In a display of stereotypical British grit that would make even the most hardened City trader pause, a climber has been plucked from the death zone of Mount Everest after surviving for six days on nothing but chocolate and melted ice. The rescue, conducted by a team of Sherpas and British mountaineers, has been hailed as a triumph of the stiff upper lip over the brutal realities of high-altitude survival. But let us not romanticise this too quickly: the climber, identified as a 34-year-old Briton, was stranded at over 8,000 metres after a sudden storm separated him from his group.
His decision to pack chocolate bars rather than, say, emergency rations, is a fiscal choice that would make any chief financial officer wince. Yet, in the world of extreme mountaineering, such risks are often the currency of glory – or tragedy. The rescue operation, costing an estimated £150,000, will no doubt reignite the debate over who should foot the bill for such adventures.
The UK government, already grappling with a ballooning deficit and rising gilt yields, will be loath to commit taxpayer funds to what some see as a reckless hobby. But the British climbing tradition, from Mallory to Hillary, has always had a peculiar relationship with risk and reward. This climber's survival, against the odds, is a reminder that market forces are not the only arbiter of value.
Sometimes, the bottom line is measured in human life. The Bank of England's monetary policy committee might take note: even in the face of extreme volatility, a bit of chocolate and ice can see you through. But for the rest of us, the lesson is clear: diversifying your portfolio applies to climbing gear too.
