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morning again,

"........but how often is a country actually ALLOWED to default?......"

Well in the past for greece - about every second year :)

But I do agree it is different this time because of the euro.

Personally I think allowing greece into the union was one of the stupidest moves you could make - would anyone with a zot of sense consider that a nation could change definitively after 200 years of consistently bad management - change a culture that has been rock solid for 2 centuries?? You have to be kidding.

What is most annoying is that these things can actually affect us (fml shareholders) -- but really only when someone wants to sell more newspapers or air time.

It's almost like everyone thinks the problem has gone away because media isn't writing about it.

Actually at one level I think it is good - it means that there aren't any physical disasters to write about this week - and that's a bit of a change.

That is all pretty much why I am a lt'er in fml - 1. you sleep better, 2. you don't have the risks involved in this buy in, sell out, put the money somewhere else game - all it gives you is 1. a tax bill if you win 2. a hell of a risk to be out 3. yet another thing to bet on when you are out - and guess what - just like going to the casino - the more bets you place, the more you lose - guaranteed.

A friend I was speaking with a few weeks back has a very large holding in fml, most of it just sits but he trades a few million - or at least he was - then he said he sat down and saw the result of the trades (and pretty good trades at that too) - by the time out came the fees and tax allowance etc etc. not to mention time and risk --------- it just wasn't worth it.

One thing people don't realise - every crisis we have - no matter what it is - be it earthquake, financial, volcano etc. - they are all temporary -- the world doesn't end.
So as long as you have solid investments - particularly in things that are either recession proof or things that are involved with a store of value in grim times (eg. gold) - then you are going to survive and most likely prosper.

So for fml - we will have a safe full of cash and bullion - nothing much is going to threaten that for quite a while.
Other than a shed full of physical - or cash (if you trust your currency) - where else would you want your wealth in the next crisis?

fml will do me at present - I will just patiently wait for the trading halt.

have a great morning

Pinto