politicalbetting.com » Blog Archive » Stand by for this morning seat polling from Lord Ashcroft
I’m on Radio 4’s Today programme this morning followed by a breakfast briefing on the election so won’t be in a position to report and post on the latest round of Ashcroft seat polling.
EdM asks the FT : “Why exactly do you need to pay your shareholders dividends?”
Is this the guy who used to lecture in economics ?
That's actually an awesome economics puzzle. There's a school of thought that says shareholders are better off if you just let the value of the company grow, a la Steve Jobs, and let them extract value from it on their own schedule by selling stock. Then there are a bunch of theories trying to explain investors' apparently irrational preference for dividends, one being that they keep them in a different conceptual box from the value of the stock.
EdM asks the FT : “Why exactly do you need to pay your shareholders dividends?”
Is this the guy who used to lecture in economics ?
That's actually an awesome economics puzzle. There's a school of thought that says shareholders are better off if you just let the value of the company grow, a la Steve Jobs, and let them extract value from it on their own schedule by selling stock. Then there are a bunch of theories trying to explain investors' apparently irrational preference for dividends, one being that they keep them in a different conceptual box from the value of the stock.
edmund, I thought there was different thoughts depending on the industry too. For example, utilities serving essentially mature and saturated markets are expected to pay dividends as they are no or slow growth companies, whereas at the other end of the spectrum, tech companies are expected to reinvest profits rather than distribute them through dividends as their growth potential is greater than other investment options.
Philosophy, Politics and Economics at Corpus Christi College. London School of Economics with a Master of Science in Economics. Visiting scholar at the Centre for European Studies of Harvard University for two semesters. He spent his time at Harvard teaching economics, and stayed there after September 2003 for an additional semester teaching a course titled "What's Left? The Politics of Social Justice".
" one head of a FTSE 100 company recently given facetime with Miliband was reportedly stunned into silence when Ed asked him “Why exactly do you need to pay your shareholders dividends?”"
So, unsourced quote, with no names of people involved. Yep, sounds totally legit to me.
Philosophy, Politics and Economics at Corpus Christi College. London School of Economics with a Master of Science in Economics. Visiting scholar at the Centre for European Studies of Harvard University for two semesters. He spent his time at Harvard teaching economics, and stayed there after September 2003 for an additional semester teaching a course titled "What's Left? The Politics of Social Justice".
Unfortunately Guido doesn't provide any context there either...
EdM asks the FT : “Why exactly do you need to pay your shareholders dividends?”
Is this the guy who used to lecture in economics ?
That's actually an awesome economics puzzle. There's a school of thought that says shareholders are better off if you just let the value of the company grow, a la Steve Jobs, and let them extract value from it on their own schedule by selling stock. Then there are a bunch of theories trying to explain investors' apparently irrational preference for dividends, one being that they keep them in a different conceptual box from the value of the stock.
edmund, I thought there was different thoughts depending on the industry too. For example, utilities serving essentially mature and saturated markets are expected to pay dividends as they are no or slow growth companies, whereas at the other end of the spectrum, tech companies are expected to reinvest profits rather than distribute them through dividends as their growth potential is greater than other investment options.
The argument is that the former should do buybacks instead. Not sure if this applies to UK-taxed companies or not.
" one head of a FTSE 100 company recently given facetime with Miliband was reportedly stunned into silence when Ed asked him “Why exactly do you need to pay your shareholders dividends?”"
So, unsourced quote, with no names of people involved. Yep, sounds totally legit to me.
You can call him a liar if you want, I'll pass on that. The same quote is
" one head of a FTSE 100 company recently given facetime with Miliband was reportedly stunned into silence when Ed asked him “Why exactly do you need to pay your shareholders dividends?”"
So, unsourced quote, with no names of people involved. Yep, sounds totally legit to me.
You can call him a liar if you want, I'll pass on that. The same quote is
Tell him what ever you like, but tell him that quotes need attribution and names if they are to be taken seriously. I have no idea if he's a liar or not (who ever "he" is, you don't make that clear either) ;but it's not a properly sourced quote so it must be taken with a serious pinch of salt.
The Management today article you linked to, just references the Spectator article by Dan Hodges you also quoted. The order order article had no attribution at all.
So what we had is, "Dan Hodges said someone told him that someone else said........"
Do you really think this is good journalistic standards, hearsay from an unnamed source, at an unnamed time
" one head of a FTSE 100 company recently given facetime with Miliband was reportedly stunned into silence when Ed asked him “Why exactly do you need to pay your shareholders dividends?”"
So, unsourced quote, with no names of people involved. Yep, sounds totally legit to me.
You can call him a liar if you want, I'll pass on that. The same quote is
Do you really think this is good journalistic standards, hearsay from an unnamed source, at an unnamed time
No, its piss poor journalistic standards, but its what we have. I notice people get much more particular about journalistic standards when it runs against people they support, but are all together more relaxed about it when it is supportive of their own preference, funny that.
