So based on Richard Hill's conversation posted above we can note some interesting things.
First he changed his mind.
We saw before on earlier posts that he was apprehensive about Braclay's america been short sterling. In Richards own words "the whole world was long sterling" and he said he would get rid of the position as soon as he gets in the office.
Now after talking to Barclay's Hong Kong, he seem to have changed his mind, and he is now ready to " bash the pound " down.
Starting at 4:16 we can hear Richard saying:
I guess, we do feel some pride on the pound occasionally, but, is not part of our job ----primarily on there to make money so if the pound is falling
----take advantage of it.
So he is basically saying that his loyalties are flexible in regards to his own country's currency. But notice how he says that the "pound is falling" and not that the trend changed or that the "whole world turned short on sterling".
So we can conclude that his mind still did not changed long term on the direction of the move but he sees the pair temporary falling and he is ready to take advantage of it.
For me it is a lesson on how not to get married to your views. Looking back how much money I lost because I "knew" where the pair was going on the daily or weekly and trading it on the hourly. I feel ashamed I should know better.
The market can stay insane longer than you can stay solvent.
Institutional traders are willing to be flexible on their views according to a potential " market insanity". They adapt in order to take advantage of it.
First he changed his mind.
We saw before on earlier posts that he was apprehensive about Braclay's america been short sterling. In Richards own words "the whole world was long sterling" and he said he would get rid of the position as soon as he gets in the office.
Now after talking to Barclay's Hong Kong, he seem to have changed his mind, and he is now ready to " bash the pound " down.
Starting at 4:16 we can hear Richard saying:
I guess, we do feel some pride on the pound occasionally, but, is not part of our job ----primarily on there to make money so if the pound is falling
----take advantage of it.
So he is basically saying that his loyalties are flexible in regards to his own country's currency. But notice how he says that the "pound is falling" and not that the trend changed or that the "whole world turned short on sterling".
So we can conclude that his mind still did not changed long term on the direction of the move but he sees the pair temporary falling and he is ready to take advantage of it.
For me it is a lesson on how not to get married to your views. Looking back how much money I lost because I "knew" where the pair was going on the daily or weekly and trading it on the hourly. I feel ashamed I should know better.
The market can stay insane longer than you can stay solvent.
Institutional traders are willing to be flexible on their views according to a potential " market insanity". They adapt in order to take advantage of it.
So, you think you have rights? LOL