On the back of the House defeat of the proposed $700 billion mortgage-related asset purchase and the steep drop in equities in the United States, we thought it might be helpful to communicate the essence of our Investment Team’s discussion these past several weeks. (continued)
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The news, on multiple fronts, does not seem to be very bright these days. The second quarter ended with a bit of a thud beginning on or about the 5th of June. And while it may seem comforting to blame the news media for the current financial market woes, we are afraid such a notion is not very rational. However, that they have exploited certain issues over others, thus creating a more lopsided view of the global business environment, is defensible and frankly not surprising. (continued)
I am writing to you from the fifth largest city in China, Chengdu and outside my hotel widow I can count at least ten tower cranes in operation. Unfortunately, I can verify that at least three of them are working twenty-four hours a day, seven days a week as they are located directly outside my room. Admittedly, I feel a bit like the chap in the advertisement that did not use the travel web site company that guarantees they will pre-warn you of any construction that might disrupt your sleep – thank goodness for ear plugs. (continued)
One of the predictable comments I heard this morning goes something like this, “There is great uncertainty in the market and the market does not like uncertainty.” OK – and the point is? (continued)
There is an old farmer’s adage – “the cure for high commodity prices is high commodity prices.” If one has kept this in mind, it has proven reasonably reliable over a very long period of time and in a broad multitude of environments. Further, it would be proper to argue that in 2007, grains posted an extraordinary year of performance, much like hard commodities in 2006 – as the chart below indicates. So WHAT ABOUT 2008? (continued)
Commentaries 6 to 10 of 17
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