Tidbits from Hong Kong

“Nothing in Life is to be Feared, it is only to be understood. Now is the time to understand more, so that we may fear less” Marie Curie, as quoted by Raghu Narain

We’ve had a lot of talk at our conferences lately about survival tools for the current market, whether these be bringing down costs, managing vessels properly, working out loans, hedging risks or any other manner of prudent activity. But we may, arguably, have left out the most important one: a sense of humor. And through the pessimism that pervaded our conference in Hong Kong, as we’re fairly sure pervades any rational discussion about prospects for ship finance, it was this persistent good humor that allowed owners, bankers, lawyers and analysts to get up and discuss openly the present situation and the pain that is still to come. It allowed them to engage one another on contentious topics to form realistic assessments and strategies. It allowed them to answer hard questions and make unpleasant predictions. In short, it allowed them to face the reality of the present crisis, and that together with a constant search for the understanding described by Marie Curie is very likely the little secret behind their resiliency to date.

Contributing significantly to this understanding was opening speaker Louis-Vincent Gave of GaveKal, a financial services firm that offers institutional investors and high net worth individuals fund management, independent research on global macro-economic trends and events, and independent advisory work on China and its impact on the global economy.

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