Why Not to Worry About China

Why Not to Worry About China Back in November, we wrote: “The skeptics and haters of the current bull market have spent the last eight years finding reasons and justifications for their skepticism.  One of the favorite reasons for pessimism has been China. “Sometimes China has been a geopolitical boogeyman, Read more…

A Tale of Two Chinas

The skeptics and haters of the current bull market have spent the last eight years finding reasons and justifications for their skepticism.  One of the favorite reasons for pessimism has been China. Sometimes China has been a geopolitical boogeyman, with journalists fretting about China’s rise on the world stage and Read more…

Is China Doomed?

Is China Doomed?  Don’t Hold Your Breath  Bitcoin’s from time to time, coverage of China rises to a crescendo in the popular media.  China coverage reflects some of the same schizophrenia that afflicts much of the media’s output.  At many points in the past several years, according to the media, Read more…

Video Games Rocket Ahead in 2017

Video Games Rocket Ahead in 2017 The four largest “pure-play” video game companies have been star stock-market performers in 2017: Activision Blizzard [NASDAQ: ATVI], Electronic Arts [NASDAQ: EA], Take Two Interactive [NASDAQ:  TTWO], and Tencent [Hong Kong: 700HK].  (Tencent is not technically a pure play, but does earn about half Read more…

October 06, 2016

Healthcare and Global Demand Growth Around the world, rising living standards are driving global demand growth for goods and services.  We have often written about the rise of new global middle classes as linchpins of this growth – particularly the nascent middle classes of China and India.  The rise of Read more…

April 28, 2016

Market Summary A year ago, in our letter of April 30, 2015, we noted: “While we do not see a crisis as imminent, we believe that a global debt liquidation is becoming a more obvious eventuality sometime in the next two to three years.” Since then we have continued to Read more…