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August was another natural month for my investments. Net worth dipped slightly. With minimal change in equities and commodities, unfavorable FX motions and expenditures were more than the net, local rental income received somewhat. Expenses were high due to your family holiday and additional expenses associated with school holidays. 1. My Hong Kong equity stock portfolio was pretty much unchanged.
2. My AU/NZ equities valued. 4. My commodities were smooth. 5. The properties are in full occupancy and everything tenants are paying promptly. 6. Currency movements were slightly adverse with a small fall in the NZD. 9.I made a transfer to Mrs Traineeinvestor this month. My cash position somewhat fell. I currently hold 46. 6 months of expenses in HKD cash or equivalents.
And the conferences just got better and better. And we retained more capital and liquidity than other banks as well. Euromoney How did that prepare you for the subprime crisis? JD Coming into 2007, our income had doubled, with capital at 7% some banking institutions were at 3% or 4%. Also, we had no short-term unsecured funding.
So, we’d margins, which have been half what they must have been at the time we consolidated and now were competitive, as one form of security; capital at 7%, which intended a wallop could be studied by us. I had developed always done-stress testing, not as diligently as we take action today, but asking what would eventually us in a 1974 or 1982 environment if it just happened again.
I made sure we would have the ability to run the company and not lose money in 25 %. And other banking institutions round the world had financed their balance sheets 20% to 30% with short-term unprotected funding. A number of the investment banks got doubled or tripled their leverage. And I used to tell people: ‘Short-term funding is fickle, fickle, fickle.’ It will go when something will go incorrect away.
And so, we’d zero. Euromoney Was it hard to persuade people here, before the crisis, that this was the right approach? JD I had been fairly difficult back then. I’m not that difficult any longer quite. I had been relentless with people. If you didn’t get it right the very first time, you’ll meet me on the Saturday.
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And we didn’t rest about the amounts. Everyone got one place. You couldn’t come in and say: ‘Well I don’t look at my business that way’. I would say: ‘No. What when your business is gaining? ‘ People would still try to say there are different ways to check out it. And I would take a chart and say: ‘No.
It’s apparent. Our margins are 15%. The average of everybody else is 30%. Just say it. And analyze why then. It had been constant, constant, constant review, and assessment. And it is meant by me about the credit-card issuer, for example. It had been Wii business. But we’d the core to make one. And I hired and went Gordon Smith from American Express to run it.
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