Do you really think this is good journalistic standards, hearsay from an unnamed source, at an unnamed time
No, its piss poor journalistic standards, but its what we have. I notice people get much more particular about journalistic standards when it runs against people they support, but are all together more relaxed about it when it is supportive of their own preference, funny that.
I'm not a Labour supporter by any stretch of the imagination, with the exception of my Betfair account, the result of the election is of zero consequence to me. i haven't lived in the UK for a decade.
I'd have questioned it the other way around as well
" one head of a FTSE 100 company recently given facetime with Miliband was reportedly stunned into silence when Ed asked him “Why exactly do you need to pay your shareholders dividends?”"
So, unsourced quote, with no names of people involved. Yep, sounds totally legit to me.
You can call him a liar if you want, I'll pass on that. The same quote is
" one head of a FTSE 100 company recently given facetime with Miliband was reportedly stunned into silence when Ed asked him “Why exactly do you need to pay your shareholders dividends?”"
So, unsourced quote, with no names of people involved. Yep, sounds totally legit to me.
You can call him a liar if you want, I'll pass on that. The same quote is
Tell him what ever you like, but tell him that quotes need attribution and names if they are to be taken seriously. I have no idea if he's a liar or not (who ever "he" is, you don't make that clear either) ;but it's not a properly sourced quote so it must be taken with a serious pinch of salt.
The Management today article you linked to, just references the Spectator article by Dan Hodges you also quoted. The order order article had no attribution at all.
So what we had is, "Dan Hodges said someone told him that someone else said........"
Do you really think this is good journalistic standards, hearsay from an unnamed source, at an unnamed time
Dan Hodges is a bitter, twisted man who could not become the LOTO Office CEO because David Miliband lost. He cannot forgive Ed.
EdM asks the FT : “Why exactly do you need to pay your shareholders dividends?”
Is this the guy who used to lecture in economics ?
That's actually an awesome economics puzzle. There's a school of thought that says shareholders are better off if you just let the value of the company grow, a la Steve Jobs, and let them extract value from it on their own schedule by selling stock. Then there are a bunch of theories trying to explain investors' apparently irrational preference for dividends, one being that they keep them in a different conceptual box from the value of the stock.
I am not an economist (tm), (thank god), but don't dividends allow big investors extract value from successful companies without damaging their long-term shareholding .I would have guessed that that is quite important to long-term investors such as pension funds?
For a long-term investor, if you sell shares, you may have to buy them back later, and if the target company is successful that will probably be at a higher price.
And the Apple-clause should be invoked: few companies are as successful as Apple, and they are very atypical.
EdM asks the FT : “Why exactly do you need to pay your shareholders dividends?”
Is this the guy who used to lecture in economics ?
That's actually an awesome economics puzzle. There's a school of thought that says shareholders are better off if you just let the value of the company grow, a la Steve Jobs, and let them extract value from it on their own schedule by selling stock. Then there are a bunch of theories trying to explain investors' apparently irrational preference for dividends, one being that they keep them in a different conceptual box from the value of the stock.
edmund, I thought there was different thoughts depending on the industry too. For example, utilities serving essentially mature and saturated markets are expected to pay dividends as they are no or slow growth companies, whereas at the other end of the spectrum, tech companies are expected to reinvest profits rather than distribute them through dividends as their growth potential is greater than other investment options.
The argument is that the former should do buybacks instead. Not sure if this applies to UK-taxed companies or not.
The advantage of dividends is that the money has to be there for it to be paid out. There are many ways to create paper assets on balance sheets to make a company look as if it is doing well, but dividends are hard cash. Share buybacks are mostly ways for executives to benefit from share options.
Are Radio 4 now taking ads for the "Belgravia Hair Centre" ?
I hope that your ARSE has recovered from your curry.
Indeed it has .... considerably assisted its required oiling by a particularly passable madeira.
That said Lord A's unseemly breakfast dump of Con/Lab marginal polling will only add to a more frenzied digestion within my ARSE less than an hour later.
EdM asks the FT : “Why exactly do you need to pay your shareholders dividends?”
Is this the guy who used to lecture in economics ?
That's actually an awesome economics puzzle. There's a school of thought that says shareholders are better off if you just let the value of the company grow, a la Steve Jobs, and let them extract value from it on their own schedule by selling stock. Then there are a bunch of theories trying to explain investors' apparently irrational preference for dividends, one being that they keep them in a different conceptual box from the value of the stock.
And the Apple-clause should be invoked: few companies are as successful as Apple, and they are very atypical.
Apple suffers a problem common to many successful multinationals - especially US based ones: The money is not in the US. Profits and cash pile up around the world but the IRS taxes the pants off it when remitted back to head office. So the group balance sheet shows enormous cash balances - but these are not available to be paid as dividend because they're not held at group level. Apple has to borrow to pay its dividend or buy back shares! It's an oddball created entirely by the greed of the US tax authorities. If, for example, Apple UK is sitting on a mountain of cash, WTF should it do with that cash? Paying an intra-group dividend up to head office would be economically nuts. Maybe they can get an expensive intra-group loan from head office and pay some back as interest - but this will be heavily scrutinised for transfer pricing by both US and UK tax bodies. It's a tough one! Literally they have more money than they know what to do with.
