The Big Government theme cuts across and influences many of our other themes. In thinking about the future and searching for thematic tailwinds it is becoming much more important to understand the long-term priorities of governments.

The 20th National Congress of the Chinese Communist Party (aka. the Party Congress) has ended, and the overarching conclusion is that China is essentially set to be ruled by one man, with the Xi Jinping Dynasty having begun in earnest.

The biggest opportunity in equity investments is to look for companies that can compound their earnings over many years or even decades. We emphasize sustainability of growth over magnitude of growth.