Dec. 20th, 2008

peterbirks: (Default)
A few months ago there was a leak of an internal memo written by a senior editor on Express Newspapers. He had lambasted journalists and writers on the Sunday Express for a litany of what could be described as schoolboy errors. Unfortunately he let himself down when he said that the sentence "Fewer than one in five" was bad journalism. "Fewer than one in five is none in five", he claimed, presumably unaware that fewer than one in five is also one in six.

Anyhoo, this morning the FT confirmed that all sub-editors who understand anything of finance have been made redundant by printing the headline "Currencies tumble amid renewed pessimism".

Currencies tumble? What does that mean precisely? How do you measure the worth of currency? You might just as well write "currencies surge", because if one currency falls, it is as measured by the value of another currency. Alternatively, you could write that "gold surges". or "commodities surge", which is, in a way, synonymous with "currencies tumble". But I've never seen anyone refer to a surge in the cost of an asset (be it a commodity, or whatever) with the line "value of money falls".


I managed to rack up the biggest loss of the year yesterday, starting, as usual, with a bad beat, and continuing with a couple of sets under sets and neat plays by opponents (the opposition always seems to make fewer mistakes when you are running bad!). And culminating, inveitably, with some dubious marginal calls on the river that were incorrect.

On the plus side, I was due a down-day, and the loss ($598) didn't have much of a psychological effect. As I wrote earlier in the year, one of my aims was to be able to suffer $500 losses with a shrug of the shoulders, and I appear to have achieved that aim. Whether I could suffer successive $500 losses so calmly, or whether I could suffer such a loss after a long period of break-even, I do not yet know.


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