Various - mind the gap volume 37 - Mind the Gap - Paul Graham

Now, since we know where the gaps are, and the doorway positions are selected by people and are not a mere accident, there might be those among you who would think that the gaps at doorways should have been done away with by now, but it is not so simple. For a start there are two sorts of gap. Where platforms are situated on the outside of the curve, the railway car ends are located as close as is possible to the platform edge, but that means the centre of the car will be some way away. On the other hand, where a platform edge runs along the inside of the curve, it will be the centre of the car that is right up against the platform but the ends will be a long way away. The same cars have to cope with both situations, so the outcome is that compromises are made.

First, the same section of the Constitution gives Congress the power to “make or alter” election regulations. Congress in fact used that power on multiple occasions when it enacted the Voting Rights Act, the various Reapportionment Acts and the requirement of single-member districts for Congressional seats. Second, the Supreme Court imposed requirements such as “one-person, one-vote” to comply with the equal protection clause of the Constitution. Third, many state constitutions or statutes impose various criteria on redistricting, such as single-member districts, compactness and contiguity. Finally, the framers and the Supreme Court understood that redistricting, as Justice Byron White put it, is “intended to have substantial political consequences.” The history of redistricting in the United States, if it teaches us anything, teaches us that redistricting is a political act, was intended to be a political act, and has always been a political act. This simple truth has been difficult for the plaintiffs in Gill v. Whitford to accept, and has proven even more difficult for the Supreme Court.

In fact, we believe that we may be entering a regime of emerging market (EM) outperformance, as these markets have lagged developed markets equities since the financial crisis 122% to 197%. We believe the time has come for the turn. In addition, Morgan Stanley’s Global Investment Committee has said in their seven-year strategic forecast that they also expect   EM equities to outperform , with % annualized return versus developed market (DM) equities’ % annualized return.

Various - Mind The Gap Volume 37Various - Mind The Gap Volume 37Various - Mind The Gap Volume 37Various - Mind The Gap Volume 37