Apollo is matchless at weaving together data, anecdotes, and behavioral biases to educate investors on how to make sound, evidence-based decisions. His lessons are evergreen, but they are especially important to recognize in the face of harrowing markets, like we see today.

We enjoyed a fascinating conversation with John Emerson, Vice Chairman of Capital Group and former U.S. Ambassador to Germany. Here are some highlights…

David then unpacked how 2021 has affected his views on China (made him more wary), taking us through how the government approaches which sectors to support and which to regulate. He addressed how the global surge in venture capital may lead to more dominant international companies, the mechanics around Brexit, and what sectors and trends he believes may be interesting opportunities in the years ahead.

Most everyone is tired of hearing about the election. We are too. Still, considering the event’s significance and our conversations with worried investors, we want to share some thoughts and information.

Last year reminded everyone that investing is hard. It can be uncomfortable and unpleasant. Market volatility can diminish willpower and cause determination to waver. The main risk is not portfolio declines. The real risk is that instincts override the discipline investors need to achieve their long-term plan.

In sum, everyone should take a moment to appreciate 2017 and pat themselves on the back. As always, the world offered many causes for concern. You overcame skepticism, remained disciplined, and profited.  

Today, a few clicks lets you buy stocks anywhere. With the world's stocks on every menu, investors' have collectively allocated capital according to the cartogram. Yet individually, investors greatly prefer domestic portfolios.

Naturally, Dorian Gray came up in a discussion about emerging market currencies (the connection is obvious right?!). Andrew Foster, founder and portfolio manager of Seafarer Funds, was explaining to us his outlook when impromptu he launched into Dorian Gray.

In the short term, markets are about Psychology;

in the medium term, they are about Economics;

and in the long term, they are about Valuations.

The best (though understandably frustrating) explanation for the present volatility is that stock markets are doing what they often do in the short-term: fluctuate unpredictably.

“Emerging markets” is an asset class of developing countries that share little in common geographically, economically, or in size. What does unite them is higher expected returns and higher risk than developed markets.