Many well-regarded experts have weighed in on the length and the pricing of common stocks eight and one half years into this bull market. They range from the dire warnings of perma-bears like Marc Faber to more reserved warnings from Howard Marks and Robert Shiller.
We begin our study of the historical relationship between North Korea and China, including a review of the Minsaengdan Incident and a broad examination of the Korean War.
On October 18th, the Communist Party of China (CPC) will meet for the 19th Party Congress. China’s leadership for the next five years will be determined at this meeting. In this report, we offer a background on China’s government, focusing on the difference between de jure (what is the official structure of China’s governance) and de facto(how it really works).
In the Bible, Jesus arrives to help his friend Lazarus a few days after he had already died. His friends Mary and Martha were very disappointed because they thought all hope was lost. As the story goes, Jesus raised Lazarus from the dead.
Geopolitical analysis is a multi-disciplined examination that starts with geography and includes economics, sociology and history. The successful use of a historical analog requires selecting one that has the best fit to the current situation. Selecting an inappropriate historical parallel can be seriously misleading.
Value investing is very similar to farming. A farmer needs fertile ground, well-planted seeds, unshakable patience, loads of sunshine, watering and weeding, as well as a great deal of courage and faith to succeed in the long run. Today, we believe that investors need to reexamine the benefits of a value investing approach toward the end of an era which has rewarded growth stock investing.
North Korea has become increasingly belligerent, launching ballistic missiles, testing a hydrogen device and claiming to have miniaturized a warhead; if true, this means it is a nuclear power. Although Trump says “all options are on the table,” a full-scale war would be catastrophic and may be impossible to contain.
What should long-duration common stock owners like us do with the news of the horrific flood in Texas, the Category 5 hurricane in the Caribbean, the heightened tensions created by North Korea’s Dictator, Kim Jong-un, and the 8.1 magnitude earthquake in Southern Mexico? What is wise behavior in a more volatile stock market environment created by outside events?
Last week began our series on nationalism. We discussed social contract theory before/after the Enlightenment, examining three social contract theorists. This week, we recount Western history from the American and French Revolutions into WWII.
Over the last decade, the West has seen a series of tumultuous events. As these problems festered, unrest has been expressed through electoral surprises, while Russia has become more aggressive.