Investing is a discipline built on cumulative knowledge, and it requires a continuous evaluation and assessment of new information. The purpose of C&B Notes is to pass along the ideas, concepts, stories, and information that are informing, influencing, and updating our worldview. We use them to build on our “latticework of mental models” that help us make better decisions.
205 articles in list
Ghana Reach for Yield
With the U.S. Federal Reserve Board announcement that it is pausing rate increases and will soon stop shrinking its balance sheet, investors’ reach for yield could continue unabated. A huge over-subscription for Ghana’s just-issued 30-year bond, now the longest-maturity bond…Read More
Uzbekistan Opens Up
New leadership in Uzbekistan, a historically closed country and economy in Central Asia, is taking up a series of economic reforms, including simplifying the country’s tax codes, liberalizing cross-border trading, and allowing the country’s currency to float. Given entrenched interests,…Read More
South Africa’s Sad State
We visited South Africa three years ago to better understand the country and visit with a number of companies. We were hoping the country understood and would rectify its problems. Despite finally forcing Jacob Zuma out as president, the country’s prospects have declined further…Read More
This article highlights the significant shortcomings of broad-brush investing in emerging markets. Using index funds or ETFs to invest top-down in these geographies typically means committing capital largely to commodity producers and financials. Sorting the treasure from the trash takes…Read More
Another Leap Forward?
Blackstone’s Byron Wien summarizes his primarily optimistic views about China. The questions for foreign investors are ultimately less about underlying growth and more about structural and geopolitical considerations that will impact how foreign capital is treated and who will benefit…Read More
Brazil’s Massive Traffic Jam
A truckers’ strike in Brazil has shut down large swaths of the country’s already under-built and overburdened infrastructure, negatively impacting a wide range of companies and killing an estimated 64 million chickens. This story also highlights the ease with which…Read More