Thanks for posting. I've always thought him to be a high-order...

Thanks for posting.

I've always thought him to be a high-order thinker when it comes to the economics of business.

95% of the share price performance over the past 12 months is informed by extraneous technical factors such as higher interest rates and tax-loss selling.

Sure, what happened in Pakistan might solicit a criticism of, "The were silly to invest shareholder capital there given the sovereign risk".

But that's the nub of the business model: investing in emerging markets.

As he rightly says, "Our shareholders understand risk."

What the rest of the presentation is about is that the business model is about extracting higher economic return that more than compensates for that risk.
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