You have had a break from this missive for a couple of Fridays. This was due to the timing of a quick ski-trip I took. Constant rain, snow and fog so don't get too bitter and twisted!
With a great deal of will power I have generally managed to keep my "hobby horse" - fury at the anti-hunting legislation - off this email, but I just have to urge you to read the Editorial in this week's Country Life - I know you can find a copy lying around somewhere! - to see the most effective summary of why this bill has been such a complete nonsense and disgrace. Whether you are pro the ban or against it you should read it. You are not allowed to be agnostic!!
And whilst on the subject of furry creatures take a look at www.savetoby.com when you have a moment. It will not have the authorities rushing round to escort you out of the building I promise you.
And another hobby horse of mine is the oil price. The first call attached below updates our earnings forecasts and price targets, but, as highlighted in bold, the work Neil has done on Saudi Arabia is especially compelling. The West seems to assume that Saudi has the capability to significantly ramp up output and also that it will do so. Neil contends that $40 WTI is the minimum price required by Saudi given budgetary considerations to justify their increasing output. I would add that domestic political pressures mean that the Saudi authorities cannot be seen to be pandering to the West, suggesting that the oil price is likely to continue to surprise on the upside. Basically this issue is not going to lie down until there is a demand response in the shape of a rolling over of the Western consumer. I don't know about your electricity bills, but mine are horrendous.
Mozart Requiem performance tomorrow evening. It's been a while since I referred to the cultural highlife I lead in Cambridge, but to keep some perspective, last weekend's entertainment was an evening of 10 pin bowling at the Hills Road Bowling Centre.
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