Part 3 (1/2)

Younger and Younger's office was close to Victoria Station. I took the tube there. As I came up to street level, out onto the concourse in front of the station, rush hour was getting underway. Commuters were streaming past me, heading back down the steps into the tube. I stood there for several minutes trying to work out which way Younger and Younger's office was while hurrying men and women dressed in suits streamed past me. It felt strange. After a while I stopped wondering which way the office was and just stood there, feeling them hurrying, streaming. I remembered standing in the ex-siege zone between the perpendicular and parallel streets by my flat two days earlier. I closed my eyes and turned the palms of my hands outwards again and felt the same tingling, the same mixture of serene and intense. I opened my eyes again but kept my palms turned outwards. It struck me that my posture was like the posture of a beggar, holding his hands out, asking pa.s.sers-by for change.

The feeling of intensity was growing. It felt very good. I stood there static with my hands out, palms turned upwards, while commuters streamed past me. After a while I decided that I would would ask them for change. I started murmuring: ask them for change. I started murmuring: ”Spare change...spare change...spare change...”

I continued this for several minutes. I didn't follow anyone or make eye contact with them-just stood there gazing vaguely ahead murmuring spare change spare change again and again and again. n.o.body gave me any, which was fine. I didn't need or want their change: I had eight and a half million pounds. I just wanted to be in that particular s.p.a.ce, right then, doing that particular action. It made me feel so serene and intense that I felt almost real. again and again and again. n.o.body gave me any, which was fine. I didn't need or want their change: I had eight and a half million pounds. I just wanted to be in that particular s.p.a.ce, right then, doing that particular action. It made me feel so serene and intense that I felt almost real.

The office turned out to be slightly to the station's north, facing the gardens of Buckingham Palace. The receptionist here made Olanger and Daubenay's Sloanette look like a supermarket checkout girl. She wore a silk cravat tucked into a cream s.h.i.+rt and had perfectly held hair. It never once moved as she lowered her mouth towards the intercom to let Matthew Younger know that I was there or walked into a small kitchen area to make me coffee. Above her, also sculpted into frozen waves, mahogany panels rose up towards high, ornately corniced ceilings.

Matthew Younger came in before she'd finished making me the coffee. He was short, really quite short-but when he shook my hand and said h.e.l.lo his voice boomed and filled up the whole room, billowing out to the mahogany panels, up to the corniced ceiling. It struck me as strange that someone who physically filled so little s.p.a.ce could project such a rich sense of presence. He shook my hand heartily-not as cheerfully as Daubenay had, but more a.s.sertively, with a firm grip, bringing his transverse carpal ligament into play. Most handshakes don't involve the transverse carpal ligament: only the really firm ones. He gestured out of the reception room towards a hallway.

”Let's go upstairs,” he said.

I made towards the hall, but hesitated in the doorway because the receptionist was still preparing the coffee for me.

”Oh, I'll bring it up,” she said.

Matthew Younger and I walked up a wide, carpeted staircase above which hung portraits of men looking rich but slightly ill and into a large room that had one of those long, polished oval tables in it which you see in films, in scenes where they have boardroom meetings. He set a dossier on the table top, slipped off the elastic band keeping it closed, slid a piece of paper from it which I recognized from the heading as coming from Marc Daubenay's office, and began: ”So. Marc Daubenay tells me you've come into rather a large sum of money.”

He looked at me, waiting for me to say something in response. I didn't know what to say, so I just kind of pursed my lips. After a while Younger continued: ”Over the last century the stock market has outperformed cash in every decade apart from the thirties. Far outperformed. As a rule of thumb, you can expect your capital to double over five years. In the current market conditions, you can reduce that figure to three, perhaps even two.”

”How does it work?” I asked him. ”I invest in companies and they let me share in their profits?”

”No,” he said. ”Well, yes, that's a small aspect of it. They give you a dividend. But what really propels your investment upwards is speculation.”

”Speculation?” I repeated. ”What's that?”

”Shares are constantly being bought and sold,” he said. ”The prices aren't fixed: they change depending on what people are prepared to pay for them. When people buy shares, they don't value them by what they actually represent in terms of goods or services: they value them by what they might might be worth, in an imaginary future.” be worth, in an imaginary future.”

”But what if that future comes and they're not worth what people thought they would be?” I asked.

”It never does,” said Matthew Younger. ”By the time one future's there, there's another one being imagined. The collective imagination of all the investors keeps projecting futures, keeping the shares buoyant. Of course, sometimes a particular set of shares stop catching people's imagination, so they fall. It's our job to get you out of a particular one before it falls-and, conversely, to get you into another when it's just about to shoot up.”

”What if everyone stops imagining futures for all of them at the same time?” I asked him.

”Ah!” Younger's eyebrows dipped into a frown, and his voice became quieter, withdrawing from the room back to his small mouth and chest. ”That throws the switch on the whole system, and the market crashes. That's what happened in '29. In theory it could happen again.” He looked sombre for a moment; then his hearty look came back-and, with it, his booming voice as he resumed: ”But if no one thinks it will, it won't.”

”And do they think it will?”

”No.”

”Cool,” I said. ”Let's buy some shares.”

