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Sell The State, Buy The People

Investors can slice and dice the investment world into all manner of categories. One of the most common is to separate its investments into domestic and international, developed and emerging markets, then into regions or individual countries.

A different way to slice the market is to break it down into state-owned and private companies. This is not a critical distinction for investors in the developed world, where deep capital markets offer exposure to many private firms, but many emerging markets are still developing their capital markets. A passive investment approach in emerging markets results in a state-owned heavy portfolio, but there are ways to avoid this exposure.

State Interference Doesn't Pay

At least since Ludwig Von Mises published Economic Calculation in the Socialist Commonwealth, the case against socialist economic planning has been there for those who choose to look. Without information, an enterprise cannot make good decisions, and one… Read More …