How low will Bitcoin go this time?
“Trading is playing market sentiment. Investment is aboutpredicting the future.”
Bitcoin believers are perfectly entitled to believe what they want to believe. The rest of us: too clever to fall for the hype, ortoo stupid to understand – depending on your perspective, have grandstand seats for the BTC “how low will it go this time” championship.
Bitcoin is the ultimate trading asset. It is the pure essenceof what a perfect market could be – a refined distillation of the beliefs and sentiment underlying it. BTC is largely untroubled by the difficult base questions that distort other assets, distractions such as the economy, monetary or fiscal developments, conflict and noise. At least that’s what it likes us to think.
For an asset class that is supposed to be defi from trad money and the ructions caused by the evils of fiat monetary manipulation, Bitcoin is highly correlated to traditional market weaknesses!
Blain’s Morning Porridge Nov 13th 2026 – British Gas and Land Rover are why Britain is Broken.
“People will forget what you said and what you did, butthey will never forget how you made them feel.”
After a busy few days in London, I need some light comicrelief this morning, so let’s figure out why Britain is really broken. It’s nothing to do with Government. It’s all about crap customer service and the treacle that makes Big Companies so crap. They no longer care. And that spreads like acancer around the economy. Trying to deal with large firms and the private utilities that run the UK is like daily root-canal surgery.
The media and financial pages are full of worry and strifethis morning regarding the UK economy. How devastating will be the UK Budget? Will Sir Keir Starmer survive the Byzantine power struggle underway within Labour?
Forget the angst about budgets, taxes, inflation, and therest… I know why the UK is really, really broken. Government gets the blame, but the real issue is bad companies and utterly disinterested customer service…
This morning let me lay the blame for the dismal state ofthe UK squarely on Land Rover and British Gas. Two classic British Brands that don’t give a flying **** about their customers.
Blain’s Morning Porridge Nov 12th 2025 - BBCCrisis is a Disaster for the UK
“I would die in a ditch for the impartiality of the BBC.”
The BBC is/was the world’s most trusted broadcaster. It’simpartiality stood above the fake news and politicised opinion presented as irrefuttable facts pumped out by private channels. It was held to the highest standards, and when it’s seen to have slipped – as has happened – suddenly there is no stopping a tidal wave of manufactured shock and fury flooding the media space.
What has the Crisis at the BBC got to do with markets? Muchmore than you might think.
Panorama-gate is shaping up to be on the major inflexionpoints in the UK’s long spiralling decline. The editing of Trump’s January 6th insurrection speech on a Panorama programme was ham-fisted and wrong. It looks like a clear breach of the BBC’s credo of truth and impartiality. There are multiplelevels of pain in terms of what this means for the UK.
And, if the BBC is now broken – what now stands in the wayof fake news, media manipulation and propaganda dominating our lives?
Let’s start with why does this matter for the UK:
Spitfire Strategic Capital, Tomorrow depends on Today.
“… bugles calling for them from sad shires.”
The supreme art of war is to subdue the enemy withoutfighting. As Europe wakes up to the threat, the war in Ukraine shows how quickly the battlespace is evolving. Rearming the West requires a focus on decisive, scalable, deployable technologies to deter further aggression. Let me introduce Spitfire Strategic Capital – a new fund focused on War-Winning Defence Platforms.
Today is Armistice Day, an apt day to announce the launch of Spitfire Capital – Investing in War-Winning Defence Platforms.
Being prepared for war is a lesson European nations are beingforced to relearn at speed. For the right reasons, Donald Trump has made clear hiding beneath the US defence umbrella is no longer an option. While Russia has been preparing to conquer, Europe’s spending priorities lay elsewhere.
Spitfire Capital is a new hybrid private-capital fundspecifically designed to identify and accelerate the development, production and swift deployment of new, decisive war-winning weapons and supportingsystems for the West. In a world of escalating conflict risk, Spitfire’s goal is to finance the reestablishment of full-spectrum defence and deterrence.
Markets struggle with AI, Bonds and Tweets.
“You need me to lie to old people and scare them intobuying fake medicine? I get it.”
There is nothing like a Trump tweet to set the tone for the week. Feels like the markets are living on borrowed time re AI, US Treasuries and current valuations. All look strong, but what if the bottom falls out? Relax… the sun will come up tomorrow.