Matthew Younger pulled a large catalogue from his dossier and flipped it open. It was full of charts and tables, like some kind of tidal almanac.

”With the kind of capital you've got earmarked for investment,” he said, ”I think we can envisage cultivating quite a large portfolio.”

”What's a portfolio?” I asked him.

”Oh, that's what we call the spread of your investments,” he explained. ”It's a bit like playing a roulette table-with the important distinction that you win here, whereas in roulette you mostly lose. But with a roulette table, there are sectors, cl.u.s.ters of numbers you can bet on, then rows, then colours, odds/evens and so on. The wise roulette player covers the whole board strategically rather than staking all his chips on just one number. Similarly, when playing the stock market you should cover several fields. There's banking, manufacturing, telecommunications, oil, pharmaceuticals, technology...”

”Technology,” I said. ”I like technology.”

”Good,” Younger said. ”That sector's one we're very well-disposed towards as well. We could...”

”What was the one you mentioned just before that?” I asked.

”Pharmaceuticals. The big drug companies are always an...”

”No: before that.”

”Oil?”

”No: signals, messages, connections.”

”Telecommunications?”

”Yes! Exactly.”

”That's a very promising sector. Mobile telephone penetration is increasing at an almost exponential rate year after year. And then as more types of link-up between phones and internet and hi-fi systems and who knows what else become possible, more imaginary futures open up. You see the principle?”

”Yes,” I said. ”Let's go for those two: telecommunications and technology.”

”Well, we could certainly weight weight your portfolio in that direction,” Younger began-but paused when the perfectly-held-hair receptionist walked in. ”Ah, here's your coffee,” he said. your portfolio in that direction,” Younger began-but paused when the perfectly-held-hair receptionist walked in. ”Ah, here's your coffee,” he said.

She was carrying it on a small tray, like the ones stewardesses use in aeroplanes. As she set it down on the polished table I noticed that it was a two-part construction: the cup itself, then, slotted into that, a plastic filter section where the coffee grains themselves were. It made me think of those moon landing modules from the Sixties, the way the segments slot together. There was a saucer too, of course: three parts. The receptionist lowered the whole a.s.semblage gently down onto the table's surface, set a small jar of cream, a bowl of rough-hewn blocks of sugar and a spoon beside it, and then blasted away again with the tray.

”We could certainly look at weighting weighting it that way,” Younger continued. ”But my point in putting forward the roulette a.n.a.logy was that it's best to cover several sectors of the...” it that way,” Younger continued. ”But my point in putting forward the roulette a.n.a.logy was that it's best to cover several sectors of the...”

”Yes, I understand,” I told him. ”But I want to know where I am. To occupy a particular sector, rather than be everywhere and nowhere, all confused. I want to have a...a...” I searched for the right word for a long time, and eventually found it: ”position.”

”A position?” he repeated.

”Yes,” I said. ”A position. Telecommunications and technology.”

Now Younger looked fl.u.s.tered.

”While I view both these sectors as most promising ones, I feel that this degree of localization, and especially given the great sum we're proposing to invest, does represent an excessive level of exposure to contingencies. I'd much prefer...”

”If you won't do it,” I said, ”I'll go to another stockbroker.”

Younger tensed up. He seemed to shrink even more; his voice shrank into silence while he took in what I'd said. Then he struck up that hearty look once more, took a deep breath and boomed out: ”We can do it. Absolutely. It's your money. I merely advise. I'd advise a degree of diversification-but if you don't want that, then that's perfectly...”

”Telecommunications and technology,” I said. As soon as he'd explained how it worked, I'd known exactly what I wanted, instantly. It was my money, not his.

Matthew Younger started flicking through the pages of his almanac. I lifted the filter section off my coffee cup and tried to balance it on the saucer's edge, but it fell off onto the table. I noticed that the water hadn't filtered through completely: black goop was still seeping from the gauze bottom, running out across the table's surface. I dabbed at it with my fingers, trying to stop it reaching the table's edge and dribbling onto my trousers. But diverting it just made the stream run faster, and I ended up getting it on my trousers and my fingers too. It was sticky and black, like tar.

”I do apologize,” Matthew Younger said. He reached into his jacket pocket and pulled out a clean silk handkerchief. I rubbed my fingers with it until the wet stuff had gone dry and gritty; then I handed it back to him and he started talking me through the telecommunications and technology sections of his almanac.

Within half an hour we'd chosen a company that made small chips for computers, two of the major mobile telephone network providers and one handset manufacturer, one terrestrial telephone and cable television company, an aeros.p.a.ce researcher and manufacturer, an outfit that did encryption for the internet, another that made software whose function I didn't really understand, a producer of flat audio speakers, some other software people and another micro thing. I can't remember them all: there were plenty of them. There was a games company, an interactive TV pioneer, a business who make those handheld gadgets that let you know exactly where you are at any given time by bouncing signals into s.p.a.ce and back again-more, lots more. By the time I'd left we'd sunk more than eighty per cent of my money into shares. A million we kept in cash and placed in a building society account that Younger helped me fill in the forms for right there. We kept one hundred and fifty thousand in the holding tank account that Marc Daubenay had opened for me that morning.

”I might need cash suddenly,” I said to Matthew Younger as he saw me out of Younger and Younger's premises.