Tuesday, December 14, 2010

Letter of the day


Sir, As a resident of the environs of Newmarket, a course member, regular racegoer, and sometime rider of the gallops there, I was amused by the comments of the pensions regulator David Norgrove. "We have to ensure that they are not putting all their money on the 2:30 at Newmarket," he says, in relation to pension funds being prevented from investing in risky assets.
The 2:30 is often a maiden race for unraced or lightly raced horses, and in the betting ring "the money talks" so favourites have a good record.
Even at such short odds of 3/1, that is a 33% return in the space of one and a bit minutes for, say, a six furlong race.
No management fee or any other spurious charges, one can pay tax on the stake and get paid out instantly in cash!

Nicky Samengo-Turner

(Yesterday's FT)

4 Comments:

Anonymous kinglear said...

I frequently feel the pensions industry would do better making THIS sort of bet....

12:13 pm  
Blogger Angus said...

He'll be hired by a hedge fund or family office before you know it.
Love the 33% return in the space of 1 and a bit minutes.

2:15 pm  
Blogger Winchester whisperer said...

LOL KL & Angus

8:37 am  
Blogger Welshcakes Limoncello said...

Haha!

8:40 pm  

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