You can’t short a cult

Published: Fri 06 May 2022
Updated: Tue 22 November 2022
By steve

In Markets.

Friday 6, May 2022

Wrap

This was a risk-off day. Equity markets were pummelled. It was Europe’s turn today. Generally, FX and commodities were not too seriously affected. The 10Y yield on USTs crept up to 3.09%.

Hospital errors

I thought that this was interesting. It’s about how good management and a good team spirit encourages communication, and owning up to mistakes. It references a study done in hospitals where the error rate in good team places appeared to be an order of magnitude higher than in ones with a bad esprit de corps. The reality is that in the latter case, the mistakes were simply buried, in some cases literally.

I fear that the NHS must suffer from this. Anecdotal evidence is that management there is execrable. It suffers from being a monoposony employer of many types of professionals. I am fortunate in having minimal contact with the service, but the stats seem terrible. This famous study, with a completely straight face, as only the Guardian can muster, admits The only serious black mark against the NHS was its poor record on keeping people alive.

Stats on healthcare are notoriously gamed, so I won’t try to quote any, but it just seems clear that we have a service with dire productivity.

Image of the day

TOTD

Yup, it’s just a cult, and you can’t short a cult.

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