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I try not to look back on the past through rose-tinted spectacles. Markets generally evolve and move on. Of course, at the moment, with the exception of FX, which is simply brilliant, many seem to be devolving.
Anyway, around 20 years ago, I cruelly bought a game called Go for broke – motto: “Win by losing a fortune!” – after a colleague at Midland dropped $1 million in cable in a bout of afternoon dealing. Although his lunch had been very liquid, it was a US holiday, which meant there was no liquidity in the market and he got well and truly stuffed.
How insignificant the loss looks now. But to continue the expansion of the weeklyFiX’s multimedia empire, I am going to relaunch the game. Of course, to win it now, you have to lose a lot more than $1 million. I think I’ll set the target at $1 trillion. “Spend wildly and hope you don’t back a winner,” the game says. Looks like Hank Paulson is in the lead.