It's 'high and buy' from FTSE 100: The more the 索引 rises the greater the 勧める to 投資する, says HAMISH MCRAE
Yet another 記録，記録的な／記録する の近くに for the FTSE 100 株 索引 on Friday at 8,140, so not a bad week at all.?
It is 正確に／まさに the sort of reassessment of the value the London market 申し込む／申し出s that I have 推定する／予想するd, coupled with decent results from the big banks, 特に NatWest.
But let's not get too excited. The Footsie is still up only 5 per cent this year, and shockingly up only 10 per cent on five years ago. By contrast the S&P 500 索引 is up 7 per cent this year and 73 per cent over five years.
The 同等（の） numbers for the German Dax 索引 are 8 per cent and 47 per cent. The London market remains fundamentally undervalued by world 基準s.
記録，記録的な／記録する breaker: We need to build on this incipient 回復 in UK 公正，普通株主権 prices so that more people get a 株 of the 活動／戦闘
So what's next? 井戸／弁護士席, I 推定する／予想する the value that London 申し込む／申し出s to be ますます recognised, and feel more comfortable about my own 的 of the ind ex hitting 8,500.
ーに関して／ーの点でs of total 公正，普通株主権 markets, however, the world will continue to be 支配するd by the US. Microsoft, its most 価値のある 会社／堅い, is 価値（がある） $3 一兆 (£2.5 一兆), and that is more than all the companies on the Footsie put together.
It 報告（する）／憶測d good 収入s this week, thanks to its 投資 in 人工的な 知能, which seems to be coming off. But we still need the 'old' 産業s, the banks, energy 会社／堅いs, 製薬のs, 鉱夫s and so on, and they are 代表するd ひどく on the London market.
Still, there are 抱擁する problems. One, at last 存在 recognised, is that UK 年金 基金s don't put money into UK-引用するd companies ? they have been 逮捕する disinvestors of 公正，普通株主権s for a ４半期/4分の1 century.?
It is an 問題／発行する we have 最高潮の場面d in this newspaper and, while there is little hard 証拠 yet, I 嫌疑者，容疑者／疑う that they will 徐々に 再構築する their 公正，普通株主権 大臣の地位s over the next few years.?
Besides, it's a virtuous circle. The more the Footsie climbs, the greater the 圧力 on the 会・原則s to put money into the market.
But that is only the start. Much more needs to be done. We have to work out why sophisticated 投資家s put their money into 私的な 公正，普通株主権 rather than public markets. What should the best 投資 適切な時期s be for the insiders, rather than the general saver? What is wrong with our governance system that it encourages 会社／堅いs to stay 私的な?
Maybe we should 要求する the regulators to take the wider public 利益／興味 into account, rather than 焦点（を合わせる）ing on their own 狭くする, box-ticking 手続きs.
Take the Bank of England. In the second half of the last century one of its unstated 機能（する）／行事s was to 促進する the 商売／仕事 of the City. It helped, for example, to 設立する the 委員会 on Invisible 輸出（する）s, which has now become TheCityUK, and that does support the 財政上の services 部門.
However, we need the 当局 of the Bank to 押し進める the best 利益／興味s of the City, for it can talk to the 政府 in a way no 貿易（する） 団体／死体 can.
I wonder why the 利益／興味s of the City were not 十分に 代表するd in Brexit 交渉s.
Or the 財政上の 行為／行う 当局. Look at the regulator's website. It goes on about how it 保護するs people with its 警告 名簿（に載せる）／表（にあげる） of unauthorised 会社／堅いs, people's 権利s, scams and so on.
But while there is nothing wrong with that, the トン is mostly 消極的な. I wonder whether the FCA should be given an explicit 必要物／必要条件 to 促進する 接近 to 財政上の services, so that people who could 利益 are encouraged to do so.
It 会談 about 増加するing 競争 in 財政上の services, but one of the 影響s of its 規則s on wealth 経営者／支配人s has been to encourage consolidation of the 産業 b ecause of the 付加 costs it 課すs.
I 示唆する that the FCA should follow the Hippocratic 誓い, in 簡単にするd form, すなわち 'first, do no 害（を与える）', when considering everything it does.
The big point here is that we need to build on this incipient 回復 in UK 公正，普通株主権 prices so that more people get a 株 of the 活動／戦闘. The heady pace of the past few days may 井戸／弁護士席 fade. But it 論証するs the 根底となる truth that 安定した 投資 in 全世界の 公正，普通株主権s will over a long period build real wealth.
