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Investment Outlook

THE BEST 25 COMPANIES IN ASIA

In the midst of constant shocks and surprises from the Chinese regulators and government, we are moved to return to our basic philosophy of selecting the best 25 companies, not only in China, but in India, Korea, Taiwan, and Southeast Asia, with the best management and corporate culture, the highest return on equity, and consistently high earnings growth.  This seems a refreshing change from constantly having to guess the next

ASIA’S CHANGING BALANCE OF POWER

The sudden fall of Kabul to the Taliban in August has shaken up the diplomatic and military balance across the continent.  Now that the Americans and NATO forces have withdrawn, the vacuum is almost certain to be filled by China, providing both economic and financial support for the Taliban, and Afghanistan becoming part of President Xi Jinping’s “One Belt One Road” geopolitical plan.  The fact that the Russians, acting now

CRACKDOWN IN CHINA

Investors in Chinese securities have had successive shocks since the original postponement of the ANT Financial listing in Hong Kong last year, followed by a number of leading Tech Corporate Chiefs being questioned by the Communist Party and then, recently, by the abrupt crackdown on Didi (the Chinese Uber) after they listed in New York a month ago.  This has come to a head on the 26th July, with the

THE ROARING TWENTIES

Writing in the summer of 2021, it is still disappointing to see how slowly Western economies are opening up.  Boris Johnson just announced a month’s delay to the “Freedom Day” of June 21, until the middle of July, when British consumers and travelers will again be free to move around without restrictions.  The European countries are now beginning to waive quarantine requirements for those who have been fully vaccinated.  (Vaccination

CARBON EMISSIONS REVISITED

If we trace global temperature rises over the past century, it is very clear that the abrupt rise since 1980 coincided exactly with China’s rapid industrialization, mainly its coal intensive electricity production. (Figures I and II) Nothing that the USA or the “Green” European Union can do will dent this rise in global carbon emissions, unless China dramatically changes direction (and India and other developing nations, also eschew coal, as

STRATEGIC AMBIGUITY

China’s Communist Party is celebrating its Centenary on July 1st, with nationalist and ideological fervor, and renewed emphasis on loyalty to “Xi Jin Ping” thought.  Will the lifetime President feel it is incumbent upon him to demonstrate China’s newly assertive military and naval prowess?  The U.S. maintains, under President Biden, its “strategic ambiguity” with regard to Taiwan, a policy in place since Nixon’s visit to China in 1971. A crisis

FAST FORWARD BIOTECH

Although recombinant DNA was first patented in 1976, it is perhaps only in 2020, with “messenger RNA” pioneering Covid vaccines from Pfizer and Moderna, that the promise of biotechnology has finally reached millions of grateful patients.  Just as Sir Alexander Fleming discovered penicillin in his London laboratory in 1928, it was only in 1943 that the miracle antibiotic was finally mass produced and became available to Allied Troops by D-Day.

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