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Season 2, Episode 16: Chinese Economic Reforms Are Already a Thing of the Past, With Dexter Roberts

Published May 20, 2020

The author of “The Myth of Chinese Capitalism” discusses the ramifications of his thesis

Dexter Roberts joins the podcast to discuss his book “The Myth of Chinese Capitalism.”

In Roberts’ view, economic reforms have already been curtailed under current political leadership. China’s middle class, which has grown almost exponentially in recent decades, remains limited mostly to large coastal cities. The rural countryside, which still represents half the country’s population, remains well below the middle class — and is stuck there, in part due to outdated demographic policies.

The options for Chinese policymakers are limited. They have so far not managed to spread the wealth effects of their “pivot” to a services-based economy, and may have even exacerbated the problem. This all has wide-ranging consequences: for China, for western companies, and for the world.

Content Segments:

  • The first myth: capitalism as short hand for economic reforms (5:39)
  • The second key myth: the middle class will inexorably continue to grow larger (6:35)
  • The global supply-chain diversification, started several years ago and exacerbated by COVID-19, is effectively ending China’s “factory to the world” model (9:21)
  • Authorities’ options are very limited (10:45)
  • Where does this leave Chinese consumers? The days of western companies expanding sales through the growth of China’s middle class are gone (13:10)
  • Background on the gust (20:15)
  • What might the future of China hold? (25:09) The possibility of social unrest (27:14)
  • Brief discussion of Hong Kong: “Don’t think that the protests are over.” (30:22)

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Season 1, Episode 25: Unpacking ‘The Finance Curse,’ With Nicholas Shaxson, Author

Published December 5, 2019

“A cuckoo in the nest that is crowding out other parts of the economy”

Nicholas Shaxson, author of The Finance Curse, joins the podcast to discuss his thesis, that the financial sector is at the root of many problems facing economies and society, and where to look for possible solutions.

Content

  • The paradox: Too much finance can make you poorer (1:47)
  • How did we get here? (3:11)
  • Angola as the genesis of the finance curse concept (7:58)
  • Rising inequality. Where might solutions lie? (14:11)
  • Debunking private equity (18:34)
  • Antitrust solutions may be the answer (27:06)
  • What sectors are most at risk? (33:19)

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Season 1, Episode 19: The Need for Non-Consensus Investing, With Rupal J. Bhansali

Published September 25, 2019

Developing contrarian investing ideas is not a luxury, but a necessity in today’s market.

Rupal J. Bhansali joins the podcast to discuss her just-published book “Non-Consensus Investing: Being Right When Everyone Else is Wrong.”

Ms. Bhansali is the chief investment officer, international and global equities, at Ariel Investments in New York. Over the course of the conversation she explains why she wrote the book, some of its most valuable lessons for stock analysts, and why investors should eschew FAANG stocks for a new acronym: MANG (Michelin, Ahold, NTT Docomo, Glaxosmithkline).

Content:
The need for developing non-consensus views (2:20), focusing on balance-sheet risk rather than earnings (3:50), “kicking the can down the road” is not an option (6:27), FAANG vs. MANG (7:27), a special message to young women (12:20)

More information on the book available here.

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