The Unflat World
Thu, 2012/01/19 - 1:09pm | Your editor
Printer-friendly version
It was impossible to buy the well-priced euro-denominated bonds of London airport operator BAA in the USA as a retail investor, because they are not registered with the SEC. We have to wait until they have been trading at least 90 days. (I also misstated the net yield yesterday because of a typo. It is 4.495%.) The supposed flat world is full of regulatory barriers. My US bank, HSBC, was one of the underwriters, but I was still not allowed to buy.
Apologies. The anti-piracy legislation campaign yesterday seems to have caused some subscribers and pre-subscribers to not receive their issue. You can always view your issue on-line at our website, www.global-investing.com if you know that we published and you got nothing. I think it is appalling that the protection of intellectual property, which of course I support, resulted in disruption to the Internet which my business depends upon.
The end does not justify the means.
More for paid subscribers from Britain, Canada, India, Ireland, Brazil, Colombia, South Korea, Israel, and Finland follows with several notes about raw material supplies and environmentalism: