As of May 29, 2015, the annual return of Shanghai A-shares was a phenomenal 125%.¹ On the other hand, real GDP growth in China continues to march toward lower levels, with policymakers setting a 7% target for this year, after … Read more
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The Bank of Japan’s latest quantitative easing program* hasn’t been very successful (so far, anyway) in pushing consumer prices higher.
The aggressive bond-buying program, launched in April 2013, was designed to jolt Japan out of more than a decade of … Read more
Since nominal yields going out 6 years or more are currently negative in several developed markets in Europe, many investors have been asking if investing in bonds with negative yields means they are “locking in” a loss. It is a … Read more
Emerging markets have been a favorite destination for global capital since the financial crisis, given the weak growth and low interest rates on offer from much of the developed world. Although they have taken a one-two punch of late from … Read more
There are few things that destroy an economy as thoroughly as deflation. When prices are expected to fall, spending is delayed. As spending is delayed, prices fall further. In a heavily indebted economy, the real cost of debt goes up. … Read more
Just as the Federal Reserve was bracing markets for its first interest rate hike since 2006 to head off any pickup in inflation, along came the drop in the price of oil.
And it’s been a big drop—even for an … Read more
Being comfortable with uncertainty, being prepared, and not being overconfident are essential life skills.
It is no coincidence that these skills serve as strong investment principles and help us look at the markets and economy with a healthy dose of … Read more
In the Chinese city of Ordos, empty skyscrapers loom over largely empty roads, empty town plazas, and empty schools. It’s China’s best-known ghost town. The empty buildings in Ordos and other places—started as part of an ambitious government plan to … Read more