Spanish chestnut
A CITY friend has confided to me the secret of his successful investment policy. Never, he says, invest in a country which has previously been governed by Spain. This principle has kept him out of trouble, not only in the greater part of most of South America (Brazil and its Portuguese rulers he had to work out for himself), but also in such notorious traps as the Philip- pines, Mexico, California (think what he could have saved the Midland) and Texas — where everything is the biggest, includ- ing the bank failures. Pleased with his policy, and anxious to apply it literally, my friend has discovered a catch in it — what should he do about the fashionable notion of investing in Spain? My advice is that he should think of Spain as a country pre- viously governed by the Moors and, before them, the Romans, but maybe he should wait for them to come back.
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