This week’s links include Bloomberg on Vietnam’s sand shortage, Baker Steel on the outlook for gold miners, a profile of investor Graham Duncan, Reuters on plans for Vietnam’s Ministry of Public Security to take a majority stake in FPT Telecom, 3D Investment Partners’ presentation on the issues facing NSSOL in its efforts to maximize corporate […]

What a week in the financial markets! Given the considerable number of unknowns, there isn’t really much for me to comment on at this point. I do think the setup for gold remains attractive, and I would be surprised if we were not at US$4k/oz by end of year. I will also spare readers from […]

This week’s links include the FT on Jardine Matheson charting a new course, a rare interview with Ashmore’s Mark Coombs, the Webb-site on Trump’s tariff own goal, Jim Mellon in conversation with Wilfred Frost, Ascender Capital’s webinar on opportunities in the Japanese software sector and Burford Capital’s 2025 investor day. FT: Jardine Matheson, giant of […]

It has been a while since my last post! Work has been rather busy, but I have also been on the road for a couple of weeks, with recent trips to London and HK. It was wonderful to catch up with old friends in both cities, including some readers of this blog. Long flights also […]

This week’s links include 3D Investment Partners’ open letter to the Sapporo board, DHT CEO Svein Moxnes Harfjeld discusses his outlook for the tanker market, Arnott Capital’s 2024 annual investor letter, RIT Capital’s 2024 investor webinar, Paul Marshall on UK and European energy policy, and Kevin Kelly’s 50 years of travel tips. 3D Investment Partners: […]

This week’s links include the sad news regarding the coming end of Webb-site, Horizon Kinetics’ 2024 annual review, the FT on Indonesia’s control of the nickel market, Carlyle’s tender offer to acquire all of Kaonavi, Nikkei Asia on Unicharm’s efforts to close the gap with P&G in global market share for children’s disposable diapers, and […]

This week’s links include The Economist on the fast-growing global enterprise that is “Scam Inc,” Kitco Mining’s conversation with Grant Williams, Merlin Sheldrake and David Abram’s exploration of the more-than-human web of life, World Gold Council’s gold demand trends for Q4 & FY24, and a wide-ranging interview with Graham Duncan. The Economist: The vast and […]

This week’s links include Kennox’s founders on finding value in an upside-down world, a rare and in-depth interview with TSMC’s Morris Chang, Marcus Wallenberg on leadership, engaged ownership and landsgagneliga, Sprott’s uranium market outlook for 2025, “The Big Short” investors on lessons from the 2008 crash & today’s market, and Jack Schwager on the lessons […]

This week’s links include Bronte Capital’s December 2024 newsletter for the Amalthea Fund, Dan Rupp of Parkway Capital on starting an Asia fund in an era of US preeminence, Li Lu on global value investing in our era, a wide-ranging podcast interview with Django Davidson of Hosking Partners, the latest from Oasis Management’s ongoing engagement […]

Desmond Kinch’s latest annual shareholder letter for Overseas Asset Management’s Asian Recovery Fund is out and he continues to make a compelling case for investing in Asian equities. You are much better off reading his letter in its entirety as he provides significantly more data, context and nuance, but a few of my takeaways are […]