Vanity Capitalism & EMI: Guy Hands Over

On the subject of vanity investing, this looks like the end of a little saga we've been mocking since the start (ya see, ToryBoys, we know all about this irrational capitalists thing).

Yes, the grip of Guy 'Shaky' Hands on EMI has finally faltered. What a crazy story. The great master of creative securitisation (second only to Enron - believe me, they did a few) wound up doing this ridiculous vanity deal, his due diligence consisting in large measure of asking (wealthy) teenagers of his acquaintance how much they'd be willing to stump up for downloads.

Three years and much grief & comic drama later, it is over.

But seriously though, one last word on 'irrationality' and capitalism. Markets depend on people taking opposing views and backing themselves. Without this there is none of the creative hubbub that makes the world turn upon its axis. Think 'dialectic', you lefties out there, and maybe you'll start to understand.

And contrary views competing in the marketplace is a damn' sight better than fighting in the streets.

ND

Barclays; Proving everyone wrong

Now, we here at C@W have long thought that Barclays was a) run by lucky muppets who just escaped buying ABN Amro which crippled RBS b) Makes most of its money from tax dodging schemes which are highly controversial.

Well, after all the mess we have been through, we are wrong. Not about these two points, but about Barclays not being a successful business. Today has seen another set of results out from the bank and happy reading they must make for shareholders. Profits and income up, money for those precious bonuses.

Such a contrast to Lloyds and RBS, they even put pressure on the giant HSBC.

I still think the shares look a bit pricey at £3 plus, but then I thought that when they were half that price just a few months ago.