I am on the phone all day with high net worth families and they are being bombarded with the notion that another crisis is immiment. “The emerging market boom is going to bust, ” or “China´s books are cooked and they aren´t really doing as well as they say” or “Europe is falling apart.” or, “The USA is too deep in debt and isn´t willing to make the sacrifices to pull out.” Even I suspect that the USA might be the weakest link in the new global production-consumtion change. There are a lot of reasons to be concerned, indeed. Heck, some argue that it is going to be fine until it isn´t…that´its just a matter of when it all falls apart.

I simply disagree. I think we are in a shift. Change is uncomfortable but, for me, a production and demand boom in emerging markets lies in the future. This transformation is awkard given a few rich countries have run the show for the last few centuries. But it takes patience. We need to buy the companies that are well positioned for the long run and build positions while lowering average price per share.