The 4th Pillar: November 2023

The 4th Pillar

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Running to stand still. That is the phrase that encapsulates the markets over the last month. Volatility for sure, but very little consensus or direction. GDP growth of almost 5% in Q3 in the US, but the latest jobs figures out just earlier today were disappointing.

The data is a mass of contradictions at present, and it is easy to get lost in the noise.

This is particularly pertinent when you add the huge increase in geopolitical tension we are currently seeing in the Middle East. Investors are very prone to overreacting in the short term, but also to underestimating the implications for the long term.

We aim to maintain our focus on what we think represents the best value in the current market: low cost producers of vital resources with excellent balance sheets that offer compelling shareholder returns.

The company we feature today fits right into that category, and perhaps highlights that not all countries are ignoring the value of such resources.

Antifragility is beyond resilience or robustness. The resilient resists shocks and stays the same; the antifragile gets better. Nassim Nicholas Taleb Fragile or Antifragile Fragile. That’s the word that comes to mind when I think about the state of the world, and the state of financial markets right now. We have written at length about…

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