March 22, 2010

The moral of the story, at least for investors, is clear: To identify industries, countries and asset classes likely to outperform the market in general. We must first decide whether demand for an industry, country and/or asset class product’s will rise or fall, and second, whether or not an industry, country or asset class has pricing power, be it on the demand or supply side. The airline industry tells us that elasticity depends in part on government regulation and in part on industry-specific innovation.

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