January 15, 2013 4:25 PM
All paper currencies are in bad shape. Some are worse off than others. In the race to the bottom, they will all win. We’ve now witnessed nearly a 10% drop in the Japanese Yen in a very short period of time. It was previously overvalued. It is still overvalued. The economic fundamentals of Japan are not good—however, currencies are political. I cannot imagine that China or Korea is happy to see the Yen drop like this. A bit of weakness is fine, 10% starts to raise eyebrows.
It’s now the turn... more
December 24, 2012 11:06 AM
Last month, I attended a property conference in Hong Kong for senior management of Asian property companies. The conference was mundane and dull, but there was one thing that never ceased to amaze me—panel after panel spoke about the same issue. In a 4th tier Chinese city, how do you differentiate your million square foot mall from the two dozen other ones that are scheduled to open in the next year?
Until I went to this conference, I never really considered the question. I don’t invest in... more
November 22, 2012 2:33 PM
Founded in 1727 by Benjamin Franklin, the Leather Apron Club was a club for mutual improvement whose purpose was to debate questions of morals, politics, philosophy, and business affairs.
Dear Fellow Adventurers,
Over the course of the week, I am fortunate to read hundreds of articles and watch dozens of great videos--many of which are forwarded to me by close friends and AIC readers.
I feel that the time has come to begin publishing the best of this content so that ... more
November 16, 2012 12:25 AM
They call it the widow maker for a reason. For as long as I have been in finance, every sane Western finance guy has marveled at the ability of the Japanese Yen to continue to levitate. Repeatedly, investors have tried to short the Yen and been run over. It is unforgiving and it is relentless and it simply defies reason.
To summarize the problems that Japan and the Yen face;
--Government debt is more than twice the GDP
--Annual government deficits currently run at roughly 10% of GDP
-... more
November 5, 2012 11:48 PM
Almost a quarter millennia ago, the founders of this country decided to break with the king and go their own separate way. Their gripes were many and varied. They didn’t like their sugar, playing cards or tea to be taxed. They grew sick of quartering British soldiers. In general, they grew frustrated with a cadre of blowhards in London who appeared indifferent to the needs of the colonists in a faraway continent.
When tarring and feathering the king’s men proved unsuccessful in conveying ... more
