Recent Posts

April 18: Frontier Markets

By Derek On April 18, 2014 No Comments

General Allenby: I’m promoting you major.

T.E. Lawrence: I don’t think that’s a very good idea.

Peter O'Toole In 'Lawrence Of Arabia'

Emerging markets are all about change and evolution as they advance and develop toward international norms and this is what makes them interesting. Frontier markets are even more so and those who follow EM will likely recognize patterns and investment opportunities as frontier markets journey down similar paths to their more developed brethren. Many countries and markets we view as emerging today will prosper and in the most part “graduate”

Click here to continue reading


April 4: JD.com IPO

By Derek On April 3, 2014 No Comments

When the war of the giants is over the wars of the pygmies will begin.”   - Sir Winston Churchill

CaoCao

The war in China

China’s internet is entering a version of the Three Kingdoms Period which, as all good Chinese know, began with the fall of the Eastern Han Dynasty in 220 AD and ended 60 years later in the defeat of the Kingdom of Wu and the establishment of the Jin Dynasty. The conflict was one of the bloodiest in the bloody long and bloody bloody history of China. Much like

Click here to continue reading


March 28: Sanctions & Stocks

By Derek On March 28, 2014 No Comments

“It is even better to act quickly and err than to hesitate until the time of action is past.”Clausewitz

putin-obama-phone-call2

Things are changing quickly on the ground. As we expected (EMI: Ukraine – Flash!), Russia has successfully held a referendum in Crimea and no surprise – it passed with overwhelming support. Uncharacteristically, Russia is moving incredibly fast to integrate Crimea into the Russian Federation. This week Crimea’s time zone leaps ahead two hours to match Moscow and the week after that the economy will be “ruble-ized.” Local prices are

Click here to continue reading


March 14, 2014

By Derek On March 13, 2014 No Comments

“Be careful to leave your sons well instructed rather than rich, for the hopes of the instructed are better than the wealth of the ignorant.”  – Epictetus

Cherry2

Spring is almost here and the cherry blossoms in Washington State are just beginning to make their graceful presence known. Aside from hangover memories of hanami in Japan many years ago, I am reminded it is also time for Warren Buffett’s annual Letter to Shareholders which always makes fine and instructive reading. The world’s pre-eminent investor, Buffett has been at the helm of

Click here to continue reading