A Global Asset Management Seoul Korea Magazine
TEN YEARS ago Peter Turchin, a scientist at the University of Connecticut, made a startling prediction in Nature. “The next decade is likely to be a period of growing instability in the United States and western Europe,” he asserted, pointing in part to the “overproduction of young graduates with advanced degrees”. The subsequent surge in populism in Europe, the unexpected votes in 2016 for Brexit and then for President Donald Trump in America, and a wave of protests from the gilets jaunes to Black Lives Matter, has made Mr Turchin something of a celebrity in certain circles, and has piqued economists’ interest in the discipline of “cliodynamics”, which uses maths to model historical change. Mr Turchin’s emphasis on the “overproduction of elites” raises uncomfortable questions, but also offers useful policy lessons. As far back as ancient Rome and imperial China, Mr Turchin shows, societies have veered from periods of political stability to instability, often at intervals of about 50 years. Consider America. Every pundit knows that Congress has become gridlocked, with Democrats and Republicans unwilling to compromise with each other. Fewer know that it was also highly polarised around 1900, before becoming more co-operative in the mid-20th century.
WHEN CAPTAIN Gareth Tennant was patrolling with the Royal Marines in the Gulf of Aden in 2010, his team intercepted some Somali pirates on two skiffs. The pirates’ weapons were confiscated and the marines waited for clearance to release their prisoners. The plan was to tow the ne’er-do-wells back to Somali waters. But the pirates misread the troops’ intentions, and thought they were about to be abandoned at sea; a few jumped into the water while the rest attacked Mr Tennant’s team. For a brief period, there was chaos. Mr Tennant was unable to give any orders. But his team acted anyway. One boat rescued the Somalis who had jumped into the water; another came alongside to offer support in ending the fight. His team acted that way, Mr Tennant argues, because they were used to working with each other and they had war-gamed what might go wrong. In contrast, the pirates were suffering from fear, stress and fatigue, and acted on gut instinct. “If you haven’t gone through the decision-making process in advance, then gut instinct tends to kick in,” Mr Tennant says. Now Mr Tennant is back in civilian life, acting as
(RTTNews) - Shares of Clarus Corp. (CLAR) slipped nearly 15% on Thursday morning. CLAR is currently trading at $12.45, down $2.14 or 14.63%, on the Nasdaq. On Wednesday, Clarus announced that it expects sales for the third quarter to be between $63 million and $64 million, which is an anticipated 5%-6% year-over-year increase compared to $60.2 million a year ago. Analysts polled by Thomson Reuters currently estimate revenues of $56.18 million. The company expects to report its full third quarter 2020 results in early November.
Facebook-owned WhatsApp is being censored in China as the Communist Party congress gets underway. Jaap Arriens | NurPhoto | Getty Images Facebook said Thursday it will start charging companies for some its WhatsApp Business chat services. WhatsApp Business allows small and medium businesses to chat with customers, provide support and sell products directly. Facebook said it will soon offer services like hosting, to help partners manage chat messages with clients, inventory and more. WhatsApp Business has more than 50 million business users and that 175 million people around the world message a business each day. Facebook has struggled to generate meaningful revenue from WhatsApp, which it acquired for $16 billion in 2014, and primarily relies on advertising in Facebook and Instagram to generate revenue. It's one of Facebook's acquisitions that's under scrutiny by the House Judiciary subcommittee on antitrust, which determined earlier this month that Facebook wields monopoly power in social networking. Facebook told CNBC it charges businesses to send certain messages to customers, like boarding passes or product receipts, but that costs vary on market and quantity of messages sent. It didn't provide details on what
Prices in the Hamptons hit records in the third quarter, as more wealthy New Yorkers fled the city to buy homes on the beach, according to a new report. The average sales price in the Hamptons soared 46% in the quarter to just over $2 million, according to a report from Douglas Elliman and Miller Samuel. The median sales price jumped 40% to $1.2 million, which is now higher than Manhattan's median sales price of $1.1 million. "I've never seen a market like this," said Gary DePersia, a Hamptons broker with Corcoran. "It doesn't show any signs of slowing down." The surge in the Hamptons comes as hundreds of thousands of New Yorkers fled the city during the coronavirus pandemic and searched for homes with more space outside the city. While it's unclear how many New Yorkers will return to the city, and how the flight of the wealthy will affect New York's economy longer term, the pandemic has dramatically redrawn the urban real estate landscape. The Hudson Valley, western Connecticut and the Hamptons all saw a surge in sales in the third quarter, while Manhattan saw a 46% drop in sales. Jonathan Miller, CEO of Miller Samuel,