The most troublesome things in life are free

CONTRARIAN INVESTOR

I was tempted to write about the Budget this week but I suspect everything that can be said has been said.

The real test will come over the next 12 months. Month after month of bad news, strikes and discontent will be the real measure of this Government’s resolve and – let’s be honest – what the market really cares about is not the detail of the cuts but the hard evidence of resolve and determination. Still, a good start and full marks for keeping the entrepreneurs’ tax break – a very concrete sign of the Government’s willingness to back entrepreneurs. I found myself drawn to a much smaller story, spotted in the US a few weeks back, concerning ETFs, price wars and the big stockbroking network...