Is Cash the Best Benchmark?

Is Cash the Best Benchmark? - at www.moneyweek.com - the best of the international financial media

Lex in the Financial Times writes of the apparent 'Wimbledonisation' of the City of London. According to the Office of National Statistics, foreigners and 'other financial institutions' own 45% of the FTSE 100, compared to 36% in 1999. If domestic investors have been and remain largely unable to see the fundamental attractiveness of their own equity market, more fool them.

Lex suggests that 'the activity of UK plc is even less patriotic', citing UBS estimates that 32% of FTSE 100 non-financial sales are now domestic, compared to 51% in 1999. What this has to do with patriotism is anyone's guess - the purpose of a company is surely to enrich its shareholders by doing business wherever it can add value, and if the bigger markets are outside the UK, so be it.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free
https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up
MoneyWeek

MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.