Last Friday I wrote about my rising doubts on the sustainabilityof the AI Bubble: AI – Noise, Signal, Brace. I reckon the only way to stem the rising tide of doubt against markets is liquidity. Lots of it. Sure enough, everyone from Ray Dalio upwards is warning about what markets pumped with liquidity will mean – clue:upside. Many folk fear the New Fed will sash rates and resume QE to maintain the illusion of a strong economy by propping up markets. Great for returns… until it isn’t.
Pumping markets with cheap liquidity is hardly a new notion.Through 2009-2023, the QE era, we learnt that copious liquidity in the form of ultra-low interest rates translated not into investments into productive new plant, infrastructure, jobs and productivity gains, but into the financial asset market. By ballooning the balance sheets of central banks as they forced yields down by buying bonds, and all that money was responsible for one of the greatest stock rallies in global history.
Blain’s Morning Porridge Nov 7th 2025: AI – Noise, Signal, Brace.
“Unprecedented market shocks occur with monotonous regularity.”
Is the AI bubble bursting? Who will be the survivorsand losers? Or is it more fundamental – US AI firms talk of spending billions, but what is China is doing AI better and cheaper? If China wins the AI race, then it will confirm more than just the waning of the American century. It willfundamentally shift valuations.
That clashing klaxon of noise is the rising perception the AIBubble is about to pop. Suddenly, everyone is negative - creating immediate “guilt by association” contagion risks across global markets, which we all know are massively overweighted in favour of AI linked investments.
All the predictable parallels with previous financial crashes are being drawn. The extremely high concentration risk is a massive concern. When the US stock market is up over 40% solely on whatever value AI might create in future revenues, and the underlying economy is looking, at best, mixed – it suggests speculation has got way ahead of common sense…
Take a second to list the reasons you should be worried – theywill probably include:
Go to www.morningporridge.com for full access to site and article.
Blain’s Morning Porridge November 5th 2025 – Rachel Reeves Tells it Like It Is?
“Controversial means “this will lose you votes.” Courageous means “this will lose you the election.”
Yesterday saw bad political theatre in the UK. RachelReeves got up and warned everyone it’s going to be bad and therefore made it so. Acres of negative coverage and lots for the opposition to make noise about. But the reality is maybe very different. There is not that much [more thanusual] to worry about.
Go to www.morningporridge.com for full comment.
Survived October? Back to full on Complacency…
“The real work is like rugby. Everything is connected. Everyplay has consequences.”
Yet again I was wrong and overly bearish. Markets survived October with barely a shrug. Everything is apparently fine and dandy.. nothing to worry about? Complacency and belief abound. We have been here before…. And what does Rugby tell us about markets?
Before I launch into markets… I have to step back and ask: whatdoes Rugby have to teach us about markets and the world?
It’s all about approach…
Rugby is a metaphor for life. It is fast, it is confusing, everyaction has consequences, and the best team does not always win. It’s about strategic awareness: seizing opportunities and turning them into points, while stopping the opposition from doing the same. You need critical game skills and tacticalprowess. The best teams excel by being motivated, being able to read the game laterally, and having the hard physical skills to triumph. That is why everyone fears the Kiwis and Irish. England should dominate European rugby with the biggest player pool but they don’t think much outside their drills and game-plan and repeatedly get beaten by smaller more passionate nations who are willing to think outside the proverbial box!
Rugby is not a bad model for success.
Rugby and American Football are not alike in any way. TheAmerican game is stop-start, breaking down the opportunities into a series of stage-managed scripted specialist plays that remove much of the jeopardy and the risks of how fluid play offers goes awry.
I found myself wondering what Rugby, American Football andthe current markets tell us, and the different national approaches. I was thinking how the scale of tech infrastructure spending in AI is a bit like one of these specialised team moments in American football… expensive, straight out the deck, but formulaic rather than innovative and lateral? Does doing things by the “play-book” mean we’re missing the fleeting real opportunities?
A Horror Story from 2035.
“The smug mask of virtue triumphant can be almost as horrible as the face of wickedness revealed.”
What will the future look like? Many Porridge readersfear Technofeudalism – where a new aristocracy of big tech will replace democracy and make serfs of us all. What might it look like…?
It being Halloween, as so often happens in the Morning Porridge office, this morning a report from October 2035 crossed between worlds and arrived in the Morning Porridge’s inbox….
The Morning Porridge Oct 31st 2035 – Be Happy.Or else!
End of the month is never easy. As a pensioner still working60 hours a week, like everyone else I struggle to pay the bills. There’s a couple of million for Electricity due to the Monks of Westinghouse, Baron Luckey of Gondor wants half a yard of $Trump to pay our share for the swarms and shoals of Andruil Drones that now protect these islands.
