Tuesday morning
January 17, 2023
Hello everyone,
Let’s talk about gambling. It seems to be a topic that is close to receiving “taboo” status. Some people become prickly when this topic is raised. And some have responded defensively by arguing that dabbling in the share market is just like gambling.
I beg to differ.
Do you sit mindlessly pressing a button on a slot machine when you select a stock to invest in or do you do your analysis and research and read John’s reasoning behind investing in the stock?
Do you receive a return on your investment twice a year in the form of dividends when you gamble?
Does your investment in gambling – what you receive from it – grow for you or does it grow in government coffers and big business bank accounts?
Australia holds the unenviable position of having the biggest gambling losses in the world. 40% greater than the country holding second place. Hong Kong, Singapore, and New Zealand feature in the top five. Governments and big businesses make a fortune from it, while the users burn through their capital. 35% of the world’s pokies are in New South Wales clubs and pubs. This state enjoys a $95 billion turnover each year.
The introduction of a universal cashless gambling card is being proposed in New South Wales. This card requires a commitment to a spending limit. The loss limit could be capped at 1,500 a day. It would be great to see bipartisan political support for this proposal. Tasmania is already legislating the universal cashless card on a bipartisan basis.
Psychologists are employed to design poker machines to ensure they have the maximum addictive qualities, which then enables that machine to extract the maximum amount of money from people. Truly sad.
I have landed in both Reno and Las Vegas airports. As you walk through these airports to exit, you pass by lines of poker machines, many of which are being used by people – young and old. A cigarette in one hand, a drink close by in a specially designed holder and the colours, movement, sounds/noises of the machine seem to hold them in a hypnotic state until their money runs out. Waitresses are seen replenishing their drinks – the user typically doesn’t even look up. It all goes on their tab. I asked one lady why she was playing the pokies. She replied she didn’t have anything else to do.
Oh dear!
Let’s go to Bonds
The downtrend in US 10-year yields persists with potential for this decline to extend considerably lower over the coming weeks. John will strap on more bond trades soon after the current trades reach expiration. Target is 2.00% by year-end.
Have a great weekend.
Cheers,
Jacque
“For every minute you are angry you lose sixty seconds of happiness.” - Ralph Waldo Emerson
Get rid of the time wasters as described on the next page.
On the following image, you will see my son Alexander’s reaction to going on a long walk.
