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	<title>Moneyterms Blog</title>
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	<link>http://moneyterms.co.uk/blog</link>
	<description>Investment fundamentals</description>
	<pubDate>Wed, 11 Nov 2009 10:20:55 +0000</pubDate>
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		<title>Blogging elsewhere</title>
		<link>http://moneyterms.co.uk/blog/200911-blogging-elsewhere</link>
		<comments>http://moneyterms.co.uk/blog/200911-blogging-elsewhere#comments</comments>
		<pubDate>Wed, 11 Nov 2009 10:20:55 +0000</pubDate>
		<dc:creator>Graeme</dc:creator>
		
		<category><![CDATA[Uncategorized]]></category>

		<guid isPermaLink="false">http://moneyterms.co.uk/blog/?p=117</guid>
		<description><![CDATA[I am experimenting with moving my investment blogging back to my main blog.
More people seem to read my old posts there, than my recent posts here. Feedback on whether it is a good idea is welcome.
]]></description>
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		<item>
		<title>Mandelbrot, what is wrong, and a solution</title>
		<link>http://moneyterms.co.uk/blog/200910-mandelbrot-emh</link>
		<comments>http://moneyterms.co.uk/blog/200910-mandelbrot-emh#comments</comments>
		<pubDate>Fri, 23 Oct 2009 06:53:34 +0000</pubDate>
		<dc:creator>Graeme</dc:creator>
		
		<category><![CDATA[theory]]></category>

		<guid isPermaLink="false">http://moneyterms.co.uk/blog/?p=112</guid>
		<description><![CDATA[Richard Beddard&#8217;s post on a recent FT two part interview of Benoit Mandelbrot focuses on his comments on Bachelier and the efficient markets hypothesis.
Firstly, could those who are attacking the efficient markets hypothesis please tell us where all these profit opportunities are? In this particular case they are even attacking the weak form EMH. They [...]]]></description>
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		</item>
		<item>
		<title>How analysts go wrong</title>
		<link>http://moneyterms.co.uk/blog/200910-analysts-wrong</link>
		<comments>http://moneyterms.co.uk/blog/200910-analysts-wrong#comments</comments>
		<pubDate>Tue, 20 Oct 2009 10:25:58 +0000</pubDate>
		<dc:creator>Graeme</dc:creator>
		
		<category><![CDATA[Uncategorized]]></category>

		<guid isPermaLink="false">http://moneyterms.co.uk/blog/?p=110</guid>
		<description><![CDATA[Earlier this year, a Credit Suisse research note on Google caused a furore by suggesting that Google was spending huge amounts to pay for Youtube&#8217;s bandwidth usage. Now people have realised their mistake, and we now see articles saying that Google&#8217;s bandwidth bills are zero. Both are wrong.
What the Credit Suisse did was look at [...]]]></description>
		<wfw:commentRss>http://moneyterms.co.uk/blog/200910-analysts-wrong/feed</wfw:commentRss>
		</item>
		<item>
		<title>More on the Raj Rajaratnam insider trading case</title>
		<link>http://moneyterms.co.uk/blog/200910-raj-rajaratnam-insider-trading</link>
		<comments>http://moneyterms.co.uk/blog/200910-raj-rajaratnam-insider-trading#comments</comments>
		<pubDate>Mon, 19 Oct 2009 04:15:58 +0000</pubDate>
		<dc:creator>Graeme</dc:creator>
		
		<category><![CDATA[Uncategorized]]></category>

		<guid isPermaLink="false">http://moneyterms.co.uk/blog/?p=107</guid>
		<description><![CDATA[A few quick thoughts, following on from my previous post:

The FBI allege that Raj has been insider trading for a long time, so he must have a lot of names. Is the high profile arrest and the choice of criminal charges an attempt to get him to co-operate?
These appear to be specimen charges. A few [...]]]></description>
		<wfw:commentRss>http://moneyterms.co.uk/blog/200910-raj-rajaratnam-insider-trading/feed</wfw:commentRss>
		</item>
		<item>
		<title>Investment styles for market phases</title>
		<link>http://moneyterms.co.uk/blog/200910-timing-investmentstyles</link>
		<comments>http://moneyterms.co.uk/blog/200910-timing-investmentstyles#comments</comments>
		<pubDate>Sat, 17 Oct 2009 07:19:15 +0000</pubDate>
		<dc:creator>Graeme</dc:creator>
		
		<category><![CDATA[strategies]]></category>

		<guid isPermaLink="false">http://moneyterms.co.uk/blog/?p=104</guid>
		<description><![CDATA[Richard Beddard recently looked at chart produced by Morgan Stanley showing which investment strategies are suited to each market phase (bull. bear etc.), and, quite correctly, commented that he did not think it possible to anticipate changes is market phase well enough. I think Richard underestimates the dangers of Morgan Stanley&#8217;s suggestions, and I think [...]]]></description>
		<wfw:commentRss>http://moneyterms.co.uk/blog/200910-timing-investmentstyles/feed</wfw:commentRss>
		</item>
		<item>
		<title>What next after Raj Rajaratnam&#8217;s arrest?</title>
		<link>http://moneyterms.co.uk/blog/200910-raj-rajaratnam-arrest</link>
		<comments>http://moneyterms.co.uk/blog/200910-raj-rajaratnam-arrest#comments</comments>
		<pubDate>Sat, 17 Oct 2009 05:07:51 +0000</pubDate>
		<dc:creator>Graeme</dc:creator>
		
