{"content":[{"text":"Are We Witnessing the End of the \n Unbridled Globalization Era?","bbox":{"left":0.082353,"top":0.076273,"width":0.539964,"height":0.08287300000000002}},{"text":"was built on labor cost advantages, but now that it is transitioning to unmanned factories, capacity \n can return to Western markets. Populists and military strategists are determined to ensure it does.","bbox":{"left":0.082353,"top":0.239113,"width":0.835652,"height":0.03549000000000005}},{"text":"During the globalization dash, technological advancement knew no borders; this led to complex \n integrated supply chains in many industries. Many assumptions underpinning these business \n arrangements will have to be reconsidered when faced with new economic and security obstacles. \n Adjustment will be required. In the short term I expect investment paralysis and confusion on the \n part of corporations. In the long run I expect costlier and capital heavy, localized production bases. \n Small trading nations could be collateral damage in the process as trade imbalances are forcibly \n narrowed.","bbox":{"left":0.082353,"top":0.287295,"width":0.8354440000000001,"height":0.12431599999999993}},{"text":"America’s allies will be thrust into a tenuous position of having to balance economic relations with \n China and geopolitical relations with the U.S. In parts of Asia where trade with China dominates, \n countries may leave the U.S. fold, redrawing the strategic map.","bbox":{"left":0.082353,"top":0.424303,"width":0.835123,"height":0.05321700000000007}},{"text":"It’s too soon to be cocksure, but we are starting to defensively position the portfolios for this \n possibility.","bbox":{"left":0.082353,"top":0.490212,"width":0.834997,"height":0.03549000000000002}},{"text":"This commentary is published by CI Investments Inc. It is provided as a general source of information \n and should not be considered personal investment advice or an offer or solicitation to buy or sell \n securities. Every effort has been made to ensure that the material contained in this commentary is \n accurate at the time of publication. However, CI Investments Inc. cannot guarantee its accuracy or \n completeness and accepts no responsibility for any loss arising from any use of or reliance on the \n information contained herein. Certain statements in this document are forward-looking. Forward- \n looking statements (“FLS”) are statements that are predictive in nature, depend upon or refer to future \n events or conditions, or that include words such as “may,” “will,” “should,” “could,” “expect,” \n “anticipate,” “intend,” “plan,” “believe,” or “estimate,” or other similar expressions. Statements that \n look forward in time or include anything other than historical information are subject to risks and \n uncertainties, and actual results, actions or events could differ materially from those set forth in the \n FLS. FLS are not guarantees of future performance and are by their nature based on numerous \n assumptions. Although the FLS contained herein are based upon what CI Investments Inc. and the \n portfolio manager believe to be reasonable assumptions, neither CI Investments Inc. nor the portfolio \n manager can assure that actual results will be consistent with these FLS. The reader is cautioned to \n consider the FLS carefully and not to place undue reliance on FLS. Unless required by applicable law, it \n is not undertaken, and specifically disclaimed that there is any intention or obligation to update or \n revise FLS, whether as a result of new information, future events or otherwise. Commissions, trailing \n commissions, management fees and expenses all may be associated with mutual fund investments. \n Please read the prospectus before investing. Mutual funds are not guaranteed, their values change \n frequently and past performance may not be repeated.","bbox":{"left":0.082353,"top":0.568722,"width":0.835631,"height":0.37309900000000007}}],"images_bbox":[],"images_bbox_not_text_overlap":[]}