FPT
So where was all this Labour outrage when they brought in the rule that tenants in receipt of Housing Benefit in the private sector were limited to the amount needed for the number of bedrooms occupied (c. 2003)?
" one head of a FTSE 100 company recently given facetime with Miliband was reportedly stunned into silence when Ed asked him “Why exactly do you need to pay your shareholders dividends?”"
So, unsourced quote, with no names of people involved. Yep, sounds totally legit to me.
You can call him a liar if you want, I'll pass on that. The same quote is
Tell him what ever you like, but tell him that quotes need attribution and names if they are to be taken seriously. I have no idea if he's a liar or not (who ever "he" is, you don't make that clear either) ;but it's not a properly sourced quote so it must be taken with a serious pinch of salt.
The Management today article you linked to, just references the Spectator article by Dan Hodges you also quoted. The order order article had no attribution at all.
So what we had is, "Dan Hodges said someone told him that someone else said........"
Do you really think this is good journalistic standards, hearsay from an unnamed source, at an unnamed time
Dan Hodges is a bitter, twisted man who could not become the LOTO Office CEO because David Miliband lost. He cannot forgive Ed.
You must be beside yourself that Labour is in this election with a duffer as leader, How on earth did it come to this?
" one head of a FTSE 100 company recently given facetime with Miliband was reportedly stunned into silence when Ed asked him “Why exactly do you need to pay your shareholders dividends?”"
So, unsourced quote, with no names of people involved. Yep, sounds totally legit to me.
You can call him a liar if you want, I'll pass on that. The same quote is
Tell him what ever you like, but tell him that quotes need attribution and names if they are to be taken seriously. I have no idea if he's a liar or not (who ever "he" is, you don't make that clear either) ;but it's not a properly sourced quote so it must be taken with a serious pinch of salt.
The Management today article you linked to, just references the Spectator article by Dan Hodges you also quoted. The order order article had no attribution at all.
So what we had is, "Dan Hodges said someone told him that someone else said........"
Do you really think this is good journalistic standards, hearsay from an unnamed source, at an unnamed time
Dan Hodges is a bitter, twisted man who could not become the LOTO Office CEO because David Miliband lost. He cannot forgive Ed.
You must be beside yourself that Labour is in this election with a duffer as leader, How on earth did it come to this?
Are you referring to Edward Samuel Miliband, our next Prime Minister ?
I quite like the right to buy policy, it's one of those rare things - a policy that would actually make many people feel good about voting Tory (as in not just the ones who will benefit directly)
Morning all, Ashcroft marginals at 8am and the ARSE at 9am, what a way to start the day.
If Jack is around yet, yesterday I received a personalised letter from the Viscount. Nothing yet from SNP or Labour. The score so far is therefore Liberal 10, Tory 1, SNP and SLAB 0.
Anyway, given about a 3% standard deviation of swing (close to recent history), if there are 12 seats, the following results would indicate:
6 con, 6 lab: 5% average swing 7 con 5 lab: 3-4% average swing 8 con, 4 lab, 2% average swing 9-10 con, 2-3 lab, 0.5% average swing. 11-12 con, 0-1 lab, 1% pro-con swing
In short, howver many: 50-50 indicates 5% swing 5-eighthss to 3 eights indicates 0.5sd short of 5% (ie about 3.5%) 2-thirds to 1 third indicates 1sd swing short of 5%(c. 3% less than 5%, so 2%) 4-fifths to 1 fifth (ish) is about 1.5sd short of 5% 19-twentieths to one-twentieth ish is about 2 sd short of 5%
(All calculated on a tablet while feeling muzzy, so worth checking my maths!)
Are Radio 4 now taking ads for the "Belgravia Hair Centre" ?
I hope that your ARSE has recovered from your curry.
Indeed it has .... considerably assisted its required oiling by a particularly passable madeira.
That said Lord A's unseemly breakfast dump of Con/Lab marginal polling will only add to a more frenzied digestion within my ARSE less than an hour later.
ARSE (and Jack Dozen) vs Ashcroft? Will they speak as one? Or will Ascroft be exposed as a pale immitation? The tension builds....
" one head of a FTSE 100 company recently given facetime with Miliband was reportedly stunned into silence when Ed asked him “Why exactly do you need to pay your shareholders dividends?”"
So, unsourced quote, with no names of people involved. Yep, sounds totally legit to me.
You can call him a liar if you want, I'll pass on that. The same quote is
Tell him what ever you like, but tell him that quotes need attribution and names if they are to be taken seriously. I have no idea if he's a liar or not (who ever "he" is, you don't make that clear either) ;but it's not a properly sourced quote so it must be taken with a serious pinch of salt.
The Management today article you linked to, just references the Spectator article by Dan Hodges you also quoted. The order order article had no attribution at all.
