"The U.S. acts as if it has a credit card with no limit on the balance and no requirement to pay it down. It does so because it’s been able to get away with it thus far, and governing officials lack the will to spend less than they can."
"The reality is that emerging equity markets lack any common secular drivers, the only real unifying features having been the initial phase of liberalisation in the 1990s, the impact of the rapid growth of China’s economy from 2000 to 2010, and the relatively low level of valuations in the immediate aftermath of the series of crises from 1997 to 2002.”
"It is also almost impossible for an investor to remain indifferent to a topic over which the asset management industry is obsessing. The fact that everyone has a forthright opinion on a subject bestows a significance upon it. We can join the party, or risk appearing negligent.”
"We like boring from time to time. Compounding can come from both boring and exciting, that’s the magic of it.”