I hope you enjoyed your week end.

Please, please tell me that I am not the first subscriber to ask whether Gordon Brown joining PIMCO is not the ultimate contrarian signal that the bond bull market is at an end? A sort of kiss of death if I think about his expertise in other asset classes such as precious metals or his ‘stewardship’ generally?

The only thing that surprises me more is that Tony Blair didn’t try to get the job there first.

I couldn’t agree more with the subscriber who said the other day that your & Eoin’s service is the best.

Wishing you & Mrs Fuller a peaceful Christmas & very Happy New Year

David Fuller's view

Thank you for this delightful email.  I do not know how I missed the Gordon Brown announcement but many thanks and congratulations for being the first subscriber to point it out.  It certainly does look like the mother of all contrarian signals and I am wondering what possessed PIMCO?  Especially after their coup in landing Ben Bernanke for their Board.  I thought that choice was brilliant but surely not ‘the big clunking fist’ know as Gordon Brown, who was UK Chancellor of the Exchequer when he sold 58% uf the UK's  gold reserves at the bottom between 1999 and 2002, then bankrupted the UK in his brief period as Prime Minister, before losing the general election in 2010.  With the exception of Ben Bernanke, this looks like a Mad Hatter’s Tea Party of a Board.  

Thank you for your kind words on Fuller Treacy Money.  The challenge of producing this service is often daunting but also fascinating, and we appreciate the wisdom of subscribers.