His boss, the Lord Theil, demands ever more gold (he’s stoppedaccepting dollars) for our access to the Palantir Health Service (formerly the NHS), while the London Recovery surcharge gets bigger every month following Duke Brin’s nuclear decapitation strikes on Facebook’s entire leadership at the start of Google’s hostile acquisition of Meta. (Did someone not tell him Nick Clegg had retired?). The bill from the Reform Corporation for water, road-tax, air-tax and the NBC Licence, (Nigel’s Broadcasting Company) is out of any proportion to the nothingless it delivers.
.....
Check out www.morningporridge.com for the whole thing..
“Come not between the dragon and his wrath”
This morning’s meeting in Busan, Korea was short and sweet. Goal achieved - the global meltdown that would have followed a rare-earth embargo by China has been avoided. What is more interesting is how it could change the current power set-up in Washington as Scott Bessent and Marco Rubio increasingly takecentre stage.
Two events and One Big Question for Global Markets toconsider this morning:
The noise from the Trump/Xi meeting in Korea was exactly asexpected: There was de-escalation of Trade War rhetoric including port charges levied on shipping. A 1-year trade deal (cease fire) is in the offing. Tariffs were cut to 10%. Agreement was (apparently) reached that China will hold back on rare-earthexport controls while the USA scales back export bans on advanced chips. China will buy American Soya Beans – sparing US famers from bankruptcy. A full summit in Beijing next year, followed by a visit to DC. Thus spake Trump. (I would love to know what Xi thought.)
The apparent agreement was all pretty much as alreadynegotiated by Trump’s adult-in-the-room Treasury Secretary Scott Bessent. As such, it’s all positive for a less destabilised global trading system, although still plenty of things to be ironed out, like Russian oil and Ukraine. Markets should like it.
However, the optics of the summit looked less than convincing.Trump stood there waiting to greet a great chum with charm, flattery and lashings of shmooze. He piled on the compliments. Xi barely acknowledged any of it – his comments about frictions and relationships emphasised this was a meeting of equals. But his body language looked like a man who was there in “necessary but distasteful toleration” mode of Trump.
That doesn’t actually matter much. The die are already cast.
How much will AI cost, and how much can we afford?
“The greatest trick the devil ever pulled was convincingthe world he didn’t exist..”
The AI Bubble floats on a wave of Confidence – confidencethe global economy needs it, the USA will lead it, the hyperscalers and AI firms can afford it, energy is not an issues, and competition from China, tech evolution and quantum are not issues. All the market sees is opportunity. Beenhere before.
There is a marvellous Scots word – Gallus. It describes someone with a certain amount of swagger, who is bold, convincing,and above all confident. Confidence is the greatest bluff in the book. Confidence is contagious. Confidence persuades where reason will not. I reckon a surfeit of over-confidence is at the root of every single major market correction and collapse.
Despite all the concern, uncertainty and a growing sense ofinstability some of us feel in markets, and especially AI, confidence still defines the current market mood. Damn the torpedoes.. confidence is everything!
Donald Trump is a gallus man. His confidence is drivingthe US economy. Despite all the issues, the US economy has not collapsed in a sluff of the economic logic folk like myself confidently predicted from tariffs, inflation, trade, supply lines, etc. Earlier this week he inked a deal with Japan, adding to the trillions of dollars of foreign investment promises already heading America’s way. Trump tell us he’s going to personally allocate that money – which is news to most of the countries that made vague acknowledgements about exploring how to do more with America in return for Trump rowing back theirrespective tariff levels.
Other commentators describe Trump’s Middle East and currentAsian Tour as a Mafiosi Don visiting clients for the annual shakedown for his protection racket. Harsh, but not unfair….
It all sounds fantastic, trillions of foreign investmentscreating jobs and boosting the US economy, while all the tariff money foreign exporters are paying continues to pay down the national debt! What’s not to like about how Trump has transformed the economy and the rest of the world getsto pay for it?
But… Let’s see if any of that promised investment evermaterialises. In the meantime, bang that drum a little harder, because its giving America confidence...
THe other big confidence issue for the economy is AI – just howbig and affordable is it?
Big news yesterday was Sam Altman of Open AI turning thealtruistic not-for-profit into potentially the most valuable for profit IPO of all time… The new board structure looks… complex, but he is also a gallus man, (even though he does not look the most impressive of entreprenuers.. (It is just me that thinks he looks… hunted?))
