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Political arbitrageis atradingstrategy which involves using knowledge or estimates of future political activity to forecast and discount security values. For example, the major factor in the values of some foreign government bonds is the risk of default, which is a political decision taken by the countrys government. The values of companies in war-sensitive sectors such as oil and arms are affected by political decisions to make war.

Legal trading must be based on publicly available information. However there is a grey area involving lobbyists and market rumours. Likeinsider tradingthere is scope forconflicts of interestwhen political decision makers themselves are in positions to profit from private investments whose values are linked to their own public political actions.

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The English word games are:AnagramsWildcard, crosswordLettrisBoggle.

Lettrisis a curious tetris-clone game where all the bricks have the same square shape but different content. Each square carries a letter. To make squares disappear and save space for other squares you have to assemble English words (left, right, up, down) from the falling squares.

Bogglegives you 3 minutes to find as many words (3 letters or more) as you can in a grid of 16 letters. You can also try the grid of 16 letters. Letters must be adjacent and longer words score better. See if you can get into the grid Hall of Fame !

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