A Quote by Paul Clitheroe
Before you start trying to work out which direction the property market is headed, you should be aware that there are markets within markets.
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On the one hand, you have markets such as Singapore and Thailand, with an extremely strong inbound booker market and a well-developed tourism industry. You also have markets that are just opening up to tourists, like Myanmar, that have massive growth potential and then markets that are extremely fragmented within themselves such as Indonesia.
There are markets extending from Mali, Indonesia, way outside the purview of any one government which operated under civil laws, so contracts weren't, except on trust. So they have this free market ideology the moment they have markets operating outside the purview of the states, as prior to that markets had really mainly existed as a side effect of military operations.
It is not uncommon to suppose that the free exchange of property in markets and capitalism are one and the same. They are not. While capitalism operates through the free market, free markets don't require capitalism.
Markets are a social construction, they're made from institutions. We in a democratic society create markets, we constitute markets, we bring them into existence, and we shouldn't turn markets over to a narrow group of people who regulate them and run them in their interests, rather they should be run democratically for the common good.
Like its agriculture, Africa's markets are highly under-capitalized and inefficient. We know from our work around the continent that transaction costs of reaching the market, and the risks of transacting in rural, agriculture markets, are extremely high. In fact, only one third of agricultural output produced in Africa even reaches the market.
[When] the market is trying to get to terms with, first, lower global growth, particularly out of emerging markets and China. And, second, the market is worried the central banks have run out of ammunition. So put these two things together, and then investors are repricing the market lower.
There is a bit of a problem with the match between derivative securities markets and the primary markets. We have long ago instituted principles, essentially high margin requirements, to prevent certain instabilities in the stock market, and I think they're basically correct. The trouble is that there's a linkage, let's say, between something like the stock market and the index futures markets, and the fact that the margin requirements are very different, for example, played some role in the October '87 crash.
I think when markets go up and there is no manipulation in markets and people question the market going up and it keeps going up, that is a true bull market.
Markets are useful instruments for organizing productive activity. But unless we want to let the market rewrite the norms that govern social institutions, we need a public debate about the moral limits of markets.
I've played in small markets; I've played in big markets. For me, basketball is inside the arena. It doesn't recognize what market you're in. It's about wins and losses, and that's the way I approach it.
I've made it very clear that the government should get out of the business of trying to affect the markets, of trying to pick winners and losers.
Isn't it interesting that markets are not just perfect? In business school and economic theory, you learn all about those perfect markets, and there's no such thing as a perfect market.
As a whole, investors should welcome attempts to safeguard the integrity of markets. You need very clear rules applied to markets.
It's in the nature of stock markets to go way down from time to time. There's no system to avoid bad markets. You can't do it unless you try to time the market, which is a seriously dumb thing to do. Conservative investing with steady savings without expecting miracles is the way to go.
Ultimately savings have to go somewhere and I think they will find their home in financial markets and within financial markets, a large part in equity.
Since the dawn of civilization, markets have been ubiquitous. Many of us have benefited from their focus and efficiency. Yet two widely held beliefs - that markets are best left unregulated and that markets are inherently benign - are naive and outdated.
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