"Taxation is no longer being organised on the basis of what maximises revenue or creates the best set of incentives," says Nick Carn, an Odey partner.

“征税已经不再是根基于将收入最大化或者产生最好的激励机制”，Odey的一个合伙人Nick Carn说。

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Nick Carn, a strategist at Odey, a hedge-fund group, says it is pretty simple: companies' revenues are determined by the pace of consumer spending; their costs are largely driven by wages.

对冲基金odey的策略师尼克·卡恩说，这相当简单：公司的收入受消费者支出的速度所决定；公司的成本主要受到工资的影响。

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"I loved Odey, I absolutely loved it, but I succumbed to the siren call of the highlands, " says Colin.

WSJ: Scotland's Cawdor Estate

Consider the Odey Continental European Trust, a British unit trust run by Hugh Hendry, who is also a hedge-fund manager.

ECONOMIST: For the fortunate few

At the time, he was commuting to London during the week to work at Odey Asset Management as an analyst.

WSJ: Scotland's Cawdor Estate