		<category><![CDATA[Uncategorized]]></category>

		<guid isPermaLink="false">http://moneyterms.co.uk/blog/?p=98</guid>
		<description><![CDATA[I am not going to comment on the details of, or have no intention at all of commenting on the guilt or innocence of the accused in the insider trading case centred on Raj Rajaratnam. What I am interested in are the wider implications.
Before we get to that, one thing I will say is that [...]]]></description>
		<wfw:commentRss>http://moneyterms.co.uk/blog/200910-raj-rajaratnam-arrest/feed</wfw:commentRss>
		</item>
		<item>
		<title>Black-Scholes isn&#8217;t</title>
		<link>http://moneyterms.co.uk/blog/200909-black-scholes-credi</link>
		<comments>http://moneyterms.co.uk/blog/200909-black-scholes-credi#comments</comments>
		<pubDate>Thu, 24 Sep 2009 07:35:17 +0000</pubDate>
		<dc:creator>Graeme</dc:creator>
		
		<category><![CDATA[Uncategorized]]></category>

		<guid isPermaLink="false">http://moneyterms.co.uk/blog/?p=85</guid>
		<description><![CDATA[According to a paper co-authored by Nassim Nicholas Taleb, Black and Scholes (along with Merton) are wrongly credit with originating the widely used option pricing formula, and their version of the formula is inferior to its predecessors in many ways.
The first surprise is that some aspects of options have been well understood for a long [...]]]></description>
		<wfw:commentRss>http://moneyterms.co.uk/blog/200909-black-scholes-credi/feed</wfw:commentRss>
		</item>
		<item>
		<title>London Stock Exchange&#8217;s acquisition of Millennium IT</title>
		<link>http://moneyterms.co.uk/blog/200909-lse-millennium</link>
		<comments>http://moneyterms.co.uk/blog/200909-lse-millennium#comments</comments>
		<pubDate>Mon, 21 Sep 2009 18:37:16 +0000</pubDate>
		<dc:creator>Graeme</dc:creator>
		
		<category><![CDATA[investing]]></category>

		<guid isPermaLink="false">http://moneyterms.co.uk/blog/?p=79</guid>
		<description><![CDATA[The London Stock Exchange seems to be getting a bargain with its purchase of my former employer, Millennium IT. The price of seems justified by the savings from replacing the current (expensive to run) platform, and, in addition it is a better platform and Millennium IT itself is a potentially significantly profitable business.
One thing that [...]]]></description>
		<wfw:commentRss>http://moneyterms.co.uk/blog/200909-lse-millennium/feed</wfw:commentRss>
		</item>
		<item>
		<title>Best disclosure ever in financial statements</title>
		<link>http://moneyterms.co.uk/blog/200908-funn-financial-statements</link>
		<comments>http://moneyterms.co.uk/blog/200908-funn-financial-statements#comments</comments>
		<pubDate>Fri, 28 Aug 2009 08:48:35 +0000</pubDate>
		<dc:creator>Graeme</dc:creator>
		
		<category><![CDATA[Uncategorized]]></category>

		<guid isPermaLink="false">http://moneyterms.co.uk/blog/?p=74</guid>
		<description><![CDATA[New Zealand has given us what may be the most unwittingly transparent set of accounts ever:
http://www.nzx.com/markets/NZSX/NZS/announcements/2806777/NZ-Farming-Systems-Uruguay-Ltd-Annual-Financial-Statement
The good bit is in the notes, which say:
fudge this to equal depn in FA note 11 $2391 - via no ca
Not surprisingly, this lead to a letter from the exchange asking for an explanation. The company secretary&#8217;s reply is [...]]]></description>
		<wfw:commentRss>http://moneyterms.co.uk/blog/200908-funn-financial-statements/feed</wfw:commentRss>
		</item>
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		<title>The best crunch prediction yet</title>
		<link>http://moneyterms.co.uk/blog/200908-best-crunch-prediction</link>
		<comments>http://moneyterms.co.uk/blog/200908-best-crunch-prediction#comments</comments>
		<pubDate>Fri, 07 Aug 2009 11:32:01 +0000</pubDate>
		<dc:creator>Graeme</dc:creator>
		
		<category><![CDATA[Uncategorized]]></category>

		<guid isPermaLink="false">http://moneyterms.co.uk/blog/?p=72</guid>
		<description><![CDATA[I have blogged before about who did, and who should have, foreseen the credit crunch. Brad Delong has a lengthy quote of Michael Musa, that is the best pre-crunch explanation of what went wrong that I have seen yet.
What is so good about this is that it is a relatively simple explanation, from 2004, that [...]]]></description>
		<wfw:commentRss>http://moneyterms.co.uk/blog/200908-best-crunch-prediction/feed</wfw:commentRss>
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