Compare and contrast the Real World with Dreams
“And you have burned so very, very brightly…”
Gold has taken a bit of a tumble – but is thecorrection a buying opportunity? While the UK feels increasing glum ahead of the few choices in the November Budget, Elon Musk is confident on his demandsfor a $1 trillion upside bonus. They are illustrations of the contrast between hype, speculation and downside manipulation.
If you want a simple illustration of how far fear and speculationin global markets are diverging from reality, have a quick think about what Gold, the UK and Tesla are telling us. While UK Chancellor Rachel Reeves tries to stretch the few billion pounds left in the Whitehall piggy-bank to balance the books, Elon Musk is calling anyone questioning his $1 trillion pay demands an idiot! As the West looks increasingly distracted by hype and politics, smart money is watching Gold – is the current correction a buying-window before the outlook deteriorates further?
I reckon it might be - common sense seldom exhibits thespeed of a contagious pandemic!
And if we’re going to talk about the UK, the obvious placeto start is Buenos Aires. I’ve read a truly ridiculous series of articles in the Torygraph this morning – calling for the UK to follow the example of Javier Milei in Argentina: Mileihas given Britain a serious economic lesson.
Austerity… really? If a minor celebrity was to lose theirleg in a car crash… would you saw your own leg off to follow fashion? While the Guardian speculates the real reason Argentina voted for Austerity was Trump’s threats to walk away and pull US support to punish voters, the Torygraph praises voters’ common sense and willingness to drink deep of the deadly economic nightshade of austerity.
You can find the whole article on the Morning Porridge on www.morningporridge.com
"So, it’s a f*****g coin toss? That is what we get for 50billion dollars?”
It is possible to cram Cataclysm, Armageddon and Apocalypseinto a single Morning Porridge at the start of a week that promises to be market friendly? Of course it is! There is plenty of stuff to worry about, but when the noise sounds so positive, the herd that is the market will keep on fooling themselves.. The higher they climb, the further there is to fall…
That was an “interesting” weekend. I nearly scared myself todeath, and had some disturbing insights as to what comes next…. And then decided…. Relax… just go with the flow. Went for a swim, a sail, a pint, and a damn fine traditional roast Chicken dinner (winner, winner) with friends – what could possibly go wrong?
First up is this week’s Trump/Xi summit in Seoul. The groundwork is laid, both sides are talking up the “peace in our time” narrative on the trade war. American farmers will sell their soyabean mountain and avoid penury, while Trump and Bessent will hail it as the greatest ever deal in the history of greatest ever deals. Both sides will gloss over the nothingelseness thatwill accompany it – how China will retain the options over critical rare earths and Trump will never again mention punitive tariffs on the Middle Kingdom again – until he inevitably does. However, this week the market will love it.
Trump threatened. China pushed back. USA Lost and retreats 2steps. Xi Wins and China moves forward. That’s basically how history will record it. Trump will spend his time telling everyone what a great deal he did. Xi will continue to expand his power, and China’s position as the dominant trading partner will gain further traction.
Second up is the extraordinary victory of La Libertad Avanza in Argentina. President Javier Miei’s party won 41% of the votes, despite the polls predicting a massive lashback after he was hammered by the Buenos Aires’ Peronistas just last month and a slew of corruption scandals mired his senior team and family. (Par for the course in Argentina.)
Yesterday Milei swung around the 14% deficit in the capitalstate. Extraordinary indeed. Apparently markets and the IMF had nothing to fear from unhappy Argentine voters – who gave Libertarian austerity and free-market reform and increased share of the mid-term vote, despite some 40% of the population in poverty.
Argentinian voters are cleary not daft. Maybe $40 bln of USsupport for the Peso and economy helped? Bloomberg quotes Billionaire Bill Ackman: “an important win for democracy, capitalism, and sanity, and a defeat for socialists.” Of course it is. (Pass me a bucket.) Trump said it clearer: If Milei “doesn’t win, we’re gone”.
See www.morningporridge.com for full article.
Call it Chaos, but we sure do live in interesting times..
“You know nothing John Snow…”
Chaos occurs when events break out their usual bounds, and it feels like markets are skirting on the edge! Relax. It’s normal in periods of acute change – as are happening now. The Game of Markets across long, medium and short-term horizons is constantly changing – I guess that’s what makes them interesting!
