Certified Financial Planner. Independent Financial Adviser. Retirement Planning, Investment Management and Estate Planning. Posts are personal, and not advice.

Maidenhead
Joined December 2009
I am a qualified, regulated and practicing financial planner. You can find me... On @TheFCA register register.fca.org.uk/s/indivi… The @CISI members directory cisi.org/cisiweb2/cisi-websi… And the @pfsconf members directory thepfs.org/membership/member…
1
2
31
44,976
David Hearne, CFP™ retweeted
Thomas Sowell grew up poor in Harlem and spent his twenties as a Marxist. A job inside the federal government ended that. Asked what changed his mind, he gave a one-word answer: "facts." Chicago sharpened the habit, with Milton Friedman teaching him, and he carried it through more than 45 books and a column in over 150 newspapers. From housing to the minimum wage, he checked what policies did and ignored what their authors promised. His most famous line sits in A Conflict of Visions: "There are no solutions. There are only trade-offs." Politicians hate that sentence because it puts everyone selling solutions out of work. Every program has a price, and voters rarely pay it. Sowell lived by it. When the Reagan administration put him on an economic advisory committee, he resigned after the first meeting. He pointed to Friedman's view that some individuals "contribute more by staying out of government." He retired from writing in December 2016 at 86 and turned 96 this June. His method fits on an index card: skip the promises, check the results. Now go ahead and do that with your local ruling class.
11
77
8
236
3,701
David Hearne, CFP™ retweeted
Most tax calculators tell you how much tax you pay *now*. Ours also shows how much tax you'll pay on your next £1. Your marginal rate. We'll be publishing straight after the Budget. But here's a preview - I'd love to get feedback. taxpolicy.org.uk/uk-tax-calc…
85
88
14
1,021
281,976
Increase taxes and you reduce supply at a given price Because they’re not going to go to the effort of supplying without a profit So prices have to rise Doesn’t matter whether it’s input costs, labour costs, tax costs, any increase in costs will push up prices
Nope, that’s not how taxes and price works. The price is determined by demand and supply. Companies charge the highest price they can given demand. A tax levied on *profits* does not affect a company’s cost ie supply. Taxes on *windfall* profits (like oil and gas) are the most efficient kind of tax there is.
11
5
2
78
3,242
I’m ranked 704,999 in the world for ultra marathons Take that my old PE teacher
3
21
631
Another week, another pensioner client nearly scammed by fraudsters now using AI A good financial planner gives people a line of defence against these risks we can all fall for
2
2
4
469
Why price controls will always fail The calculation problem
Ludwig von Mises sat down in 1920 and published a paper that ended the intellectual case for socialism, even if the socialists took another seven decades to notice. The argument was precise. Mises showed that without private ownership of the means of production, there are no real prices for capital goods. Without prices, you cannot calculate profit and loss. Without profit and loss, economic planners have no way of knowing whether they are creating value or destroying it. They are flying blind, spending real resources with no feedback mechanism telling them whether the factory, the railway, or the grain depot was worth building. Every allocation becomes a guess dressed up as a decree. This, he called the Socialist Calculation Problem, and nobody answered it. Oskar Lange tried in 1936, proposing that socialist planners could simulate prices by trial and error. Mises read this and was unimpressed (charitably put). Lange assumed you could reproduce the function of market prices without the institution that generates them: private property, genuine exchange, real skin in the game. You cannot fake the signal and expect accurate information. The Soviet Union spent seventy years proving Mises right. Chronic shortages, misallocated steel, surplus winter boots in Georgia in July, famine engineered by committees convinced they understood grain supply better than the price system. The USSR collapsed in 1991 under the weight of precisely the inefficiencies Mises predicted in Vienna in 1920. You are watching this play out again today, every time a government sets energy prices, rent ceilings, or pharmaceutical price caps, and then expresses shock at the resulting shortages. The calculation problem did not expire with the Soviet Union. Bureaucrats who override price signals recreate the same blindness Mises identified. Mises told you exactly what would happen.
1
2
381
When it appears that being a landlord should be more profitable At the same time as more landlords are selling up Takes some fine legislation to achieve that
Change in rents and house prices since September 2022. Prices are (overall) flat but rents are up >28%
1
5
541
What are your chances of living long enough to receive your state pension? The always excellent life expectancy calculator from the @ONS now with added estimates of reaching your state pension age ons.gov.uk/peoplepopulationa…
5
1
11
2,477
I’d argue your pension is too important to cart it around for air miles As someone else working in this heavily regulated industry I’d wonder how this is not considered an unauthorised payment? It might not be paid by the fund, so technically it’s not an unauthorised payments, but the costs are ultimately paid out of the fees paid by the fund.
4
1
11
1,739
Running for over 5 days and over 500 miles Legends isn’t enough praise 👑👑
124 yards. 831.5 kilometres. Five days and four hours. Ivo Steyaert and Merijn Geerts stopped together after setting a new backyard ultra world record 🇧🇪 Norway also delivered: national records for Anders Johnsen and Nora Kojen Stubbe 🇳🇴 Full story ↓
1
2
515
And they’re both in their 50s!
118
Which party do you think would be the first to tap our mythical sovereign wealth fund? The idea that we’d have let £trillions accumulate without political pressure to spend it, is not believable
‘We'd have a British sovereign wealth fund now that will be worth probably a trillion pounds’ Chancellor @JohnHealey_MP suggests what Britain could have gained if it had set up an energy wealth fund like Norway’s back in the 1980s #Peston
5
2
22
1,157
A longer (and much better) thread expanding on this point xitter.cf/julianHjessop/status/2…
The claim that the UK could have built a 'trillion pound wealth fund' from oil and gas revenues is pure political theatre, but I suppose we should be relieved that Treasury officials have nothing more pressing to do! 🙄 Three more substantial points... 🧵
1
132
A house is worth what a buyer will pay when you want to sell. Meanwhile Your house will rent for what a tribunal decides, not what a tenant has been paying
A house is worth what a buyer will pay when you want to sell. A valuation is not what it is worth!!
3
4
20
1,173
They’re actually proud of it How long until other goods and services have pricing tribunals?
This Labour government’s transformative Renters’ Rights Act empowers private renters to challenge unreasonable rent increases. If a tenant believes a proposed rent increase is above the open-market rent, they can refer the matter to the First-tier Tribunal. In a recent case in Manchester where the Landlord proposed an increase in rent from £1,650 per calendar month to £1,700, the Tribunal determined the open market rent was actually £1,450 per calendar month. We’re standing up for renters and our reforms are working. gov.uk/residential-property-…
18
4
1
95
9,877
Are we teaching our children about the ‘invisible hand’ anymore?
1
244
David Hearne, CFP™ retweeted
CPI at highest annual rate since October 2025. The Consumer Prices Index (CPI) rose by 3.5% in the 12 months to September 2026, up from 3.1% the previous month. Read more➡️ ons.gov.uk/economy/inflation…
3
42
24
62
20,636
Help for leather
와 파리 루이비통 유리 두꺼운거 봐라
2
503
David Hearne, CFP™ retweeted
Bigger pay increases for the people who are paid for by the people with lower pay increases.
UK wage inflation (quarter to Aug '26): Regular pay +3.7% y-o-y (previous 3.5%); +0.8% in real terms (using CPI) Pay w bonuses +3.7% y-o-y (previous 3.9%); +0.9% real Public sector 6.3% (6.3%); private 3.0% (2.9%) (both ex-bonus; 6.3% vs 3.1% inc bonus)
10
23
1
170
18,234