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Value in Asia is increasingly appreciated by Contrarian Investors

Monthly Market Commentary: September 1, 2024

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Value in Asia is increasingly appreciated by Contrarian Investors

For the last few months, I have been going after work (that is for me around 3 am in the morning) to a rather unique place in the world, which to my knowledge only exists in Chiang Mai. It is the Muay Thai Loikroh Boxing Stadium, which consist of an elevated boxing ring that is not surrounded by ascending spectator galleries, which are common…


Multiple Turning Points in Asset Markets!

In Singapore, the Government Investment Corporation (GIC) acts as a sovereign fund (it manages close to US$ 800 billion.) It just reported its 5-, 10- and 20-year returns. Its annualized 20-year nominal return dropped to 5.8% from the 6.9% return it reported a year ago. “On an inflation-adjusted basis, the GIC’s 20-year return fell to a four-year…


Stock Markets climb to the highest Peak but cannot dwell there Long

To my surprise, the Bangkok Post published in early May 2024 a reader’s letter entitled A failed State? The letter to the editor of the Post referred to a column written by a professor entitled: “Thai police graft highlights bigger issues.” The failed State letter to the editor stated that, “The characteristics of a failed state include, but are…


How Do We Define Inflation?

The late Kurt Richebächer addressed the subject of inflation and deflation in a 2006 newsletter. Among others, he quoted J.M. Keynes who in his A Treatise on Money, first published in 1930, commented on a table about bank credit, the wholesale price index and stock prices thereof as follows: “Anyone who looked only at the index of prices would see…


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