China: 2 images worth 2,000 words

August 20, 2015


With kids heading back to school this week, it’s a good time to reflect on what they’re learning about entrepreneurship. This week a Chinese-American entrepreneur penned an op-ed that really resonated...   


Amen of the Week:


“You’d think that a profit-and-loss forecast would be a bedrock concept for a program teaching people to start their own businesses. You’d be wrong. I’ve mentored graduate students at prestigious universities who couldn’t tell me how they were going to cover things like payroll taxes, workers’ compensation and other basic costs...  Too many U.S. business schools are focused on producing future leaders for big corporations and Wall Street firms—not equipping people to venture out on their own. The story is very different in China, where I was born and educated before coming to the U.S. in 1994. Business schools there focus on the basics of running a small business and how to create a profitable company.”


          - Ken Kuang, founder of Torrey Hills Technology LLC
          "Teaching Entrepreneurs to Do More than Dream"
            Wall Street Journal (8/17/2015)


Speaking of China, folks are finally beginning to recognize the issues that Fielder has been highlighting to our clients since 2011.  This debt-fueled real estate party will end badly.  These two images are worth 2,000 words…



For an eye-opening example of our Field Research, you can watch a short video here of my real estate tour across five Chinese cities in 2011. Fielder values front-line perspective like this because it gives us the context and conviction necessary to navigate uncertain times.


Despite my near-term bearish view on China, I am incredibly bullish long-term (on its people at least). Over the past seven years, I’ve visited a dozen cities there and established many wonderful relationships. It feels like the US must have felt a century ago:  messy, volatile, uncertain. Yet, people were determined to make progress one way or another, just like those I’ve met in China.


So buckle your seat belts, folks. The ride is likely to get bumpy -- even here. China matters.  Just be sure you’re driving in the right direction: toward opportunity, not just away from scary places.


Yours in the Field,



Frank Byrd, CFA



While the information presented herein is believed to be accurate, Fielder Capital Group LLC (Fielder) makes no express warranty as to the completeness or accuracy, nor can it accept responsibility for errors appearing in the document. Fielder is under no obligation to notify you of any errors discovered later or of any subsequent changes in opinions. Nothing herein should be construed as a recommendation to buy or sell any of these securities.  It should not be assumed that any of the securities, transactions, or holdings discussed will prove to be profitable in the future or that investment recommendations or decisions Fielder makes in the future will be profitable or will equal the investment performance of the securities discussed herein. Fielder or its employees may have an economic interest in securities mentioned herein. This information is intended only for the recipient of this email.  Under no circumstances should this report be shared with or forwarded to anyone else without the express permission of Fielder.



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