International Equities: Looking Beneath the Currency Icing

Americans don’t like fruit cake. This issue comes up every December when Sari, having stolen the job from me, sets about making the family Christmas cake. It is a divine confection - currants, sultanas, cherries, candied peel and almonds, liberally presoaked in whiskey and then folded in with flour, eggs, butter and spices and baked for hours at a low temperature. The scent in the kitchen is intoxicating but temporary as the cake, when cooled, is encased first in almond icing and then in royal icing. It weighs in at a hefty eight pounds and tastes magnificent when I can no longer restrain myself on Christmas Eve or Christmas Morning.

You can listen to International Equities: Looking Beneath the Currency Icing online on Radio and Podcast. Open the player on this page to stream the available audio.

International Equities: Looking Beneath the Currency Icing is an episode from Notes on the Week Ahead by Dr. David Kelly.

This episode is 10:58 long.

This episode was published on Jan 20, 2026.

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