So what we had is, "Dan Hodges said someone told him that someone else said........"
Do you really think this is good journalistic standards, hearsay from an unnamed source, at an unnamed time
Dan Hodges is a bitter, twisted man who could not become the LOTO Office CEO because David Miliband lost. He cannot forgive Ed.
You must be beside yourself that Labour is in this election with a duffer as leader, How on earth did it come to this?
Are you referring to Edward Samuel Miliband, our next Prime Minister ?
What a joy it is this early in the day to see a seasoned PBer with such a wonderful sense of humour and penning a statement worthy of the some of the finest fiction in the annals of English literature.
If the above are the seats one would expect all Tory holds.
Dover 2nd place could be interesting mind
Indeed, all look longshots for Lab; outside chance in Colne V and maybe Pboro could be a bit of a random factor. Expect few to no gains at this kind of swing.
EdM asks the FT : “Why exactly do you need to pay your shareholders dividends?”
Is this the guy who used to lecture in economics ?
That's actually an awesome economics puzzle. There's a school of thought that says shareholders are better off if you just let the value of the company grow, a la Steve Jobs, and let them extract value from it on their own schedule by selling stock. Then there are a bunch of theories trying to explain investors' apparently irrational preference for dividends, one being that they keep them in a different conceptual box from the value of the stock.
And the Apple-clause should be invoked: few companies are as successful as Apple, and they are very atypical.
Apple suffers a problem common to many successful multinationals - especially US based ones: The money is not in the US. Profits and cash pile up around the world but the IRS taxes the pants off it when remitted back to head office. So the group balance sheet shows enormous cash balances - but these are not available to be paid as dividend because they're not held at group level. Apple has to borrow to pay its dividend or buy back shares! It's an oddball created entirely by the greed of the US tax authorities. If, for example, Apple UK is sitting on a mountain of cash, WTF should it do with that cash? Paying an intra-group dividend up to head office would be economically nuts. Maybe they can get an expensive intra-group loan from head office and pay some back as interest - but this will be heavily scrutinised for transfer pricing by both US and UK tax bodies. It's a tough one! Literally they have more money than they know what to do with.
EdM asks the FT : “Why exactly do you need to pay your shareholders dividends?”
Is this the guy who used to lecture in economics ?
That's actually an awesome economics puzzle. There's a school of thought that says shareholders are better off if you just let the value of the company grow, a la Steve Jobs, and let them extract value from it on their own schedule by selling stock. Then there are a bunch of theories trying to explain investors' apparently irrational preference for dividends, one being that they keep them in a different conceptual box from the value of the stock.
And the Apple-clause should be invoked: few companies are as successful as Apple, and they are very atypical.
Apple suffers a problem common to many successful multinationals - especially US based ones: The money is not in the US. Profits and cash pile up around the world but the IRS taxes the pants off it when remitted back to head office. So the group balance sheet shows enormous cash balances - but these are not available to be paid as dividend because they're not held at group level. Apple has to borrow to pay its dividend or buy back shares! It's an oddball created entirely by the greed of the US tax authorities. If, for example, Apple UK is sitting on a mountain of cash, WTF should it do with that cash? Paying an intra-group dividend up to head office would be economically nuts. Maybe they can get an expensive intra-group loan from head office and pay some back as interest - but this will be heavily scrutinised for transfer pricing by both US and UK tax bodies. It's a tough one! Literally they have more money than they know what to do with.
They should just man-up and pay the taxes. ;-)
If what Patrick says is true, then it is all tax avoidance. Do yanks pay CGT on share sales?
" one head of a FTSE 100 company recently given facetime with Miliband was reportedly stunned into silence when Ed asked him “Why exactly do you need to pay your shareholders dividends?”"
So, unsourced quote, with no names of people involved. Yep, sounds totally legit to me.
You can call him a liar if you want, I'll pass on that. The same quote is
Tell him what ever you like, but tell him that quotes need attribution and names if they are to be taken seriously. I have no idea if he's a liar or not (who ever "he" is, you don't make that clear either) ;but it's not a properly sourced quote so it must be taken with a serious pinch of salt.
The Management today article you linked to, just references the Spectator article by Dan Hodges you also quoted. The order order article had no attribution at all.
So what we had is, "Dan Hodges said someone told him that someone else said........"
Do you really think this is good journalistic standards, hearsay from an unnamed source, at an unnamed time
Dan Hodges is a bitter, twisted man who could not become the LOTO Office CEO because David Miliband lost. He cannot forgive Ed.
You must be beside yourself that Labour is in this election with a duffer as leader, How on earth did it come to this?
Are you referring to Edward Samuel Miliband, our next Prime Minister ?
What a joy it is this early in the day to see a seasoned PBer with such a wonderful sense of humour and penning a statement worthy of the some of the finest fiction in the annals of English literature.
SeanT had best be on his guard !!
Amazing really.. there is nothing to laugh about (If youvote Labour) if you have a duffer as leader.