What an interesting world we live in. It’s not anything like the one I knew as a child, as a student, and a young banker… heck, it ain’t even like the one I knew a few years ago… But it is utterly fascinating… Call it Chaos, but it’s still full of opportunity to do the right thing… or otherwise.
The business of investment is about making the right calls for the long term. The skill of trading is understanding what the herd, the market, is thinking. That’s what all of us in this Game of Markets are trying to fathom each morning… what’s going to happen today, tomorrow and the days after that. Or short, medium and long term investment horizons as we like to kid ourselves.
There are apparently only two arguments to think about when trying to figure it out.. One is: history repeats itself. The other is: this time it’s different. What if it’s a combination of both?
For the long-term, in the History Repeating Itself camp we have the repeating cycle of empires – rise and decline. History shows empires typically last 2 Kondratieff Waves, the K2 Cycle of around 110-120 years. We’re seeing that today as the American Age as Global Hegemon comes under pressure. Give the American’s credit – under their leadership, where the USA was the arsenal of freedom and democracy the entire globe has seen a long-period of general peace, dramatic growth, rising living standards, and poverty diminish.
But all things pass. The last time the Global Hegemon changed the UK dropped down as the USA became the dominant industrial and military power.
The This Time it’s Different issue is it’s not exactly clear who or what will replace it. The Chinese would certainly like the role, but their economy already looks tired and is already showing signs of demographic pressure. For the record, I suspect the Chinese will still try to bluff their way into the role – not with military aggression, but by supporting distraction and trade dominance. A more likely outcome is the World evolves with South East Asia as the global nexus of growth and consumer wealth, which China competing for dominance in that new co-prosperity sphere. (Europe would do well to figure out how to be part of that – as part of the new global trade rails!)
The question for markets is how disruptive the coming changes will be.
Blain’s Morning Porridge Oct 22nd 2025 – As long as there is instability and uncertainty there will be the Yellow Metal
“Let every nation know, whether it wishes us well or ill, that we shall pay any price, bear any burden, meet any hardship, support any friend, oppose any foe to assure the survival and the success of liberty..”
Gold Prices stumbled earlier this week. It is a bursting bubble? Nope. Markets will remain uncertain – while the world’s geopolitical polarity is shifting Gold remains the safe-haven play. That shift is being accelerated by events as the stability that fuelled the last 80 years of growth is undermined by bad politics and division.
Much of the Financial Commentariat was determined to bury Gold yesterday – hailing the 6% price tumble as the start of an inevitable rout, a sign of a massively over-bought bubble bursting, and (inevitably) there was a shout from the crypto-crypt in the dank basement about its time as a safe-haven being over.. Whateva…
It was a correction, and suggests the Gold market might have got ahead of itself. Watch what the 200 day moving average does, or read the headlines, but ask yourself: did anything really change? Nope.
6% moves up and down are not uncommon across markets these days. There are some very clever teenage stock pickers who understand the complexities of current tech, know what the jargon and letter-salad of initials actually mean, and opine with such confidence on the golden future of AI abundance. They are probably somewhat frustrated the world’s oldest asset has been getting all the headlines recently… How very dare the Yellow Metal think it can still dominate markets!
But the reality remains… we live in increasingly uncertain times. Although Indian farmers may already have bought their daughters all the gold bangles they will need for the coming wedding season, and Chinese investors are worried about new margin requirements on gold investments… the World is not getting any more secure.
It is certainly becoming more polarised – not just in politics, but in terms of how market analysts are reading the tea leaves. We know Central Banks now hold more gold in value than they do US Dollars – which is a sure sign of something fundamental happening…. (And if you don’t know what… then may I humbly suggest you get off the bench and actually buy a very reasonably priced £10 per month Morning Porridge subscription.)
Here is a link to the story on the Morning Porridge Website
Blain’s Morning Porridge Oct 21st 2025: Time for a rethink on Tech Resiliency?
“Did someone forget to feed the hamster?”
Western economies are dependent on functional tech. Yesterday’s Amazon outage suggests the resiliency of tech infrastructure is creaking, raising multiple issues about dependency and costs. Could a shift in how companies secure against Tech vulnerabilities see the MAG3 firms at the core of global tech infrastructure hit?
When I opened Linked-in this morning, I was deluged in adverts from Amazon Web Services, telling me all about how they automate, create and reduce costs, while boosting my productivity. No surprise really, the spyware that watches our every keystroke would have picked up I was searching for info on yesterday’s outage. I posted a very rude message in reply.
