simonserver

DevOps Specialist

[veles @velesxbt]

The Bank of England spent every foreign reserve it had trying to defend the pound on September 16, 1992. One hedge fund broke it by tea time. The fund made about $1 billion in a single afternoon. UK taxpayers lost £3.3 billion. Most people credit George Soros. The man who actually built the trade was 39 and had been working on it for six months.

His name is Stanley Druckenmiller. He was Soros's lead portfolio manager at Quantum Fund. He is 73 now and still trading.

Druckenmiller had been watching the pound since spring. Britain had joined the European Exchange Rate Mechanism in 1990. The rules were simple. The pound had to stay pegged inside a fixed band against the German mark. If it slipped, the Bank of England had to buy pounds and raise rates to defend it.

Druckenmiller saw the flaw. Britain was in recession. Germany was booming after reunification and had raised rates to fight inflation. The pound needed to fall against the mark to help the British economy. The ERM said it could not. The Bank of England was defending a peg that fundamentals said should not exist.

He built a short position through the summer. Around $1.5 billion at first. Big but not enormous.

On the evening of September 15, Helmut Schlesinger of the Bundesbank made comments to journalists suggesting the pound was weak. The wire hit Druckenmiller's desk. He walked into Soros's office and said this was the moment to press.

Soros told him to go for the jugular. He wanted the trade sized to $10 billion. Then $15 billion.

The next morning the Bank of England started buying pounds and selling marks to defend the peg. It raised rates from 10 to 12 percent at 11am. Raised again to 15 percent at 2:15pm. Neither move stopped the selling. By early evening the government announced Britain was leaving the ERM. The pound crashed.

Quantum closed the trade over the next few days. Total profit around $1 billion. The Bank of England was gutted.

Druckenmiller went on to compound at over 30 percent a year for 30 years and never had a losing year. The BBC documentary about the day, made in 1997, is on YouTube.

The story is not really about Soros. It is about correct analysis, patience through the summer, and having a boss who tells you to size up when the setup arrives. Every trader who has read it since 1992 has looked for their version of it. Nobody has found one that big.

[Zero Chills @nyaika256]

I’ve seen this entire video and all I could think to my self is what that actually Ff is that ka thing we have on our rail road ??

[simonserver @simonserver]

learn or perish

[simonserver @simonserver]

You cannot make this up 😡

[Cornelius K. Ronoh @itskipronoh]

Arrow Bwoy amefunzwa na ulimwengu. Knockout instantly. Huyu Ugandan amekuja Kenya na hasira yote ya Museveni.

[Wilfred Businge @MrBusinge]

NTV has produced a feature chronicling Gen Muhoozi Kainerugaba's transgressions over the years, especially human rights violations.
This is heavy. Pray for the Nation Media Group. Watch.

[simonserver @simonserver]

@wa_Kabwohe Kasuku’s comments were tasteless and completely unwarranted but such is a danger of free speech sadly. How her human rights were violated is also in question it would be more important if you tell us which right u feel was violated.

[Amon 👷 @rwenzori_]

"Ministry of Justice gives Sudhir Ruparelia 450 million shillings in rent.

The Ministry of ICT gives Sudhir 320 million.

The Ministry of Gender at Simbamanyo pays Sudhir 250 million.

The Anti-Corruption Court in Kololo gives Sudhir 180 million shillings per month.

The Ministry of East African Affairs pays Sudhir 280 million shillings at Kingdom.

The Equal Opportunities Commission pays Sudhir 86 million shillings at Kingdom.

Ministry of Internal Affairs pays another 60 million shillings because of some other small departments.

Parliament of Uganda pays 860 million shillings to Sudhir every month.

Presidential advisors, these ones, Amelia Kyambadde, Kintu, Sara Kyingi, who sit at Kingdom, every month they pay 66 million shillings in rent.

Uganda Revenue Authority pays Sudhir 300 million shillings for a warehouse on Kampala Road.

The Electoral Commission pays 300 million shillings to Sudhir for a warehouse in Ntinda.

Which means, if you total this, that every month government pays Sudhir every month 2.9 billion shillings.

Which translates into 97 million shillings per day, and 4 million shillings per hour, and 600,000 per minute. So every minute, Sudhir collects 600,000 from government"

This data was spoken by Hon. Ibrahim Ssemujju Nganda sometime back.

[simonserver @simonserver]

“The cemetery is full of people who thought the world couldn’t continue without them.”

[ISHMAEL. @Ishmaelthehost]

Nabbanja’s facial expressions finiiish me!🙌🏾😂

Nabbanja can’t hide ko how she is feeling!🙌🏾😂

You see how Kadaga was ignoring whatever was happening! Nabbanja can’t do that!🙌🏾😂

[simonserver @simonserver]

“The cemetery is full of people who thought the world couldn’t continue without them.”

[Uncle Ras D'artte @Dartte__45]

There's a Ugandan website for this ,
Motoka dot com(don't be stupid please).
Enter brand name eg Toyota
Specific car type eg Harrier
Enter year of manufacture eg 2016

It will calculate all the taxes due for all the various engine sizes eg taxes for 1800cc, 2000cc , 2500cc for the same vehicle.

[EuroFoot @eurofootcom]

🇯🇵🤩The ball control here from Kaoru Mitoma. Pure quality. Today, he turns 29! 🪄

[Vikram @Vikram10729557]

His laugh was very cute and real😂❤

[AFC Bournemouth 🍒 @afcbournemouth]

Entering the @premierleague record books 📚

Junior Kroupi, take a bow 💫

[andrew engler @aerockrose]

Steve Ballmer reveals the interview test Microsoft used to separate problem-solvers from gamblers:

"I'm thinking of a number between 1 and 100. First guess, I give you $5. Then $4, $3, $2, $1. After that, you pay me."

"There are far more numbers on which you lose than win."

[simonserver @simonserver]

@Ntalebrian22 You hand over power to e next incoming. This is cheap politics at best😡