Happy weekend! First up, some minor housekeeping. A few people have pointed out that the email sign up button on this blog wasn’t working. Apologies, I have now fixed the issue. The blog itself is probably due for an upgrade as it is starting to look quite dated. I hope to do that sometime next year. Some friends have also convincingly argued for migrating over to Substack. It is perhaps the rational thing to do, but I have so far resisted largely for sentimental reasons.

I also hosted the first informal ideas dinner last week in Singapore. It was fun to get a small group of readers/investors together from a wide range of investment backgrounds. Some of the topics covered included the outlook for natural gas, lessons from a career doing private equity in China, perspectives on private credit vs. public market investing in India, and how technology and legal changes are enabling the rapid growth of gambling in the US. I do hope to host more offline events in 2025, so please reach out if you are interested to join. 

Finally, on to this week’s content links. These include an interview with John Hempton on investing in uncertain times, Crescat Capital on the history of US dollar cycles, Ashmore’s 2025 outlook for emerging markets, Django Davidson on the compelling opportunity in the miners of platinum group metals and Dan Rupp on hunting for undervalued compounders in Asia.

• Inside the Rope podcast: John Hempton on investing in uncertain times.
• Crescat Capital: The history of US dollar cycles.
• Ashmore Group: 2025 outlook for emerging markets.
• Hosking Partners: The capital cycle in PGMs.
• Compounders podcast: Hunting for undervalued compounders in Asia with Dan Rupp.