Morning all, Ashcroft marginals at 8am and the ARSE at 9am, what a way to start the day.
If Jack is around yet, yesterday I received a personalised letter from the Viscount. Nothing yet from SNP or Labour. The score so far is therefore Liberal 10, Tory 1, SNP and SLAB 0.
One hopes this personalised missive from the good Viscount was an encouragement to emulate him, grow a full set and perhaps as a mere afterthought perchance brandish the pencil in his direction over the ballot paper in the very near future ??
Anyway, given about a 3% standard deviation of swing (close to recent history), if there are 12 seats, the following results would indicate:
6 con, 6 lab: 5% average swing 7 con 5 lab: 3-4% average swing 8 con, 4 lab, 2% average swing 9-10 con, 2-3 lab, 0.5% average swing. 11-12 con, 0-1 lab, 1% pro-con swing
In short, howver many: 50-50 indicates 5% swing 5-eighthss to 3 eights indicates 0.5sd short of 5% (ie about 3.5%) 2-thirds to 1 third indicates 1sd swing short of 5%(c. 3% less than 5%, so 2%) 4-fifths to 1 fifth (ish) is about 1.5sd short of 5% 19-twentieths to one-twentieth ish is about 2 sd short of 5%
(All calculated on a tablet while feeling muzzy, so worth checking my maths!)
Oops, sorry - thought I was muzzy. The sd swings are in both directions, thus halve the number for pro-Lab
50-50 is still 5% swing (6-6; more Lab indicates a greater than 5% swing as below in reverse) one quarter Lab is o.67sd short of 5% (3% swing); 9-3 to the Tories on 12 seats one-sixth Lab is 1sd short (2% swing); 10-2 Tory Around one tenth is 1.3 sd short (1% swing) 10-11 to 1-2 Lab Tory Around one-twentieth is 1.67 sd short (no swing) 11-12 Tory to 0-1 Lab - and judging the difference between this last three wouldl be a trick.
Anyway, given about a 3% standard deviation of swing (close to recent history), if there are 12 seats, the following results would indicate:
6 con, 6 lab: 5% average swing 7 con 5 lab: 3-4% average swing 8 con, 4 lab, 2% average swing 9-10 con, 2-3 lab, 0.5% average swing. 11-12 con, 0-1 lab, 1% pro-con swing
In short, howver many: 50-50 indicates 5% swing 5-eighthss to 3 eights indicates 0.5sd short of 5% (ie about 3.5%) 2-thirds to 1 third indicates 1sd swing short of 5%(c. 3% less than 5%, so 2%) 4-fifths to 1 fifth (ish) is about 1.5sd short of 5% 19-twentieths to one-twentieth ish is about 2 sd short of 5%
(All calculated on a tablet while feeling muzzy, so worth checking my maths!)
The maths looks right to me (though still pre coffee). Edit: it seems not!
Though a lot may depend on the geographical spread of the Ashcroft seats, if indeed there is a bigger swing to Labour in London and SE as seemed to be the case in earlier polls.
So where was all this Labour outrage when they brought in the rule that tenants in receipt of Housing Benefit in the private sector were limited to the amount needed for the number of bedrooms occupied (c. 2003)?
Because it did not affect existing tenants,only new tenancies from that date.
I wonder when Lord A carried out the fieldwork for this batch.
A nowcast vs a projection. I expect them to be different and both could be right.
Is it the Tory manifesto today? Is there anything left to announce after yesterday? They played Labour well yesterday with some chunky policy detail j that kept Labour from getting any positive traction from the manifesto launch.
Still in something of a shock about the ICM yesterday. What I think is particularly significant is that this is far from a one off in relation to the high Tory score.
If it turns out that the true narrative of this election was materially different from what we have been led to believe by the internet pollsters there will be some serious disgruntlement, particularly amongst those who have more than fun sums at stake.
Whilst I continue to have reservations about the accuracy and reliability of Lord Ashcroft's efforts, particularly at constituency level, today just might give us an indication as to whether or not there is support for ICM. If the Tories are even in the MoE of the ICM figure very few seats needing a 5% swing should be going red, even on Andy's helpful analysis.
Anyway, given about a 3% standard deviation of swing (close to recent history), if there are 12 seats, the following results would indicate:
6 con, 6 lab: 5% average swing 7 con 5 lab: 3-4% average swing 8 con, 4 lab, 2% average swing 9-10 con, 2-3 lab, 0.5% average swing. 11-12 con, 0-1 lab, 1% pro-con swing
In short, howver many: 50-50 indicates 5% swing 5-eighthss to 3 eights indicates 0.5sd short of 5% (ie about 3.5%) 2-thirds to 1 third indicates 1sd swing short of 5%(c. 3% less than 5%, so 2%) 4-fifths to 1 fifth (ish) is about 1.5sd short of 5% 19-twentieths to one-twentieth ish is about 2 sd short of 5%
(All calculated on a tablet while feeling muzzy, so worth checking my maths!)
