 However, direct investment in China is problematical because of an ill-formed culture of corporate governance. A recent article in the FT indicates that:
Board structures at Chinese companies can lead to “confusion, ambiguity and potentially... undermine the board of directors”, according to a study [by Risk Metrics] of the corporate governance risks faced by investors in China.
Even Hong Kong has its problems:
Risk Metrics noted minority shareholders in the two jurisdictions [Mainland China and Hong Kong] do face some common risks. The state’s firm grip over China’s largest industrial and financial companies is mirrored in Hong Kong by the influence of tycoons and their families.
Instead of investing directly into China, I would suggest vehicles such as the Korean market (EWY: iShares MSCI South Korea) as a way of participating in Chinese growth. Countries such as Japan and Korea supply China with capital goods to facilitate growth in the Chinese economy. The accompanying chart shows the relative returns of the South Korean KOPSI Index in US Dollars relative to the S&P 500. The Korean market bottomed out relative to the S&P 500 in 1997 and has been in a relative uptrend since. A trend following investor would look at that chart and say “stay with the trend!”
The key risk to this trade is that the South Korean market is generally thought as as being highly sensitive to world growth and a significant slowdown in the US could affect it disproportionately.
2 comments:
When you mention techniques spelled out in Michael Covel's book, are you referring to the book "Turtle Trader"?
The book didn't go into enough details, but after running through it you would need some major capital and constant oversight so as to not get wiped out.
Nice analysis by the way. I got out of the Korean index ETF a few months ago because of their heavy reliance on a few industries. Do you still think this is a good play?
I believe he's referring to the book "Trend Following," which came out a few years ago, and was predominantly focused on long-term trend following (LTTF) in the commodities and futures markets. It's worth buying in my opinion.
The important thing to remember is that MARKETS DON'T HAVE TRENDS. The idea of a "TREND" is a metric or measurement that WE, the OBSERVER, bring TO the market.
Take a look at that Kospi Vs. SP500 chart.
* If your timeframe for defining trend is multi-decadal, the chart isn't long enough, and the trend (from the multi-decadal point of view) is arguably DOWN.
* If your timeframe is multi-week or even if you're using a multi-month definition of trend, the trend is DOWN.
* Only if your timeframe is year+ but less than multi-decadal is the trend UP.
Obviously, the timeframe of the trader determines if, for HIM, that market is trending or not. It's a commonplace occurrence for some of the guys I watch to short something I'm long, and for us BOTH to be right; him for the day or week, perhaps, and me for the x-month holding period.
The key to following trends is matching the holding period, trend measurement period, and tolerance for volatility, to the trader doing the trend-following. Most who do this in the commodity space use mechanical or mostly mechanical methods, backtested across a range of diverse holdings traded simultaneously.Surfing and yoga go together like peanut butter and jelly! Both surfers and their surfing skills can benefit from yoga.
From warming up your body before you jump on your board, to increasing body awareness and strengthening the muscles you need to surf your very best, and of course cooling down and stretching after you get out of the water, yoga can greatly enhance your entire surfing experience.
For many surfers, riding a wave is a highly spiritual experience – an experience that is paralleled in a yoga and meditation practice.
Whether you’re dreaming of warmer weather when you can get back out on the water, or if you live in or are visiting a tropical climate to get your surf on, this video is great for surfers year-round.
Yoga for surfers has many benefits. In addition to what we named above, yoga also helps surfers increase flexibility and strength, calm and center the mind for that next big wave, and also increases your lung capacity and ability to breathe mindfully.
The ancient practice of yoga has parallels to the surf community. For many surfers, riding a wave is a highly spiritual experience – an experience that is paralleled in a yoga and meditation practice.
As a surfer, it’s important to tune in and be present. Yoga teaches us presence, how to remain calm, and to return to our breath again and again, no matter what the outside circumstances or experiences we have in the water.
Dive In With This 25-Minute Yoga For Surfers Class!
This is the perfect yoga class to practice before you paddle out so you can properly warm up your body and ignite all the muscles you’ll be using on the board. The first part of the video offers a warm-up for surfing.
The second part of the video offers a cool down that’s great for post-surf. Of course, you can practice the entire video before or after surfing (and also on your off days) to keep your body (and mind!) strong, flexible and healthy.
Join YogiApproved teacher Chelsea Maliakai as she guides you through this Yoga for Surfers yoga class.
Down Dog lengthens the hamstrings, calves and stretches the shoulders, hands and arches of the feet. It strengthens your arms, upper body and legs while energizing the body and relieving back pain and fatigue. Inversions like Down Dog also helps calm the brain and nervous system.
Puppy Dog Pose stretches and lengthens the spine, shoulders and sides of the body. This yoga pose also helps open up your shoulders after intense paddling.
Warrior II Pose strengthens and stretches the legs, hips, groin and shoulders. It helps with balance while building concentration and stamina.
This popular shoulder opener stretches the outer shoulders, relieves tension in the shoulders and also creates a gentle spinal twist and lower back release.
Next time, before you paddle out, take this Yoga for Surfers class and see how it impacts your time on the water.
Take the short cool down portion of the video after your next surf sesh and notice how it makes your body feel.
As a reminder, you can take the entire class anytime you’d like, or use it before and after your next surf. Surfs up! And namaste.
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From mince pies to mulled wine, the festive season wouldn’t be complete without some traditional treats. One of the best things about the Christmas period is enjoying a steamy cup full of mulled wine that’s both warming and spicy. There’s something special about this beverage and it cooks up an image of cosy firesides and twinkling fairy lights; it’s a celebration of everything festive.
The term ‘mulled’ means to be heated and spiced and its origins can be traced to the Roman Empire where it was regarded as medicinal with healing properties. The Romans heated quality wine with herbs and spices to create an aromatic potion and named it the Hippocras. Later it featured in Charles Dickens’ work of A Christmas Carol where there is reference to a cup of Smoking Bishop, which is believed to be made using port. Now the festive tipple is an international tradition and the recipe is adapted across different parts of Europe with additional spices.
Mulled wine doesn’t just have to be made using wine, non-alcoholic versions can be brewed. Below is a recipe that will be sure to warm your cockles and ignite your senses; it’s rich in spices and free from alcoholic ingredients. Merry Christmas!
Step 1: First heat the water and add sugar, cloves, cinnamon and lemon zest.
Step 2: Boil for five minutes. Once the ingredients have boiled, simmer for a further five minutes.
Step 3: Now strain the liquid, add the lemon juice and continue to heat.
Step 4: Finally, add the grape juice and keep it on a low heat for another five minutes.
Step 5: Once it’s as warm as you like, serve into cups and enjoy.
<issue_start><issue_comment>Title: cinny: 1.7.0 -> 1.8.0
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