What I was looking for was some data or narrative to back up for my thesis we might just have suffered the No-See-Um moment that breaks the myth of the West’s all powerful Tech?
We all think global tech is shiny and sparkly. But what if it’s just a couple of hamsters running round a wheel in their cage that keeps it all running? And what happens when one of them decides to take a nap, or Amazon forgets to feed them? (Power for Data centres is just one concern!)
Use this link to go to full story on website
Mutant Credit Cockroaches? Whatever next?
“Smart men go broke three ways: ladies, liquor and leverage.”
Markets feel increasingly nervous. Although someone has cranked up the party music to 11, and the euphoria is still pouring, concerns about banking and loan exposures are rising. If there is a wobble, then it’s likely to be leverage on leverage that sees a bunch of private credit lenders in trouble.
What will this week hold for markets? Trade wars? Peace deals? Inflation (maybe not as the US Govt is still in Shutdown)? A bank run? An invasion of mutant credit cockroaches? Who knows, who can tell..? This is heaven, this is hell… Reading through the financial press, it now feels there are more negative outlooks than positive.. Every financial market scribbler is predicting some kind of shocking sell-off in overpriced markets. Whateva…
If I am going to remain a contrarian… I may have to go out and find something positive to write about?
How about gold? According to reports, Global Banks now hold more gold than US Treasuries. That is not because of the “Great Debasement Trade” all the crypto-shills keep screaming in our faces as they seek to justify buttcon as the only alternative to fiat currencies which are “tools of financial repression by evil governments”. Strait out of Libertarian Money 101, and utter bollchocks.
Nobody has a greater belief in fiat currencies than Central Banks, but they are holding more gold because they are acutely aware of the current ructions in global markets, and they know the dollar’s role is global trade is evolving (ie devaluing and will lessen), and gold is a store of value. Simple as. Fiat money works. Simple as. Nothing in life is perfect – but some things work because they work. Central banks are holding gold because they know uncertainty and instability may roil markets – and they are being brutally realistic about how the world order is changing, and changing fast.
However, if there is one thing I am sure about, it is the street is not listening to dull, boring, predictable central bankers.. they should, but seldom do. What does get the market’s attention as dramatic moments of hi-drama and plunging red lines on the charts – by which time it’s definitionally too late!
In times of rising uncertainty, the big issue that scares the smarter minds in markets most are consequences. If one thing breaks… what else will fail in its wake?
Every day we are reminded of injustice in the UK – the fight of postmasters against the Post Office, or haemophiliacs against the medical indifference are just the tip of an iceberg of a justice system loaded against the people. It’s only when it impacts directly do you realise just how lopsided UK planning has become. There is no social justice – just the jackboot of corporate greed being crushed into the face of humanity… forever.
Yesterday was a very bad day. My village is going to be sacrificed to make foreign investors rich. So much for a restful retirement…
I have written many times about the insanity of the Hamble Quarry – digging a dirty great hole right in the middle of a prosperous village to quarry gravel which nobody needs right next to homes, shops, schools and businesses. It was approved by the planning inspectorate yesterday. It’s a slap in the face for over 20,000 citizens in the area, who will see their home values impacted, and futures blighted. Already young people are leaving because they don’t want their kids trying to learn just meters away from a working quarry. The local economy will be decimated and the environment compromised.
Cemex, a Mexican firm specialising in Cement and Waste Management, has been given permission to quarry 1.7 million tonnes of gravel and sand from the very heart of the pretty seaside village of Hamble-le-Rice. Every single home in the village is within 500 meters of the site. The three schools are all in touching distance. Many homes will be blighted by massive berms put up to shield the quarry work.
A schoolkid asked the planning inspector at the appeal: “You would not build a school next to a quarry, so why dig a quarry next to a school?” He never answered her.
Why?
Blain’s Morning Porridge Oct 15 2025 – Catflap While The Dance Band on the Titanic Plays On
“ Damn the Torpedoes, full steam…. Boom. gurgle gurgle..”
There is no stopping a market believing what it wants to believe. Tariffs, Trade Wars, Credit Cockroaches, BTC delusions, this market has it all, yet everyone is still dancing. Best thing to do might be to “Catflap” – walking away without saying anything to anyone.
Euphoric markets have a habit of watching all the wrong things. As I’ve written many times, markets are not clever – they demonstrate a remarkable ability to fool themselves and believe multiple improbable and conflicting things all at the same time. Blain’s Market Mantra No 3 states that: “Markets are not clever – they simply reflect the weighted stupidity of participants.”