Oops, sorry - thought I was muzzy. The sd swings are in both directions, thus halve the number for pro-Lab
50-50 is still 5% swing (6-6; more Lab indicates a greater than 5% swing as below in reverse) one quarter Lab is o.67sd short of 5% (3% swing); 9-3 to the Tories on 12 seats one-sixth Lab is 1sd short (2% swing); 10-2 Tory Around one tenth is 1.3 sd short (1% swing) 10-11 to 1-2 Lab Tory Around one-twentieth is 1.67 sd short (no swing) 11-12 Tory to 0-1 Lab - and judging the difference between this last three wouldl be a trick.
How can there be a swing to Con [ on average ] if there is even one gain for Labour?
Surely, swing to Con could only be implied if Con retains all 12 [ indeed may also increase majorities ].
Commentators yesterday noted that previous Labour manifesto had a picture of Blair on the front, while now Ed is excised from any and all party literature
Still in something of a shock about the ICM yesterday. What I think is particularly significant is that this is far from a one off in relation to the high Tory score.
If it turns out that the true narrative of this election was materially different from what we have been led to believe by the internet pollsters there will be some serious disgruntlement, particularly amongst those who have more than fun sums at stake.
Whilst I continue to have reservations about the accuracy and reliability of Lord Ashcroft's efforts, particularly at constituency level, today just might give us an indication as to whether or not there is support for ICM. If the Tories are even in the MoE of the ICM figure very few seats needing a 5% swing should be going red, even on Andy's helpful analysis.
See that Sporting Index has not moved.
Of these seats I've backed the Conservatives in Colne Valley, have backed Labour too - though the Labour bet may well be palped (It is 66-1)
I'm not counting on it paying out at 66-1 for my book.
Still in something of a shock about the ICM yesterday. What I think is particularly significant is that this is far from a one off in relation to the high Tory score.
If it turns out that the true narrative of this election was materially different from what we have been led to believe by the internet pollsters there will be some serious disgruntlement, particularly amongst those who have more than fun sums at stake.
Whilst I continue to have reservations about the accuracy and reliability of Lord Ashcroft's efforts, particularly at constituency level, today just might give us an indication as to whether or not there is support for ICM. If the Tories are even in the MoE of the ICM figure very few seats needing a 5% swing should be going red, even on Andy's helpful analysis.
See that Sporting Index has not moved.
Has the moving averages moved at all since the official start of the campaign ? Unless very marginally to Labour. UKIP , Greens have certainly dropped. LD has increased and so has the SNP.
Anyway, given about a 3% standard deviation of swing (close to recent history), if there are 12 seats, the following results would indicate:
6 con, 6 lab: 5% average swing 7 con 5 lab: 3-4% average swing 8 con, 4 lab, 2% average swing 9-10 con, 2-3 lab, 0.5% average swing. 11-12 con, 0-1 lab, 1% pro-con swing
In short, howver many: 50-50 indicates 5% swing 5-eighthss to 3 eights indicates 0.5sd short of 5% (ie about 3.5%) 2-thirds to 1 third indicates 1sd swing short of 5%(c. 3% less than 5%, so 2%) 4-fifths to 1 fifth (ish) is about 1.5sd short of 5% 19-twentieths to one-twentieth ish is about 2 sd short of 5%
(All calculated on a tablet while feeling muzzy, so worth checking my maths!)
Oops, sorry - thought I was muzzy. The sd swings are in both directions, thus halve the number for pro-Lab
50-50 is still 5% swing (6-6; more Lab indicates a greater than 5% swing as below in reverse) one quarter Lab is o.67sd short of 5% (3% swing); 9-3 to the Tories on 12 seats one-sixth Lab is 1sd short (2% swing); 10-2 Tory Around one tenth is 1.3 sd short (1% swing) 10-11 to 1-2 Lab Tory Around one-twentieth is 1.67 sd short (no swing) 11-12 Tory to 0-1 Lab - and judging the difference between this last three wouldl be a trick.
How can there be a swing to Con [ on average ] if there is even one gain for Labour?
Surely, swing to Con could only be implied if Con retains all 12 [ indeed may also increase majorities ].
EdM asks the FT : “Why exactly do you need to pay your shareholders dividends?”
Is this the guy who used to lecture in economics ?
That's actually an awesome economics puzzle. There's a school of thought that says shareholders are better off if you just let the value of the company grow, a la Steve Jobs, and let them extract value from it on their own schedule by selling stock. Then there are a bunch of theories trying to explain investors' apparently irrational preference for dividends, one being that they keep them in a different conceptual box from the value of the stock.
And the Apple-clause should be invoked: few companies are as successful as Apple, and they are very atypical.
