GDP contracted by 0.1% in March in a quarter that saw growth grow by a slender 0.8% which was down from growth of 1.3% in Q4 2021 and below the forecast of 1%. GBP/USD dropped to 1.2166, its lowest for 2 years.
The most valuable company in the world
The tech sell off has meant a 5% drop in Apple shares which in turn has resulted in Apple losing the title of the world’s most valuable company due to it being overtaken by oil behemoth, Saudi Aramco valued at USD 2.42 trillion. Apple has lost 20% of its value in 2022. To put this in some sort of perspective, at its highest point with a valuation of USD 3 trillion, Apple was more valuable than the whole of the USD 2.76 trillion UK economy.
Doubtless most readers believe that this is a phenomenon that starts at and is constrained to most universities in late September; unfortunately they, like me, would be wrong: apparently younger Members in the Mother of All Parliaments in Westminster, in addition to their other well reported peccadilloes indulge themselves in heavy drinking sessions with no less of the 9 serious security issues referred to the serjeant-at-arms in March alone involved “intoxicated persons.”
What do you do if you own 3 substantial homes in Hollywood, Los Angeles? If you are top British singer Adele, you buy a fourth. This time round Adele focused her attention on Sylvester Stallone’s home that was originally listed at $110 million, but cannily held off until it was reduced in October last year to $80 million when she swooped in with a successful bid of $58 million or GBP 47.4 million. While still a ton of money, Adele has demonstrated a real talent for building her real estate portfolio at much reduced prices through the age old maxim: money talks and bullsh#t walks.
In case you have forgotten about US singer Linda Ronstadt, here is a little remembered fact from 1977: apart from her well reported on off relationship with California Governor Jerry Brown, Linda Ronstadt was rumoured along with 9 other famous women of the day to have been offered the then princely sum of USD 1 million to pose nude for Larry Flynt’s Hustler magazine. She declined but despite turning it down which did her no harm at all, Linda Ronstadt has had a long and distinguished musical and film career. Here is one of her best songs, Heart Like a Wheel released in 1974:
Some say the heart is just like a wheel
When you bend it, you can’t mend it
But my love for you is like a sinking ship
And my heart is on that ship out in mid-ocean
When harm is done no love can be won
I know it happens frequently
What I can’t understand oh please God hold my hand
Why it had to happen to me
And it’s only love and it’s only love
That can wreck a human being and turn him inside out
Some say the heart is just like a wheel
When you bend it you can’t mend it
But my love for you is like a sinking ship
And my heart is on that ship out in mid-ocean
Have a Great Weekend!
Discussion and Analysis by Humphrey Percy, Chairman and Founder
Click Here to Subscribe to the SGM-FX Newsletter
Related Insights
Morning Brief – Milan, Italy
Humphrey Percy
Wed 24 Apr 2024
Milan, Italy The City of Milan has a late night noise problem and so it has acted unilaterally to resolve it-Italian style. A ban on the sale of take away food including ice cream and pizza after midnight is being imposed to protect the “peace and health of residents.” Here in the UK late night […]
Morning Brief – Coal tinted spectacles
Charles Porter
Tue 23 Apr 2024
Coal tinted spectacles If you had to boil down the global economy into one category from the options of bad/fair/good, what would you choose? We all experience the economy vastly differently down to an infinite number of variables. But by and large the current phase we are in, characterised by strong global growth rates, record […]
Morning Brief – British Pound
Humphrey Percy
Mon 22 Apr 2024
British Pound Reports that the UK may cut its interest rates before the USA cut their interest rates were the final straw this past week for Sterling. A slew of less than helpful inflation, employment and finally retail sales saw GBP weaker , but then the suggestion that with the background of that less than […]
