Word: giants
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...there are tides, and there are currents. I keep thinking of something I heard Mohamed El-Erian, CEO of bond-investing giant Pimco, say at a conference in April: "We are so focused on whether recovery will be at the end of this year or the beginning of the next that we lose sight of the more important question. It's not whether the recession will be over; it's, What does the new normal look like?" (Watch TIME's video of Peter Schiff trash-talking the markets...
...Hong Kong encourages an astute sense of politics among its residents, who are, by Chinese standards, well informed, not least because they enjoy unrestrained access to global news and political commentary. That Hong Kong was, in 1989, an undemocratic British colony with a seething communist giant as a neighbor merely taught people to pick their battles carefully - in itself a valuable political skill - and they saw Tiananmen as a cause worth the agitation. The principal of my primary school, who addressed us soon after the Tiananmen drama unfolded, warned us to ignore the protests and the marches, saying...
...June 5, Rio Tinto told Chinalco that their deal would not go through after all. It would, instead, float a rights issue to raise money needed to pay down a massive debt load, as well as enter into a joint venture with BHP Billiton - the mining giant that last year tried to buy Rio outright. Xiong, in a statement issued by Chinalco, simply said he was "disappointed" at the outcome...
...Beijing. If a private sector company in the west had proposed buying a minority stake in Rio Tinto, would the Australian review process have taken as long? Or it would it have been waived through much more quickly - before commodity prices recovered? Now, far from gaining access to a giant iron ore reserves, Chinalco has to watch the two biggest producers in the world - BHP and Rio - do a joint venture with their reserves in the famed Pilbara region of western Australia. It's no wonder that the executive director of China's iron and steel institute was warning about...
...someone else figures out a way to use my mousetrap to replace his much more expensive washing machine, he's created value as well. We tend to put the emphasis on the first kind of value creation because there are a small number of inventors who earn giant paydays from their mousetraps and thus become celebrities. But there are hundreds of millions of consumers and small businesses that find value in these innovations by figuring out new ways to put them...