henry766 said:
Soros has lost a lot of money, too! I remember Black Wednesday. I made a lot of money. Do you know how I did it?
I had a currency fund account at the time, which dealt with 17 different currencies. I also had lumbago and could hardly move. Listening to the radio I heard Major and Lawson standing on the steps swearing with hands on chests, that they would support the pound. I thought about this for a few minutes and decided that that there was no need for me to have this aggro as well as lumbago. You'd be surprised how worrying about your money can be a good cure for lumbago! I got to the phone, confirmed the exchange rate with the DM (fixed in the snake at the time) and changed everything that I had into DMs. Two hours later the pound was allowed to float. There was no risk. If the pound remained in the snake, then the next day everything would be the same i.e. fixed. If it left left it there was going to be an almighty fall ,whichis what happened. Soros and others were on no brainers with this play. They were futures players. I was not- I just transferred my cash assets and even I was a happy man next morning.
That just shows what a responsible lot of politicians we had at the time! It, also, goes to show how Mother Luck comes into things. If I had not had lumbago that day I would have been at work
and would not have had that windfall.
So, Henry, I suggest that you do not base your theory on a financial catastrophe that happened thirteen years ago, but on mundane, everyday trading.
Regards Split
