Chris Dillow 

In the price?

Chris Dillow

Chris Dillow
In the price?

When I was a callow graduate trainee I sat in on a meeting between my boss and a colleague. My boss was making a bearish case for sterling and his colleague asked: “Won’t rising interest rates strengthen the pound?” My boss replied: “That’s in the price by now.” After the meeting I asked him how we could tell what was in the price and what wasn’t. “We can’t,” he replied. “But saying so shuts people up.”

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