Rocks and Hard Places: The Globalization of Mining (Global Issues)

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Liboreiro, Jorge. 2022. Ukraine war: EU urges China to stay neutral but secures no guarantees. Euronews, 1 April. https://www.euronews.com/my-europe/2022/04/01/ukraine-war-eu-urges-china-to-stay-neutral-but-without-securing-any-guarantees. Accessed 1 Aug 2022. a b c d e Davids, Brian (April 25, 2022). " Better Call Saul Star Michael Mando Dissects Emotional Ignacio 'Nacho' Varga Episode". The Hollywood Reporter. Archived from the original on April 26, 2022 . Retrieved April 25, 2022. None of this is a surprise, of course. Trend-following’s properties, particularly relative to equities, are well known. Figure 4 shows that the strategy is attractive on a standalone basis, but we ignore its correlation properties here. Because trend-following trades multiple asset classes, from both the long and short side, there is an intuitive low correlation to pretty much everything else in the long term. In the short term, however, this correlation is highly dynamic and offers the additional (highly attractive) feature of being negatively correlated to risk assets in crisis periods. The tech bubble bust of 2000-3 and Global Financial Crisis (GFC) in 2008-9 were the poster children for this characteristic, but nothing hammers things home more than recent events. 2022’s inflationary burst, with corresponding falls in both equities and bonds, revealed the Achilles’ heels of both 60/40 and risk parity portfolios. Trend-following got short both asset classes in 2022 and, broadly, profited as much as traditional portfolios lost – see, for example. China’s control of rare earth metals. The National Bureau of Asian Research (NBR) (blog), 13 August. https://www.nbr.org/publication/chinas-control-of-rare-earth-metals/. Accessed 11 June 2021. Jaskula, Brian. 2022. Lithium. U.S. Geological Survey, January. https://pubs.usgs.gov/periodicals/mcs2022/mcs2022-lithium.pdf. Accessed 1 Sept 2022.

Piore, Adam. 2022. Beijing’s plan to control the World’s data: Out-Google Google. Newsweek, 7 September. https://www.newsweek.com/2022/09/16/beijings-plan-control-worlds-data-out-google-google-1740426.html. Accessed 14 Sept 2022. Preisinger, Irene and Victoria Bryan. 2018. China’s CATL to build its first European EV Battery Factory in Germany. Reuters, 9 July. https://www.reuters.com/article/us-bmw-catl-batteries-idUSKBN1JZ11Y. Accessed 1 Sept 2022.Vekasi, Kristin. 2019a. Politics, markets, and rare commodities: Responses to Chinese rare earth policy. Japanese Journal of Political Science 20 (1): 2–20. https://doi.org/10.1017/S1468109918000385. The IEA has also suggested a circular economy approach could help reduce primary supply requirements for minerals for electric vehicle batteries by about 10% by 2040. A music video was shot at Sullivan Stadium, in Foxborough, Massachusetts during the band's three sold out night stand at that venue and directed by Wayne Isham. The video reached the Top 10 of MTV's Top 20 Video Countdown in December, 1989. REPowerEU. 18 May. https://ec.europa.eu/commission/presscorner/detail/en/IP_22_3131. Accessed 10 June 2022. President Joe Biden first white house press conference transcript. The White House, 25 March. https://www.rev.com/blog/transcripts/president-joe-biden-first-white-house-press-conference-transcript-march-25. Accessed 10 Sept 2022.

Neo Performance Materials To Receive First-Ever Grant Under Europe’s Just Transition Fund For Neo’s Planned Sintered Rare Earth Magnet Manufacturing Plant In Estonia. Neo Performance Materials, 9 November. https://www.neomaterials.com/neo-performance-materials-to-receive-first-ever-grant-under-europes-just-transition-fund-for-neos-planned-sintered-rare-earth-magnet-manufacturing-plant-in-estonia/. Accessed 15 Nov 2022. In that direction,” the Cat said, waving its right paw round, “lives a Hatter: and in that direction,” waving the other paw, “lives a March Hare. Visit either you like: they’re both mad.” European Council. 2022. EU-China summit: Restoring peace and stability in Ukraine Is a Shared Responsibility. European Council, 1 April. https://www.consilium.europa.eu/en/press/press-releases/2022/04/01/eu-china-summit-restoring-peace-and-stability-in-ukraine-is-a-shared-responsibility/. Accessed 3 Apr 2022.Argus Media. 2022. Japan’s Honda plans EV battery venture in China. Argus Media, 8 September. https://www.argusmedia.com/en/news/2289110-japans-honda-to-build-battery-ev-plant-in-china. Accessed 10 Sept 2022. U.S. Senate. 2021. Chairman Menendez Announces Bipartisan Comprehensive China Legislation. United States Senate Committee on Foreign Relations, 8 April. https://www.foreign.senate.gov/press/dem/release/chairman-menendez-announces-bipartisan-comprehensive-china-legislation. Accessed 18 Sept 2022. Based on this quote, the expression seems to have specifically meant ‘being bankrupt’ at that time. That is different than its meaning today, which is ‘being in a dilemma.’ Li, Yifei, and Judith Shapiro. 2020. China goes green: Coercive environmentalism for a troubled planet. Cambridge: Polity Press. Meanwhile, demand for copper will double by 2035, creating a supply gap that could threaten climate goals and pose serious challenges to reaching net zero emissions by 2050, according to research by S&P Global’s Economics & Country Risk, Commodity Insights, and Mobility teams.

FACT SHEET: The inflation reduction act supports workers and families. The White House, 19 August. https://www.whitehouse.gov/briefing-room/statements-releases/2022/08/19/fact-sheet-the-inflation-reduction-act-supports-workers-and-families/. Accessed 1 June 2022. In Figure 1 we show a scatter of equity regions (blue) and sectors (yellow), plotting their forward PE against the Street’s expectation for operating margin over the next 12 months. The size of each of the points denotes valuation and profitability expectations for each segment relative to its own history. Thus the US, given the 89 th and 75 th percentiles discussed above, averages at 82/100. 50th percentile would be the same size as the ‘Historic Median’ denoted in the legend at the top of the chart. While the Technology sector stands out, the plot shows that it is not alone. Indeed, the only areas of good value left (i.e. where the circle is the same size or smaller than the historic median) are the UK and Emerging Markets from a geographic perspective, and Energy and Healthcare in terms of sectors. Figure 1: Equity Forward Multiples and Forward Margins a b Greene, Steve (April 26, 2022). " Better Call Saul: Michael Mando Dealt with Sandstorms and Lightning While Filming Nacho's Big Scene". IndieWire. Archived from the original on April 28, 2022 . Retrieved April 29, 2022.The intro of the episode is a flash-forward: the flower is growing in the place where Nacho died with some fans taking this with a poetic meaning that the desert is mourning Nacho's death, the piece of glass being the one he used to wound Bolsa and take his gun, before killing himself. Xi, Jinping. 2022. Full text of Xi Jinping’s speech at China’s (20th) Party Congress. Bloomberg, 18 October. https://www.bloomberg.com/news/articles/2022-10-18/full-text-of-xi-jinping-s-speech-at-china-20th-party-congress-2022. Accessed 24 Oct 2022. In the face of potential supply shortfalls, alternatives to mining for critical minerals are emerging. Some of those alternatives, such as minerals and metals recycling, could also reduce threats to biodiversity to the extent that they decrease the need for mining. Parish notice: this edition of The Road Ahead is co-authored with Graham Robertson, Head of Client Portfolio Management at Man AHL, deeply knowledgeable in all things Trend and portfolio construction, and a stand-up fellow to boot. And now onward. Long-only investors at an unappealing crossroads