By Benjamin J. Butler
Seoul, South Korea
I see one of my roles at Dow Theory as widening the spectacles through which we look at the world. Personally I like to look at market technicals (of course), economic trends, valuations, market psychology, wider business trends and geopolitics. Many years ago, through reading literature by Peter Lynch (the famous ex Fidelity manager) and Investment Biker about Jim Rogers’ travels around the world on a Harley Davison, I realized the power of travelling and finding anecdotes, and of having dialogues with as many people as I could meet. Even if you are a US investor who doesn’t invest outside the US, I still think looking at this interconnected world is important. As a young analyst I would find insights in the minutes of the New Zealand Central Bank on what was happening in global capital flows, and many times Japanese stocks – because of their reliance on exports – would indicate inflection points in the US economy BEFORE it became obvious in the S&P 500 or Dow. These interconnections still fascinate me and I hope that I can at least offer a different perspective for readers.