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Another great source for bargains includes the unlikely niche of stocks coming out of bankruptcy.
The Big Secret for the Small Investor
Joel Greenblatt
The bank heist gone bad is a motion picture cliché that further confounds the Chinese. Fade in as a group of five discusses its plan to rob a bank. Listen as they happily agree to split the haul into equal portions. And watch as they express feelings of inequity almost immediately upon having pulled off the job. The haul being not quite what anyone expected, the safe cracker grumbles that he ought to receive a bigger share than the lookout. Or perhaps the getaway driver, who has taken a bullet, thinks he has a case for a bigger cut. The end result in this hackneyed scene is that, incapable of making adjustments that minimize hard feelings, gang members begin shooting one another dead. Chinese teams are more flexible than this. The inherent problem in the bank heist—in any project, really—is that circumstances change over time. Things look different coming out than they did going in. Chinese partnerships appear to us to be far better coordinated because often they are. Chinese do not so easily constrain themselves to the initial terms of a deal, and they show a willingness to reevaluate at any point along the way. This is not to say that those who are in a position of power do not still take advantage of whatever leverage they hold. But, all else being equal, participants have a higher expectation that their contribution will be rewarded in a more or less accurate way on a flexible scale that is subject to adjustments.
What's Wrong With China
Paul Midler
This form of depression is a manifestation of the autonomy of the psyche. The ego, the conscious sense of who we are, wishes to invest energy in a certain direction, perhaps in service to economic goals, but the soul has another agenda. It autonomously withdraws the invested energy, inverts it, and as it withdraws into the psyche it often pulls the ego in after it.
Finding Meaning in the Second Half of Life
James Hollis
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