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I change my mind. What do you do?

Economist John Maynard Keynes

Or more accurately..

When the Facts Change, I Change My Mind. What Do You Do, Sir?

One of the many wonderful quotations from the great John Maynard Keynes. Most probably he was refering to a relatively high brow economic discussion but this timeless response could apply to so many areas of life

This came to mind when proposing a particular account to a number of lenders yesterday. Without going into details, the “facts” developed as the conversations continued. This can of course go either way and in this case there was increased negativity surrounding the prospect. But what would have occured if the case for the lending became stronger? This is where human nature comes into play. The decisions are finally made by the underwriters but often also by development managers. Once a decision has been made, inflexibility can set in. Personally I think this is wrong

As a commercial credit manager, I know the instinct. You may have it in your mind that such and such an account is not valid for credit but the true skill is keeping options reasonably open where there is scope for developing the overall picture. The problem for many is that the belief that this is “backing down” and that there is a consequent loss of face.

For brokers such as myself, we have to make our own assessments of clients and our skill is to present the facts with clarity. Where we genuinely believe in a prospect, presentation can be key.




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Financial services, London and Brexit

the_city_londonHere is the latest story from the always entertaining Guido Fawkes site. Guido does not hid his/its views on brexit but is it really possible to ignore this quote from this very significant hedge fund?

“We’re all aware of the possible implications of Brexit. But in our mind with the talent that is here and the fact that London has been the financial centre of Europe for decades, we are committed to it and we think it is the best place for us.”

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A reminder of what I do

Every now and then I believe it is fair of me to share how I work for my clients

Invoice financing. Are you aware of what is available?

As I hope you are aware, I work hard to keep fully aware of all the options in the market.

I represent only you or your client

Here is a gentle reminder of some of the recent developments

– Funding has never been so easily availble for ‘start ups’

– Some established lenders are no longer charging minimum fees

– The competition to finance indvidual invoices without a contract is very strong. Prices have dropped

– More and more lenders are funding overseas debtors

– Funding is now available for accountancy practices as well as other professions including law firms

– There are now more than 50 lenders active in invoice and trade finance

Feel free to call Clive Pacey on 07956 138895 to discuss further

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The Making of Donald Trump


This is a quick and quite extraordinary read. In fact it is somewhat surprising that more attention hasnt been paid to the many revelations from almost psychopathic lying to a seeming inabiity to understand simple accounting through to dubious links with orgainised crime. It is also a timely reminder that you must never judge credit purely on the tales a business owner tells you, as numerous creditors of Trump will testify

I am always wary of biographies that appear to be hatchet jobs. Kitty Kelly was famous of course but in more recent times I willingly have avoided Tom Bower’s authorships on Branson, Blair and many others. There is a pattern there of simply targeting those who have made wealth quickly.

No such problems with this well written breezy read. In fact the underlying sense is that Trump is far from being as wealthy as he claims. In fact it could be a lot worse than that

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New business is struggling ?

Ask many lenders and they will tell you that “they’ve never been busier”. Of course they are. But scratch the surface and a different picture appears. Decent lenders are not afraid to confirm when the market is sluggish and their findings amongst brokers

This was a response from a very reputable lender I know well. Honest and probably accurate

Good stuff – everyone I’ve spoken to is lacking in new business.

Maybe a combination of Brexit and the pending general election?

Lets hope things change soon



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Do auditors audit?

The breaking news that KPMG are being investigated over Rolls Royce has once again raised this question. Are we revisiting the malpractice of Arthur Anderson? And even possibly their ultimate fate?

There are two striking comments and observations from the above linked piece

Scandals like the one at Rolls-Royce (or Enron, Worldcom, Tesco and any number of hotspots during the financial crisis) serve to illustrate the structural problems at the heart of auditing and financial oversight.

I think that few would argue with that, which leads in turn to

Recent new rules mean that big public companies (FTSE 350) now have to put their auditing contract up for tender every ten years but are only forced to change every twenty. That’s still plenty of time to get cosy.

I think that is an understatement. This is far too lax and in my opinion,  we should be looking at three years maximum

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