Judging by the muted response, the market is effectively assigning a near-zero probability on the threat of a war on the Korean peninsular. I think that is likely misguided. There is certainly very low probability of an US-initiated preemptive strike — the strength of the soft institutions in the US will guarantee that, regardless of … More The Real North Korean Threat?
The June 30 Quarterly Report from Platinum Asset Management’s European Fund contains some great insights and here’s an excerpt that I find particularly interesting. “Consider for a moment our own experience, as Australians, participating in this economy over the last thirty-odd years: We have enjoyed a period of unprecedented economic stability. We have not experienced … More How it Feels to Live in a Current Account Surplus / Deficit Economy