In the upside scenario, this cross-over point could be at the start of 2022; in the downside, in 2025. Grim.
Amid all the announcements today, it's easy to overlook that the OBR has updated its scenario on a no-deal Brexit. It exposes an undeniably hard reality for the Govt that claims that the UK would "prosper mightily" under no-deal next year.
(Short thread)
In the upside scenario, this cross-over point could be at the start of 2022; in the downside, in 2025. Grim.
Exactly the opposite of what the Chancellor said to @AndrewMarr9 on Sunday. https://t.co/2FEroyGUwL
All trade intensive sectors that have been spared the same drop in output as the non-tradables this year.
More from Brexit
They have started in the Scottish case
Looks like a near-concession that the side letter is Padfield-compliant
Looks like a near-concession that the side letter is Padfield-compliant
O\u2019Neill says @BorisJohnson \u201cat the very least sailing close to the wind\u201d by potentially breaching promises to #courtofsession not to frustrate #BennAct in his signed letter to Donald Tusk
— Severin Carrell, Esq (@severincarrell) October 21, 2019
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I’m torn on how to approach the idea of luck. I’m the first to admit that I am one of the luckiest people on the planet. To be born into a prosperous American family in 1960 with smart parents is to start life on third base. The odds against my very existence are astronomical.
I’ve always felt that the luckiest people I know had a talent for recognizing circumstances, not of their own making, that were conducive to a favorable outcome and their ability to quickly take advantage of them.
In other words, dumb luck was just that, it required no awareness on the person’s part, whereas “smart” luck involved awareness followed by action before the circumstances changed.
So, was I “lucky” to be born when I was—nothing I had any control over—and that I came of age just as huge databases and computers were advancing to the point where I could use those tools to write “What Works on Wall Street?” Absolutely.
Was I lucky to start my stock market investments near the peak of interest rates which allowed me to spend the majority of my adult life in a falling rate environment? Yup.
Ironies of Luck https://t.co/5BPWGbAxFi
— Morgan Housel (@morganhousel) March 14, 2018
"Luck is the flip side of risk. They are mirrored cousins, driven by the same thing: You are one person in a 7 billion player game, and the accidental impact of other people\u2019s actions can be more consequential than your own."
I’ve always felt that the luckiest people I know had a talent for recognizing circumstances, not of their own making, that were conducive to a favorable outcome and their ability to quickly take advantage of them.
In other words, dumb luck was just that, it required no awareness on the person’s part, whereas “smart” luck involved awareness followed by action before the circumstances changed.
So, was I “lucky” to be born when I was—nothing I had any control over—and that I came of age just as huge databases and computers were advancing to the point where I could use those tools to write “What Works on Wall Street?” Absolutely.
Was I lucky to start my stock market investments near the peak of interest rates which allowed me to spend the majority of my adult life in a falling rate environment? Yup.
