rate ETF (ASX: FLOT) tracks an index that includes about 208 Australian-issued FRNs from over 84 issuers and costs 0.22%pa. Peer-to-peer lender RateSetter has teamed with self-managed super fund (SMSF) administration provider Xpress Super to provide investors with direct access to their RateSetter account on the Xpress Super platform, which will make it easier for SMSF investors to lend money using RateSetter’s platform. RateSetter says investors can get returns of up to 9.2%pa using the service. Excessive payment surcharges will be a thing of the past from September 1, when the ban also kicks in for small businesses. This means that any surcharges on card payments can…

If you run a small business, the tax office is hoping to make your GST compliance simpler. From July 1, 2017, the amount of information that small businesses need to report on their business activity statement (BAS) is being reduced. According to the ATO this will “simplify bookkeeping and reporting requirements”. From that date, you’ll only need to report total sales, GST on sales and GST on purchases. You’ll no longer need to report export sales, GST-free sales, capital purchases and non-capital purchases. As a result, the ATO hopes that small businesses “will be able to more easily classify transactions and prepare and lodge their BAS”. The changes apply to small businesses registered for GST, which means one with an annual GST turnover of less than $10 million, so in…

Despite its memorable cybersecurity meltdown, the 2016 census has revealed some interesting facts about ourselves. For starters, it shows that since the previous census in 2011, rising property prices and lower interest rates have had a significant impact on the way we live. • More of us live in share houses The Australian Bureau of Statistics defines a group household as consisting of two or more unrelated people over the age of 15. The number of group households has risen by 10.5% in the five years to 2016, with the largest increase in Sydney. Research house CoreLogic believes this is due to increased rents for tenants and significant deposit hurdles for potential first home buyers. • Mortgage costs have gone down As interest rates have declined, the cost of servicing…

Investors had a roller-coaster ride in the 2016-17 financial year, with a number of events causing market shockwaves, including Donald Trump’s inauguration, Britain’s Brexit referendum fallout and terrorist attacks. So what could possibly be in store this financial year? AMP’s chief economist, Shane Oliver, says we should keep an eye on: • The September German election • A possible snap election in Italy • Greece’s uncertain relationship with the EU • The risk of Donald Trump’s impeachment • US debt levels • More terrorist attacks • The threat of nuclear war sparked by North Korea • Continued religious tensions between Iran and Saudi Arabia • Cooling China and US relations thanks to controversial US trade policy and ongoing tensions in the South China Sea. It might seem like a lot…

You have very lucky grandchildren. Not only do you want to give them a very substantial amount of money when they’re older but you would like to educate them about saving and investing. There are many ways you could go about investing for your grandchildren. My suggestion tries to balance ease of operation for you with making it the gift you want it to be. While having one account rather than three will make it easier for you to manage, the downside is that you can’t show each grandchild their own account balance each Christmas. I would be inclined to set up three accounts to give them a greater sense of ownership. They can then also contribute their own funds to it later if they want to. Other than kids’ bank…

What is it? On Sunday, August 27, Parkinson’s NSW will hold its annual event at Sydney Olympic Park and Stuart Park in Wollongong. This year marks the 10th anniversary of the event in Sydney with a range of festivities planned. Participants at Sydney Olympic Park can enter the 8km or 4km run, or join family and four-legged friends in the 4km walk. In Wollongong, you can participate in either a 3km run or a 2km beach walk. Register online for free public transport. Where your money goes: Every dollar raised will be used to fund the operation of the organisation’s infoline, counselling and other direct services for people living with Parkinson’s. Over 700,000 people in Australia are directly impacted by the disease, with 30 people diagnosed each day. Funds raised…

‘This fund is an exciting alternative for cash investors in a low interest rate environment’ With interest rates at record lows, there is a constant frustration among investors in the chase for greater returns. This low-risk strategy is about creating an alternative to cash investments. An investment that will comfortably chase down inflation, however, will not race to the finish line. First, let’s define “low risk” and what it is trying to achieve. A low-risk investment is one with less than 50% exposure to the share or property markets. Over a three-year time frame a low-risk investment should achieve returns of 5%-6% a year. So it is a very solid replacement for cash. This type of investment will show minimal volatility as a large proportion, at least 50%, is invested…

What if the interest rate on your home loan increased by 2% overnight? Would you be able to handle your repayments? To put it in dollar terms, if you owed $500,000 over 25 years at, say, 4%, your monthly repayments would be $2639. A 2% hike would mean an extra $583 a month. If this sounds painful to you, you’re not alone. As many as one in five households struggle to pay their mortgages and Grattan Institute research reveals more households could face financial stress if rates were to rise by just 2%. Brendan Coates, a Grattan Institute fellow, says: “Our research suggests that if interest rates rose by just 2%, the mortgage burden on the average house would be higher than it has been in the last two decades.”…

FOLLOW UP THOSE GOOD INTENTIONS • “I want to invest and make money but don’t know where to start!” This is something I get asked a lot. I’m sure you probably have all the best intentions of investing to make a fortune. Do you get into property late in the cycle, or what about shares? Should you buy a business or a franchise to set yourself up for life? Here is a guide. Where do you invest for the best returns? This is a question everyone asks themselves when they’re deploying their capital. Knowing where to invest and doing your research on the risks are paramount to your success. Educate to elevate I recommend investors start by looking at the MoneySmart website (moneysmart.gov.au) for a quick overview of licensing, warnings,…

As a society we’re constantly chasing the idea of having more, whether it’s a bigger house, car or pay packet. But is this really the key to happiness, or have we become so consumed with the idea of keeping up with the Joneses that we’ve lost sight of what it is to have a truly fulfilled life? As a nation we now owe a staggering $32 billion in credit card debt – that’s an average of $4300 per cardholder, as reported by the Australian Securities and Investments Commission. And our spending shows no signs of slowing. In fact, in April the Bureau of Statistics recorded the biggest monthly spending jump in the retail sector in 2½ years. So, given our wage growth is the lowest it’s been since the late…

Tell me I’m wrong but from relationships to the stock market, there is no long-term progress in being short term. Maybe the high-frequency traders would disagree but for the mortal man pursuing short-term goals at the expense of a long-term investment is a big mistake. One of the clearest examples was a stock jobber I used to work with in London post the financial “Big Bang” in 1986. He was one of your typical East End characters. He trusted no one and carried cash because the banks were a conspiracy. You would not want him to come home with your daughter. He was a hooligan, more at home lobbing darts into opposition supporters at a Millwall game than attending a corporate fly fishing day on the Test. He was one…