Da Sticazzi .. at one point the best restaurant in London according to Bloomberg. Plus a look at poorly markets

Dear Reader,

Back in the distant past when the BTP markets were one of the main focus points for banks and hordes of Bocconi graduates strode the square mile there was an infamous Italian restaurant.  It was called 'Da Sticazzi' and had hundreds of rave reviews about it on Bloomberg's DINE function.

For those of you unfamiliar with Bloomberg DINE. It was and probably still is a place where those with expense accounts taking out financier clients would check what other city punters would say about it.

The reviews for Da Sticazzi  were to the unknowing eye very normal.  To Italians it was hilarious..an example below of the sort of thing people wrote

'The Gnocca della Madonna is to die for .. A real taste of Italy'

The greatest thing about the place was that it didnt actually  exist. It was created by Italians with a great sense of humour and everyone in the know joined in.  Sadly last time I checked it had been deleted from Bloomberg.  Like  everything else a throwback to easier and possibly funnier times.

A bit like the markets these days. It has been a tough several days out there.  I attach below a precis of the main indices I follow as a form of update  .

Let's just say its not very pretty right now. As I predicted Japan is still having a nightmare and well worth shunning like the fat hairy guy being picked last  for school football sides by tic-tac-toe.  China also clearly having some big issues which means to me that they must come back to the table soon despite all their bluster.

The fright to quality in government bond land continues like a twanging rubber band. I cannot say when this will stop but I am already firmly on the side of avoiding it.

If I am honest it might be time to start adjusting cash weightings upwards or at the least buying absolute return funds for some downside protection.  The VIX is 23 and my personal portfolio cash holdings are as usual 12%.

Lets just remember investing is very like running  (Swiss Toni is back)  - It is a marathon not a sprint.

Best

Don