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10.29.09
Still Strong

In Q3 South Korea’s economy grew at the fastest pace in seven years. GDP increased 2.9% and may exceed 5% growth in Q4 due to the improvement in business conditions in China. Capital investment in factories in Korea shot up 8.9% in the third quarter. Accordingly, the South Korean central bank may soon become the second bank in the G20 to raise interest rates.

10.23.09
RINO International (RINO), P/E 17, Market Cap $581 million

China is getting a reputation as an economic miracle worker but it also has an embarrassing pollution problem. It is an attractive country with objectionable body order. The Olympics in Beijing proved the point, as the country had to shut down factories to mitigate air pollution. We think China’s government now recognizes the need to get more involved in regulating the economy, not just stimulating it. 

10.22.09
Goldilocks vs Chicken Little

To begin on a personal note, when your editor was a college student in the 60’s studying human biology (in classrooms, I might add), I was dismayed to find that the curriculum for such studies reduced virtually all my ‘wholes’ to ‘parts’ and all my living subjects to mathematical formulae. Having expressed a desire to study life, I was required to study numbers.

10.22.09
Stimulus Matters

According to the World Bank, state-driven stimulus will account for more than 80% of GDP growth this year. Some are worried that the state will tighten the spigot, but the country has plenty of cash and no government deficit to worry about.

10.22.09
Wild, Wild Wall Street

On a wild day on Wall Street, the Dow was up for most of the day and even touched 10,100 before falling apart an hour before the closing bell. Earnings reports from Morgan Stanley and Wells Fargo helped boost the index, but an analyst’s recommendation to sell Wells Fargo late in the day started a selloff in financials. The Dow ended Wednesday down 92 points, bringing it below 10,000 once again. Oil on the other hand has once again surpassed the $80 threshold and gold continues to shine. A falling dollar helped push oil past $82 a barrel before settling at $80.84 for the day.