Apple suffers a problem common to many successful multinationals - especially US based ones: The money is not in the US. Profits and cash pile up around the world but the IRS taxes the pants off it when remitted back to head office. So the group balance sheet shows enormous cash balances - but these are not available to be paid as dividend because they're not held at group level. Apple has to borrow to pay its dividend or buy back shares! It's an oddball created entirely by the greed of the US tax authorities. If, for example, Apple UK is sitting on a mountain of cash, WTF should it do with that cash? Paying an intra-group dividend up to head office would be economically nuts. Maybe they can get an expensive intra-group loan from head office and pay some back as interest - but this will be heavily scrutinised for transfer pricing by both US and UK tax bodies. It's a tough one! Literally they have more money than they know what to do with.
Still in something of a shock about the ICM yesterday. What I think is particularly significant is that this is far from a one off in relation to the high Tory score.
If it turns out that the true narrative of this election was materially different from what we have been led to believe by the internet pollsters there will be some serious disgruntlement, particularly amongst those who have more than fun sums at stake.
Whilst I continue to have reservations about the accuracy and reliability of Lord Ashcroft's efforts, particularly at constituency level, today just might give us an indication as to whether or not there is support for ICM. If the Tories are even in the MoE of the ICM figure very few seats needing a 5% swing should be going red, even on Andy's helpful analysis.
See that Sporting Index has not moved.
Has the moving averages moved at all since the official start of the campaign ? Unless very marginally to Labour. UKIP , Greens have certainly dropped. LD has increased and so has the SNP.
Yes, they moved quite a bit in response to the good polling for Labour at the start of last week. The gap between the mid points started at 16 and fell to 11 in about 4 days as a Tory plurality seemed less likely. It may be that the ICM has simply stopped (temporarily or otherwise) this trend.
Edit. On reading your post again I was talking about the Sporting Index figures not the moving averages which I agree have been fairly static with a modest squeeze on the smaller parties (except the SNP of course) and minimal changes for the big 2.
Commentators yesterday noted that previous Labour manifesto had a picture of Blair on the front, while now Ed is excised from any and all party literature
As the applause rang out for Red Ed after his manifesto launch in Manchester, one veteran Labour Leftie was kept far from public view — Ken Livingstone.
The former London Mayor — notorious during his entire political career for his hard-Left leanings — was a key figure in drafting the document, and so crucial he attended the final manifesto meeting with Miliband at London’s Church House last Thursday.
What I have found amusing over the last couple of days is the way that Osborne has been able to weaponise (to turn a phrase) the Tories' superior credibility about the economy. He has done this by promising apparently "unfunded" (I really resent the way all politicians use that word in the context of a £90bn deficit) additional spending.
This works both ways. Firstly, every time he is challenged about it it allows him to boast about his seriously impressive economic record and demonstrate that he is promising no more than he has already delivered over the last 5 years.
Secondly, when Labour and Ed Balls in particular are trying to be oh so grown up and responsible (fingers crossed behind their backs or otherwise) it has the delightful side effect of reducing them to spluttering incoherence like we saw yesterday. Labour still get shot down on their slightly fanciful if superficially more complete arithmetic and Osborne gets to say "we will find a way, again."
If he did not have the superior economic credibility he could not possibly get away with this but he does and he is using it to maximum effect.
Commentators yesterday noted that previous Labour manifesto had a picture of Blair on the front, while now Ed is excised from any and all party literature
At its heart is a simple proposition: security at every stage of your life. http://t.co/qOQxJGAndo
Who knew it. The Tories are now to the left of Labour with a lead policy of Socialist housing and offering "security at every stage of life".
One might say "protection from the cradle to the grave".
Morning all,
Each party seems to be using their manifesto purely to address their perceived weaknesses. No doubt this will contribute further to the dead-heat in the polls we are seeing (unless ICM turn out to be a canary and not a canard).
Ashcroft: Conservatives ahead in five of the ten seats: Cleethorpes (though by only by two points), Dover, Dudley South, Harlow and North East Somerset, where Jacob Rees-Mogg is sixteen points clear of Labour despite the Liberal Democrat vote falling by more than half.
Comments
Is this the guy who used to lecture in economics ?
Wikipedia:
So, unsourced quote, with no names of people involved. Yep, sounds totally legit to me.
http://www.forbes.com/sites/baldwin/2012/03/19/steve-jobs-wouldnt-have-paid-a-dividend-3/
http://www.managementtoday.co.uk/news/1342353/can-miliband-convince-voters-trust-economy/
http://www.spectator.co.uk/features/9494602/ed-miliband-could-still-win-heres-what-would-happen-next/
3 hours 3 minutes 3 seconds
The Management today article you linked to, just references the Spectator article by Dan Hodges you also quoted. The order order article had no attribution at all.
So what we had is, "Dan Hodges said someone told him that someone else said........"
Do you really think this is good journalistic standards, hearsay from an unnamed source, at an unnamed time
I'd have questioned it the other way around as well
http://www.dailymail.co.uk/health/article-3032255/At-cure-baldness-Scientists-discover-regrow-hair-long-prepared-pull-first.html
I hope that your ARSE has recovered from your curry.
For a long-term investor, if you sell shares, you may have to buy them back later, and if the target company is successful that will probably be at a higher price.
