Blain’s Morning Porridge/Bill Blain/6-30-2022
“I was lucky. Writing the Morning Porridge since 2007 – and being a natural cynic – has helped. I was lucky to retain just enough disbelief to realise how fundamentally broken financial markets were by the Global Financial Crisis in 2008. My blinkers over investment banking were lifted after the bank I’d led from zero to top 3 in the Financial Institutions business sacked me for ‘not fitting in.’ I perceived just how distorted markets became as a result of regulation, monetary experimentation and QE. I broke out the bubble. As financial markets became more and more distorted, I started to look for opportunities in real assets rather than financial assets. It’s been fascinating.”
USAGOLD note: Blain’s soul-searching retrospective makes for a revealing read. He laments “how little investment bankers actually know of the real world” – a closed society he sees as being in a “group-think bubble.”
