Slower Investor

Finding Africa's hidden investment gems 🌍💰

[Dave Jones @CleanPowerDave]

NEW: Asia is going electric⚡️

Asia has 4% of the world's oil+gas supplies. It's perhaps no surprise Asia is doubling down on electrification.

Not just China, all of Asia.

If you liked last September Electrotech Revolution slidepack, you'll love this...

[Slower Investor @gemfinderaf]

5.1% YoY nominal. Inflation still running. How much of that is volume versus price?

[Mike Zaccardi, CFA, CMT 🍖 @MikeZaccardi]

BofAI: Consumer spending momentum is remarkably robust, with total card spending rising 5.1% YoY in May - the strongest growth in nearly four years

Note: this is from BofA Institute. publicly available

[Slower Investor @gemfinderaf]

@SharmilaChavaly India's energy transition keeps hitting execution bottlenecks. Masdar's renewables pipeline there is worth tracking.

[Slower Investor @gemfinderaf]

@ces921 Transport and warehousing up 17.3% vs 1.7% for other services. That gap tells you where the pressure sits.

[Slower Investor @gemfinderaf]

Localization has been discussed for decades. In our markets, the informal sector already does what formal development structures struggle to replicate. The question is whether anyone is studying what already works.

[CSIS @CSIS]

As aid budgets shrink and the development landscape evolves, CSIS experts Andrew Friedman and Hadeil Ali outline key recommendations to rebalance power dynamics and build a more equitable development ecosystem.

Read more: https://t.co/U8E7hsU4Gd

[Slower Investor @gemfinderaf]

@charliebilello Less a reversal than a repricing. EM was priced for doom. We like consumer names. Food companies. Earnings were always there.

[Joseph Brusuelas @joebrusuelas]

US May PPI: An absolutely brutal 6.5% year ago increase in wholesale inflation.

The final demand estimate implies a combination of thinning margins & further increase in inflation.

The totality of the data supports our analysis that the initial price shock has not yet worked its way through the economy.

[Slower Investor @gemfinderaf]

The divergence hits EM hardest. The Naira moved on the ECB decision alone. If the Fed holds while the ECB hikes, Nigeria and Turkey are in the crosshairs.

[Jeff Weniger @JeffWeniger]

Usually when you see the ECB hiking rates, the Fed is doing so too. It doesn't always work that way (look at 2011). Still, these guys make it a habit of coordinating policy. What the Fed will do this summer, I don't know. And sometimes as a strategist it's ok to say "I dunno." But we cannot ignore this action by the ECB. It puts pressure on the Fed, especially if some of these other players follow the ECB's lead.

[World Bank Group Publications @WBGPubs]

Infrastructure Foundations presents the first exhaustive global database on physical infrastructure assets, offering an unprecedented look at how infrastructure shapes development across more than 150 countries: https://t.co/WC5yALfHon

[Slower Investor @gemfinderaf]

Households at 48% equity allocation at peak CAPE. EM must be at generational lows.

[Global Markets Investor @GlobalMktObserv]

⚠️US households are ALL-IN on US equities:

American households now hold a record ~48% of their financial assets in stocks.

This exceeds the 2000 Dot-Com Bubble peak by 10 percentage points.

This is all unfolding at a time when US stock market valuations are at the highest level since the Internet Boom peak.

We know what happened next.

Is history set to repeat itself?

[Adam Tooze @adam_tooze]

How fast is the US Treasury market changing (with plumbing new debts), according to the Economist. More featured on today's Chartbook Top Links in the comment below.

[Slower Investor @gemfinderaf]

@KEDM_COM Still >40% discount to NAV even after the 30% pop. The market doesn't trust non-binding indicative offers with 90-day exclusivity. Neither do I.

[Slower Investor @gemfinderaf]

@TonyNatif Interesting observation. Not something I follow closely for Uganda. What matters for the investment case is whether institutional direction and execution hold through the transition.

[Slower Investor @gemfinderaf]

@WBG_ClimateEnv Nigeria's early action programs look promising on paper. Execution and disbursement speed tend to tell a different story.

[Michael T. Edgar, NCARB @MichaelTEdgar]

The market is not splitting by who can afford the most expensive model. It is splitting by who builds a sovereign, cost-effective capability floor versus who stays dependent on rented frontier access that keeps getting more expensive or more conditioned.
https://t.co/a0quwReVnX

[Slower Investor @gemfinderaf]

@orrdavid Dotcom comparison is apt. Value looked broken for a bit then snapped back. If the business is intact, time sorts it.

[Slower Investor @gemfinderaf]

@orrdavid 25% drawdown on those fundamentals. If operating income holds up, that's a dislocation worth watching.

[Slower Investor @gemfinderaf]

Norway saved. UK spent. UAE did both. $2.5 trillion+ in sovereign-linked capital and built the financial infrastructure alongside it. Britain managed neither.

[Martyna Arthur @marthurcapital]

🎙️ 🇳🇴 Interesting conversation between Jens Stoltenberg, Norway's Finance Minister and former NATO Secretary General, and Nicolai Tangen, CEO of Norges Bank Investment Management (NBIM), which manages Norway's Government Pension Fund Global, the world's largest sovereign wealth fund, with over $2 trillion AUM, investments in 9,000+ companies, and ownership of approximately 1.5% of all listed equities globally.🌍

👉🇳🇴 Norway and 🇬🇧 the UK both benefited from North Sea oil.

Yet today:

💰Norway has built a sovereign wealth fund worth more than $2 trillion.
📊 Norway's government debt stands at roughly 40-45% of GDP, while maintaining one of the strongest national balance sheets in the world.

🇬🇧 The UK built one of the world's leading financial centres, but public debt today sits at approximately 95-100% of GDP.

➡️ Neither path is inherently right or wrong, but they reflect very different approaches to capital allocation and long-term national wealth creation.

❇️ Perhaps the UK could borrow a few ideas from Norway, if not the fund itself…🇬🇧📈

🚀 @SpaceX , @AnthropicAI , and @OpenAI were also part of the conversation, providing an interesting perspective on how one of the world's largest investors views future market leaders.

👉 Episode 🔗: https://t.co/ifz2MME16m

#NorgesBankInvestmentManagement #Investing #SovereignWealthFund #CapitalAllocation #Norway #UK #Finance #CapitalMarkets #InvestmentManagement #SpaceX #OpenAI #Anthropic #Leadership

[Slower Investor @gemfinderaf]

@fteconomics Seems the content didn't come through. Was there a specific FT piece or data point?

[Slower Investor @gemfinderaf]

@OilandEnergy Why commit long-cycle capex when transit insurance can be pulled in hours? Smart money going into bypass infrastructure, not new barrels.