On the first of each month, I share reflections on the market in our private podcast. This enables me to tie together the various threads of our work and connect the dots between what I observe and hear during my travels and interactions with people. 

While many of you are podcast buffs, some prefer the magic of the written word. This is an edited transcript of the recording, without my typical writing flair. Here goes:  

As the year draws to a close, I find myself reflecting on a question that we asked at the start of the year when pessimism prevailed: “What’s right with the world?”

I like this question because it gets the mind travelling in an altogether different direction. Right thinking requires being fully present and objective. To approach the truth, we must drop our stories. 

The primary security challenge of our time is how to keep the geopolitical competition between the United States and China from undermining the economic cooperation upon which their prosperity and the global economy depends.

Relations seemed poised to improve after President Biden met President Xi Jinping on the sidelines of the G20 Summit in Indonesia last November. Biden emphad that America’s “One China” policy had not changed. Wang Yi, China’s Foreign Minister, called the three-hour meeting “a new starting point.” 

Their recent meeting at the APEC summit in San Francisco is a