Happy new year! I was in Hong Kong for the holidays and it was great to spend lots of time outdoors with my family. My son particularly enjoyed our boat trips exploring the islands in the Sai Kung area and the Hong Kong Railway Museum in Taipo (some photos below). It is with some reluctance that I’m back to sitting in front of a screen again, but I am looking forward to the year ahead!

This week’s readings/links include Bloomberg’s look at the impact of the water trade in Australia, John Hempton’s informal stock note on Hibbett, Packer & Co’s December 2023 report, Jonathan Ruffer’s investment review, Krithika Varagur reviews a new book on Milton Friedman and Sprott’s John Hathaway on the case for gold mining stocks.

If you are looking for a book recommendation in the new year, Kiran Pereira’s Sand Stories is a fascinating read on the global sand crisis.

• Bloomberg: The water trade is booming – and sucking Australia dry.
• John Hempton: Hibbett – an informal stock note.
• Packer & Co: December 2023 report.
• Jonathan Ruffer: Investment review (January 2024).
• Krithika Varagur: Milton Friedman, the prize fighter.
• John Hathaway: Gold mining stocks, a clear and compelling investment case.