I have a particular fondness for oceanside resort communities in the offseason. Having spent half of my youth at the Jersey Shore, I love their uncrowded sidewalks and beaches, the warmth of the sun on a chilly day, and the unique quality of light and shadow as the sun crawls along its southerly path. All these things stir sentimental feelings in me.
I intended to write more on hidden risks and reduced transparency in the markets, but this morning was so beautiful here in Biarritz that I did not feel like writing about the markets today. The six-hour time difference between the US and France gives me lots of time to ponder the world and make observations before working a few hours in my portable office every afternoon.
Friends at home have asked me about the strikes and shutdowns that have been reported in the press. I have not seen a single protestor, protest sign, or graffiti. The trains and the buses, which are very efficient, have continued to operate with no interruptions.
The political turmoil here is exactly like home. A court recently sentenced former President Sarkozy to prison for associating with “malfaiteurs” 18 years ago when he or some of his supporters solicited election funds. This follows the condemnation and banning of Marine Le Pen from the next election some months ago. France is on its second prime minister this year since the political parties cannot agree on a budget. Last year there were three if you don’t count François Bayrou, who began his term in December and ended it this past September. The issues are mostly deficits, inequality, Social Security, taxes, Ukraine etc.
Meanwhile, the Biarritz Surf Club held a surfing contest last weekend. The band Friday was a typical surfer group reminiscent of the garage bands of my youth. They were lots of fun, loud and raw and clearly popular members of the local surfer scene. Friday night the band was much more polished. Their lead singer sang seven or eight magnificent solos as he played his acoustic guitar.
As they do every night, the last dozen or so surfers paddled out past the breaking waves and sat on their boards as they watched the sun disappear beyond the horizon. With the mountains all around, it always reminds me of Nicholas Cage and that scene from City of Angels where the Angels gather on the beach in Malibu as the sun sets, except with wet suits instead of trench coats.
Wendy arrived this week and we are going to London for a visit. So, the posts might be a little sporadic for the next two weeks as we try to take a proper vacation. À bientôt.