I never tried to explain how it relates to lom, just that its an actual theory you shouldn't dismiss.
Trying to explain polarity in asset pricing would be akin to explaining apt over capm 10 years ago. I'm no expert but ill give it a go.
One country, the US, was the single world power and driver of economical growth until the early 2000, and the correlation between bond yields and asset prices made for an easy pricing theory using yields as the proxy and baking in market risk on top of the risk free premium with little need to adjust betas.
since the 2000s capm became less reliable and arbitrage pricing was the next evolution, but still didn't explain it all. Over time economists have identified correlations in the change purchasing power and economic influence (polarity) of other countries on asset prices.
My take on how it relates to LOM? One guess is the ever deepening ties and influence China has on diamond rich African nations like botswana, zimbabwe etc, and their noticeable non adherence to the Kimberley Process probably raises risks western aligned diamond suppliers will be undercut in the future.. overly simplified but hopefully you get it.
Of course thats all a theory, tear apart as you wish.
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