Still Robust - Just Cheaper, page-75

I see red over all of this.

WDS is being dragged down (in an indirect way) because of cowboy banks on the other side of the world mismanaging their affairs….ie this has raised the prospects of a global recession, which has hit forecasts for oil demand, which has hammered the price of Brent, which has knocked on to the price of WDS stock.

Pretty frustrating ….but I’m still confident oil demand will ultimately hold up better than this sell off is implying and WDS at these levels is good buying.

I understand the need for governments to move in and prop up the banks …..the ‘too big to fail’ philosophy ….but seriously…..is there a better and easier game to be in ?

As a banker you just enjoy the champagne and caviar lifestyle….you let the good times roll, you engage in risky practices coz that’s what maximises your annual bonus (some of these US banks were into ‘crypto lending’ for fks sake) and if it all goes pear shaped the government is there as a backstop……so isn’t working for a big bank really only one small step away from working in the public service ? (ie aren’t big bank CEO’s just a bunch of massively overpaid fat cats ?)

There’s no such backstop for Meg if she totally mismanages WDS’s affairs.

Anyway ….whatever the truth ….sharemarkets around the world have had a shocking time of it recently and at the end of the day it’s us everyday punters that cop it in the neck.

That’s why I’m seeing red.