And the Apple-clause should be invoked: few companies are as successful as Apple, and they are very atypical.
I rarely buy shares that pay no dividends.
That said Lord A's unseemly breakfast dump of Con/Lab marginal polling will only add to a more frenzied digestion within my ARSE less than an hour later.
Dover 2nd place could be interesting mind
Don't be cheeky.
Like the Coalition it acts as one in the interests of the nation.
Titter
If Jack is around yet, yesterday I received a personalised letter from the Viscount. Nothing yet from SNP or Labour. The score so far is therefore Liberal 10, Tory 1, SNP and SLAB 0.
6 con, 6 lab: 5% average swing
7 con 5 lab: 3-4% average swing
8 con, 4 lab, 2% average swing
9-10 con, 2-3 lab, 0.5% average swing.
11-12 con, 0-1 lab, 1% pro-con swing
In short, howver many:
50-50 indicates 5% swing
5-eighthss to 3 eights indicates 0.5sd short of 5% (ie about 3.5%)
2-thirds to 1 third indicates 1sd swing short of 5%(c. 3% less than 5%, so 2%)
4-fifths to 1 fifth (ish) is about 1.5sd short of 5%
19-twentieths to one-twentieth ish is about 2 sd short of 5%
(All calculated on a tablet while feeling muzzy, so worth checking my maths!)
SeanT had best be on his guard !!
50-50 is still 5% swing (6-6; more Lab indicates a greater than 5% swing as below in reverse)
one quarter Lab is o.67sd short of 5% (3% swing); 9-3 to the Tories on 12 seats
one-sixth Lab is 1sd short (2% swing); 10-2 Tory
Around one tenth is 1.3 sd short (1% swing) 10-11 to 1-2 Lab Tory
Around one-twentieth is 1.67 sd short (no swing) 11-12 Tory to 0-1 Lab - and judging the difference between this last three wouldl be a trick.
Though a lot may depend on the geographical spread of the Ashcroft seats, if indeed there is a bigger swing to Labour in London and SE as seemed to be the case in earlier polls.
Because it did not affect existing tenants,only new tenancies from that date.
A nowcast vs a projection. I expect them to be different and both could be right.
Is it the Tory manifesto today? Is there anything left to announce after yesterday? They played Labour well yesterday with some chunky policy detail j that kept Labour from getting any positive traction from the manifesto launch.
Though I am near my limit for this election, with over £600 staked, albeit some of the stakes laying each other off.
If it turns out that the true narrative of this election was materially different from what we have been led to believe by the internet pollsters there will be some serious disgruntlement, particularly amongst those who have more than fun sums at stake.
Whilst I continue to have reservations about the accuracy and reliability of Lord Ashcroft's efforts, particularly at constituency level, today just might give us an indication as to whether or not there is support for ICM. If the Tories are even in the MoE of the ICM figure very few seats needing a 5% swing should be going red, even on Andy's helpful analysis.
See that Sporting Index has not moved.
Surely, swing to Con could only be implied if Con retains all 12 [ indeed may also increase majorities ].
@David_Cameron: This is the cover of our manifesto.
At its heart is a simple proposition: security at every stage of your life. http://t.co/qOQxJGAndo
I'm not counting on it paying out at 66-1 for my book.
@SunPolitics: Manifest-d'oh! Labour's deficit plan doesn't add up: http://sunpl.us/60184tgu
Edit. On reading your post again I was talking about the Sporting Index figures not the moving averages which I agree have been fairly static with a modest squeeze on the smaller parties (except the SNP of course) and minimal changes for the big 2.
One might say "protection from the cradle to the grave".
The former London Mayor — notorious during his entire political career for his hard-Left leanings — was a key figure in drafting the document, and so crucial he attended the final manifesto meeting with Miliband at London’s Church House last Thursday.
Read more: http://www.dailymail.co.uk/news/article-3037813/How-Red-Ken-helped-write-Ed-s-manifesto-ANDREW-PIERCE-stories-spin-doctors-DON-T-want-read.html#ixzz3XGR4fcPt
https://twitter.com/LordAshcroft/status/587872526862311424
This works both ways. Firstly, every time he is challenged about it it allows him to boast about his seriously impressive economic record and demonstrate that he is promising no more than he has already delivered over the last 5 years.
Secondly, when Labour and Ed Balls in particular are trying to be oh so grown up and responsible (fingers crossed behind their backs or otherwise) it has the delightful side effect of reducing them to spluttering incoherence like we saw yesterday. Labour still get shot down on their slightly fanciful if superficially more complete arithmetic and Osborne gets to say "we will find a way, again."
If he did not have the superior economic credibility he could not possibly get away with this but he does and he is using it to maximum effect.
Are we getting comparable polls about seats with small Labour majorities?
Each party seems to be using their manifesto purely to address their perceived weaknesses. No doubt this will contribute further to the dead-heat in the polls we are seeing (unless ICM turn out to be a canary and not a canard).
All the rest well within MoE, except Dover and Harlow.