Country Analysis: China Inches Toward Capitalism

The constitutional protection of property in China is a continuation of reforms I’ve observed following China’s investment environment over the past ten years. Currently, the Chinese economy is a mixture of heavily regulated or government controlled industries, and segments of near anarchy, with competing government factions. For over a decade China has set aside areas […]

In Favor of a War Against Saddam’s Iraq

I’m in favor of war on Iraq because I don’t want to be killed by terrorists who get access to weapons it’s trying to develop. The World Trade Center attack dramatically alerted Americans to the fact that there are some people in the world who want us dead. I was already aware of this before […]

Modern Keynesian Macroeconomics — An Assault on the Human Mind

Nearly half a century ago the popular economist John Maynard Keynes wrote, “Practical men, who believe themselves to be quite exempt from intellectual influences, are usually the slaves of some defunct economist. Madmen in authority, who hear voices in the air, are distilling their frenzy from some academic scribbler of a few years back.” When […]

Economics of Investing: Hypothesizing about the Efficient Markets Hypothesis

Over the past couple of years, events like the Internet and more recently, the Enron and Global Crossing debacles, have spurred people to reconsider the Efficient Markets Hypothesis, “EMH.” For those unfamiliar with EMH, here’s a brief textbook definition: prices of securities fully reflect available information. Investors should expect to obtain an equilibrium rate of […]

Some Patriotic Economic Advice: Save

Over the last couple of weeks I’ve seen financiers and economists give a lot of misguided advice about what people need to do to help the nation and themselves overcome the terrorist attacks on America. I’m a very patriotic person myself, I don’t just wave flags on Independence Day, I actually read and understand the […]

A New Yorker Remembers the World Trade Center

“That particular sense of sacred rapture men say they experience in contemplating nature- I’ve never received it from nature, only from. Buildings, Skyscrapers. I would give the greatest sunset in the world for one sight of New York’s skyline. The shapes and the thought that made them. The sky over New York and the will […]

Devaluation is Not the Answer

In the past few months, I’ve noticed a disturbing shift in attitude towards currency devaluation. An increasing number of economists and journalists are making comments approving currency devaluation as a way to boost economies and “gain competitiveness.” Some analysts, like The New York Times‘ Paul Krugman, have been recommending devaluation around the world for years, […]

Richard Li: Hong Kong’s Destructive Prince of Political Pull

One of Hong Kong’s largest, and most enduring business institutions has been laid low by a reckless brat from one of Hong Kong’s most powerful families. About a year ago, Richard Li acquired Hong Kong Telecom, and proceeded to destroy over US$20 billion of Hong Kong Telecom’s stock market value. Since its acquisition, its shares […]

Conference Report: NYU’s “ASIA: Restructuring in Action”

Last week I attended a full-day business conference “ASIA: Restructuring in Action,” at NYU’s Stern School of Business. There, professors and industry experts met to discuss how post-crisis Asia was progressing. We discussed macroeconomic trends, the restructuring of the Asian banking sector, and the economic effects of new technologies. The conference reflected “conventional wisdom” within […]

The Australian Dollar is Down Under

The Australian Dollar, while recently sinking to 19-year lows, doesn’t seem to have gotten a lot of attention. In fact, the currency has never had the sort of impact on global currency markets as the Yen, the Euro, or the Pound, and even currencies like Brazil’s Real have taken a lot more of the limelight […]

Big or Small Government in the U.S. and India? The Debate Isn’t Over

“Year after year in Washington, budget debates seem to come down to an old, tired argument: on one side, those who want more government, regardless of the cost; on the other, those who want less government, regardless of the need. We should leave those arguments to the last century and chart a different course.” — […]

George Bush Misses the Point on Cutting Taxes

George Bush looks like he’ll try to stick to his promise about cutting income tax rates, but his team’s recent justifications, while politically expedient, are obscuring the real case for tax cuts. Given that the U.S. economy is showing signs of slowing, the Bush team is suggesting that tax cuts will provide a stimulus for […]

The Price of Shinawatra Winning The Thai Election: Short Term Gain, Long Term Pain?

During elections last weekend, Thai billionaire businessman Thaksin Shinawatra won a landslide victory, and barring certain legal challenges, will become Thailand’s next prime minister. As owner of Thailand’s largest wireless wireless communications company, Advanced Info Service, Shinawatra is considered Thailand’s richest man. The question of his exact net worth has caused some controversy, because the […]

Excellent Company or Excellent Stock?

“Buy the stock – it’s a good company.” This oft-repeated platitude is one that’s very popular on Wall Street, but it’s also one that I’m sick of hearing it because it’s not necessarily a useful guide for investors. A major study by Michelle Clayman, entitled “In Search of Excellence: The Investor’s Viewpoint,” was published in […]

Is Microsoft a Hypocrite?

I was saddened to see the lead article in last Tuesday’s (12/5/00) Wall St. Journal “Microsoft Tries to Lob Monkey Wrench Into AOL-Time Warner Deal.” In the story, reporters alleged Microsoft might be cooperating with the Federal Trade Commission to provide evidence that an AOL-Time Warner merger plan should be killed or re-written by the […]

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