Week in Review Asian equities were mixed for the week as Pakistan and Korea outperformed while the Philippines and Thailand underperformed. The Politburo’s statement following its meeting on Monday referred to China’s current monetary policy as “loose”, diverging from the usual term “stable” for the first time since 2011. US President-Elect Trump invited China’s Xi Jinping to his inauguration in January, a symbolic moment indicating, in our opinion, Trump’s desire to reach a sweeping deal with China in his second and final term as president. The China Passenger Car Association released data this week showing that new energy vehicle (NEV)…

This holiday season, consider giving a gift that could last a lifetime: the gift of financial wisdom. While the latest gadgets may bring temporary joy, the knowledge of how to build and preserve wealth can provide generations of financial independence. As we reflect on the passing of investment legend Charlie Munger last year, just shy of his 100th birthday, we’re reminded that true wealth isn’t just about money—it’s about the wisdom to use it well. In the tradition of the 12 Days of Christmas, we’ll countdown with one book each day, starting December 13th and culminating on Christmas Day with…

It’s the end of 2024, which means it is time for 2025 market outlooks. Financial experts, economists and strategists the world over are polishing off their crystal balls, interpreting the tea leaves and looking to the stars to publish their year-ahead outlook. Being part of this ritual for many years, I find it interesting that simply making another lap around the sun seems to require an in-depth analysis of where we are going—as if the last 11 months were void of such an examination. I digress… Regular reports, think monthly or another frequent interval, hold more water. Besides, there are…

The Federal Open Market Committee started cutting interest rates in September and that broad trend looks set to continue. However, fixed income markets now see perhaps only two more cuts in 2025 according to the CME FedWatch Tool. That’s in part as inflation, though cooling overall, is not immediately on track for the FOMC’s 2% annual goal. It’s currently closer to 3%. In addition, the jobs market and economic growth appears to be holding up relatively well on recent reports for November and Q3, perhaps adding a little inflationary pressure, even as unemployment is edging up from low levels. One…

Are higher interest rates and lower bond prices a sure thing for 2025? Mainstream financial pundits say yes. Which gives us thoughtful contrarians pause. Their narrative against bonds is assumed. When this happens, markets tend to move in the opposite direction of conventional wisdom. Which means we should bet with bonds. At least in the near term to start the new year. Let’s watch bonds rally and surprise everyone except for us. The “Trump is bad for bonds” trade may eventually be correct, but my hunch again is that this “surefire” call is early. Trading Range for the 10-Year Treasury…

Key News Asian equities were largely higher overnight, as Hong Kong, South Korea, and Pakistan (+85% YTD) outperformed. The late great market strategist Byron Wien was well known (and missed) for his annual “Ten Surprises” list of events markets we’re unprepared for. After the US close, we got a Wien-like moment as CBS News reported President Trump invited President Xi to his inauguration. The invitation is unexpected, though equally shocking is the invitation’s lack of Western media coverage, as I don’t see anything in the Wall Street Journal, Financial Times, Reuters, etc. Bloomberg News, which edited its original headline to…

With bitcoin crossing the $100,000 mark, the largest money manager on the planet, New York City-based BlackRock appears to be falling down a crypto rabbit hole. In a new release from Blackrock Investment Institute called “Sizing Bitcoin In Portfolios” its analysts are making the case that the cryptocurrency, long shunned by mainstream investors, should now account for 1% to 2% of traditional “60/40” investment portfolios. This would position the asset similarly to companies like Nvidia, Amazon, or Apple even though bitcoin has little utility other than as a speculative asset, and it derives no revenues from products like corporate titans.…

Shares in electricals retailer Currys took off on Thursday as sales strengthened in the first half and the business firmed up its balance sheet. At 86p per share, the FTSE 250 firm rose 8.9% and was the index’s biggest daily gainer. Strength Currys’ its main UK and Ireland market meant group revenues rose 1% in the six months to October, to £3.9 billion. On a like-for-like basis sales were up 2% year on year. The business remained in the red during the period, although pre-tax losses narrowed to £10 billion from £44 billion in the same 2023 period. Free cash…

The Prudent Speculator follows an approach to investing that focuses on broadly diversified investments in undervalued stocks for their long-term appreciation potential. Does that mean we build portfolios of 20 stocks…30…? More like 50 and up. We like stocks. And we like a lot of ‘em. We don’t rely nearly as much on “how many” as we do “in which,” but we tend to invest in far more names than most. This expansive diversification, we find, potentially serves us well in two ways: we can further minimize the risk of individual stock ownership, while maximizing the likelihood of finding the…

From the $8M+ acquisition of Gold.com to the $15.5M buying price reveal of chat.com, several high-profile sales have drawn attention to the world of domain investing recently. When Dharmesh Shah, co-founder and CTO of HubSpot, sold chat.com, he stated in a tweet that while he doesn’t usually sell domains when he does “it’s almost never at a loss”. While profit isn’t Shah’s primary intention, the quick sale of chat.com — he bought and sold it within the space of 18 months — represents a particularly speedy realization of a multimillion-dollar investment. His comments on the sale came as no surprise…