So, how was your summer? Mine was hot – no air conditioning in the office, (there's an owner-managed enterprise for you) busy, with the first signs of economic recovery at work and endless children-management at home, and almost completely devoid of any leisure time. It was, however, characterised by a stream of welcome hospitality.

One of the most enjoyable outings was to watch HRH the Prince of Wales and HRH Prince Harry play polo at Cirencester. For my overseas readers, Cirencester is a long way from London in the direction of Wales, and I was a guest of the sponsor, Instinet. When I was a stockbroker less than three years ago, I could never quite make up my mind whether I regarded Instinet as competitor or client; probably the answer was that it was both. My view on it as a Reuters shareholder, which I have been with all the way down from £12, is not printable. Certainly, while I was putting multiple commissions its way, I was never invited anywhere so I had no compunction in accepting the hospitality last month.