Hedge Clippings | Friday, 17 September 2021
"You can please some of the people all of the time, you can please all of the people some of the time, but you can't please all of the people all of the time."
In the past we have, (along with none other than Bob Dylan) incorrectly attributed the above quote to Abraham Lincoln. Maybe we should leave Bob to his music and poetry. After all, his 1965 classic "Like a Rolling Stone" is still ranked in the all time top 10 hit songs, in spite of him being booed for playing it on stage at the time.
The quote actually precedes Lincoln by some 400 years, as it should be correctly sourced to John Lydgate, an English monk and poet who lived from 1370 to 1450 and was a follower of Chaucer. Probably enough information for a Friday, but you may need it next time you play trivia.
But, yet again, we digress. The point is, it seems - possibly thanks to or because of Covid - everyone's either pleased or displeased, and not only about Covid either. (By the way, who would have thought that being an epidemiologist would put you on the nightly news?)
We're either whingeing because we're locked down and there's not many cases, or because they're lifting restrictions too early in the places where there are too many. That probably depends on which LGA you live in. Or you're pleased because you want everyone in the restaurant to be double jabbed, or unhappy because you can't go there if you're not.
Then there are those complaining about "personal freedom" about having to have a jab (which as far as we know is not the case) and ignoring the personal freedom of those around us wanting to get out and about without getting sick. While not dismissing the seriousness and effect of COVID in Australia let's look at some cold hard facts:
We have now had 3,158 cases and 44 deaths from Covid per million of the population. The USA has had 129,492 cases and 2,088 deaths per million, while the UK has had 111.601 cases and 2,050 deaths per million. In other words, on a per capita basis, you're close to 50 times more likely to have died of Covid in the US or UK than in Australia.
BTW, and still on Covid and trivia, but serious trivia, Covid ranks as the 26th most common cause of death since January 2020 in Australia, whilst in the US it ranks 1st, with 685,295, and the UK the second, with 134,805 (behind dementia and alzheimers). For more details see worldlifeexpectancy.com.
And in spite of this, Matt Canavan, a federal government senator, claimed this week that vaccinations aren't effective or should be optional, and "we should take a leaf out of the UK's book"! We're assuming his only excuse is that he's from FNQ, and perhaps the news hasn't reached him yet: Covid kills lots of people, but particularly the unprotected.
So back to John Lydgate's quote. It seems nothing has changed over the ensuing 600 odd years. Or 700 if it comes to that, when the plague known as the Black Death wrought havoc across the world, (which according to the website History was also possibly passed to humans by a tarabagan, a type of marmot in Mongolia) and which eventually petered out, possibly due to the then quarantine efforts.
What's all this got to do with managed funds you might ask? Precious little, except that there's a perpetual debate around active vs passive funds, returns vs. risk, and any number of other aspects that you agree or disagree on.
You can please some of the people.......
News & Insights
Vantage Private Equity Growth 4 Close Date: 30 September 2021 | Vantage Asset Management
10k Words - September 2021 | article by Equitable Investors
The Rise of the Contactless Economy - A Global Megatrend | video by Insync Fund Monitors
The Long and The Short: What reporting season can tell us about life in Australia | article by Kardinia Capital
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