A good read from Christopher Mayer (2012), writer of the Capital & Crisis newsletter. It’s basically an investment travelogue, covering some 20-odd countries that Mayer visited – in many ways, an updated version of Adventure Capitalist, just with greater emphasis on identifying the investable ideas. The title itself is a reference to the fact that emerging and frontier markets are catching up with the West, which is a return to equilibrium if one looks historically. Anyway, a treasure trove of memorable lines about investing:
-“A good investor is a worldly investor who has an understanding and appreciation of how the world works and how it came to be.”
-“Capital flees from abusive relationships and seeks out environments where it can be fruitful and multiply.”
-“Whatever starts out as a good idea is almost a sure thing to be overdone eventually.”
-“…you will do well to invest in the commodities that the big emerging markets are short of.”
-“There are not problems, there are only opportunities.”
-“Look for the gaps in these emerging markets. Find what they don’t have but want or need. Invest in the companies that fill those gaps.”
-“That’s one of the benefits of doing trips like this. When people begin to repeat ideas, themes emerge.”
-“…what sounds great from a macro perspective can be tough to implement in a micro way.”
-“Young people are economic catalysts.”
-“The returns are highest where capital is scarce.”
-“He’ll manage the business as an owner because he is an owner himself. I can’t stress the importance of this kind of orientation enough.”
-“It has loads of coveted natural resources, and the trend is toward unlocking that wealth.” (He is talking about Canada, but clearly the idea is broader than one country.)
-“Maybe the only gift is a chance to inquire, to know nothing for certain.”
-“I’ll keep writing, thinking, traveling and asking questions.”
