The Demographic Cliff

free-market capitalism that functions best only when governments provide a stable base of rules and a neutral monetary policy,

done. India is likely to be the next large-growth economy to eclipse China in growth after what has, thus far, been an inept

Australia also has a real estate bubble that

Vacancy rates in cities in China are already 27 percent from overbuilding and speculation. What happens if over 220 million of the unregistered leave? Overbuilt cities become ghost cities (like Ordos and many unoccupied cities that already exist) and real estate prices collapse 60 to 80 percent or more! Everyday Chinese save 50 percent and the top

we do see will be most visible in low-end starter homes and the rental apartment markets.

Given that the winter season is about shifting market share to the most focused, dominant, and efficient companies, your primary goal has to be gaining market share at the expense of your competitors. The winners will gain dominance for decades to come,

You can’t learn through success and growth alone. Such people and businesses only get more complacent and overconfident, and then make huge mistakes or become blind to threats and opportunities. Without disruptive entrepreneurs and economic challenges, businesses, countries, people, and species don’t grow and evolve effectively. Why do you think th

6. Convenience stores and drugstores 7. Pharmaceuticals and vitamins 8. Downtown townhomes/condos 9. Active exurban retirement communities 10. Recreational vehicles (RVs)

For what remains of this decade, any appreciation

One key insight into these very high income households is they do best in bubble booms, like the 1920s where they controlled up to 45 percent of net worth, and the 1990s and 2000s, where they reached closer to 40 percent (although some studies found their assets reaching as high as 45 to 47 percent in recent peak years). (See Figure 1-18.)