The saving grace of a mid-summer Christmas is cherries. The cherries are just coming on in December and are fantastic. You buy boxes at roadside stalls as you drive the long distances to your home town and eat half before you see your family.
A Winter Christmas
There is a new emerging Australian tradition – which is to have a winter Christmas celebration. Christmas in July is hams, puddings and wood fire. This new tradition is really strong amongst Australians who have spent some time in the Northern Hemisphere and pine for a white Christmas.
But Christmas in July is without cherries and that doesn’t feel quite right.
On Saturday night my wife and I went to a delightful Christmas in July. This was a stylish affair with fairy-tale lights and good bubbly wine. And we took a bowl of cherries.
The cherries came from
Cherries and the
Cherries and the
And as I indulge in another bowl of cherries I think the falling US dollar is wonderful. And so does some
Exports are the only part of the
The Bronte Capital thesis on this is as follows:
current account deficit is huge US
- The subprime crisis has shown that you can’t endlessly and profitably lend to American consumers therefore the economy will need to shift to radically bring down the current account deficit.
- This means you need to avoid US domestic sectors and fall in love with
export driven sectors. US
- Alas rising oil prices are driving up the current account deficit slightly faster than the changing terms of trade are driving it down which means we are only beginning on the export driven trend.
If you want a decade long trend its
You should be on it. And life will be a bowl of cherries.