MoneyWeek 1056

MoneyWeek is a weekly magazine that enables you to become a better-informed, smarter investor and enjoy the rewards of managing your money with confidence. Week-in, week-out we'll guide you through the financial world as it changes, alerting you to all the opportunities to profit and dangers to avoid, as they appear. Income strategies, rising-star companies, the best funds and trusts, clever ways to preserve your wealth during market turmoil... you will get the best ideas from the sharpest financial minds and investing professionals in Britain.

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3 мин.
from the editor-in-chief...

“If their money is at the same risk as ours, then fund managers will surely pay more attention” say the answer to this is a very firm “yes”. I like the idea that managers are, as Moira O’Neill of Interactive Investor puts it, “eating their own cooking”. You clearly do too: an Interactive Investor survey shows that 70% of people said they would be more likely to invest in a fund if they knew its manager had “skin in the game”. There is, as Patrick Hosking points out in The Times (see page Does it matter whether your fund manager owns part of the fund he manages? I think we would all 20), not much in the way of hard evidence that this would actually lead to better performance. But it feels…

1 мин.
the web will eat itself

Sir Tim Berners-Lee (pictured), “creator of the world wide web”, is auctioning off the original code used to create the modern internet as a non-fungible token (NFT), says the BBC. NFTs, a form of ownership for digital items backed by the blockchain technology on which bitcoin runs, have been criticised by some as bad for the environment, due to the large carbon footprint involved in maintaining the blockchain. The inventor “famously refused to patent his invention” and this is the first time he’ll have directly profited from it, notes The Verge, although the money will go towards causes chosen by Berners-Lee and his wife. The sale is being handled by Sotheby’s. The collection includes the original time-stamped files of code, avisualisation of the code, a letter from Berners-Lee about the…

1 мин.
good week for:

China’s wine industry received a boost on news that the country hopes to develop an arid region in northwestern Ningxia, bordering the Gobi desert, into one of the world’s top wine-making regions, says The Times. Experts will be flown in to oversee 120,000 acres set aside for grape cultivation with an eye to creating premium wineries worth ¥100bn (£11bn) by 2026. Alex Amsel, a47-year-old video game developer from Sheffield, is “several million dollars” richer after a digital image of an alien sporting an orange knitted cap and a facemask that he bought for an undisclosed sum in March fetched $11.8m with Sotheby’s last week, says The Sunday Times. The non-fungible token (NFT – see box), one of 10,000 similar “cryptopunk” images created in 2017, had previously been sold for around £1,200.…

1 мин.
bad week for:

About 10,000 of the 110,000 volunteers who signed up to help at the Tokyo Olympics (mascot pictured) this summer have quit after it emerged paid staff were being sought to perform similar jobs, says the Financial Times. One advertisement offered ¥1,700 (£11) an hour to work asfront-of-house staff “at a large-scale international sports event” in July and August. The Sun has become a “worthless asset” after owner Rupert Murdoch wrote down its value from £84m to zero following a pandemic-induced sales slump, says The Daily Telegraph. Murdoch’s News Group Newspapers made a £202m pre-tax loss for the year to the end of June 2020, according to its latest filing. Coverillustration: Howard McWilliam. Photos: ©GettyImages;iStockphotos…

3 мин.
investors ignore the danger of inflation

US inflation has hit the highest rate in almost 13 years. The consumer price index rose by 5% year-on-year in May, the fastest increase since August 2008. Core inflation, which strips out volatile food and energy costs, rose by an annual 3.8%, the measure’s biggest jump since June 1992. This week we also learnt that UK consumer prices rose at an annual pace of 2.1% last month, up from 1.5% in April (see page 12). Bonds investors are relaxed Stockmarkets shrugged off the news, says Rupert Thompson of Kingswood. Global equities are now up by 13% so far this year. This is the second month in a row that US inflation has come in higher than forecast. You would expect bond yields, which move inversely to prices, to have risen (investors demand…

1 мин.
the bitcoin bust looks to be over – for now

Is the bitcoin bust over? The cryptocurrency has tumbled 37% since hitting an all-time high in mid-April. Yet the mini-bear-market may have bottomed out. At the time of writing bitcoin was trading just below $40,000, having gained more than 8% since the start of the month. Sentiment towards bitcoin has improved on positive regulatory news, says Anthony Cuthbertson in The Independent. The Basel Committee, the global banking regulator, last week “formally recognised” the digital currency as an asset class. That paves the way for banks to hold crypto-assets. This marks “another major milestone” for the recognition of cryptocurrencies in “the world of traditional finance”. A day earlier the central American nation of El Salvador became the first in the world to make bitcoin legal tender. Elon Musk also had a hand…