I have something to get off my chest, which you may want to ponder.

The Radcliffe Institute was founded 15 years ago to sop up the endowment of the former woman's college I attended before it opted to be absorbed by Harvard. This merger, while opening up more places and grants for women undergraduates, also ended a near-century focus on BA education for women. I attended a day of lectures and presentations by current and former scholars at the Radcliffe quadrangle last Friday. The new era of college political correctness has led to honorary degrees or commencement speaker slots being denied to people who had offended the current liberal-populist orthodoxy, criticized in his commencement address by honoree Michael Bloomberg, the former NYC mayor, the day before. But even worse occurred at Radcliffe Day.

I was deeply offended when the introductory first speaker nattered on about the long history of the exchange of ideas by citing medieval “scholars sitting under the palm-trees in Timbuktu”, before segueing on to call the Radcliffe Institute “the Mecca and Medina of ideas.”

The speaker, by the way, was neither African-American nor Muslim, but female like the majority of the audience, and the majority of Radcliffe donors. I nearly walked out, and to his credit, my husband, one of the few male attendants, agreed.

If you are as unaware of it as she was, Islamic theology teaches that women have only half the soul that men do. This justifies hampering female education and liberation in many traditional Muslim countries.

Moreover, unlike other mainstream monotheistic religions, Islam doesn't allow theology and practices to be easily undated or liberalized. Mohammed was the culminating prophet, and there can be no other. That is a problem for the Muslim men and women faithful, and not me, to deal with.

But to refer to the brilliant Islamic scholastic past at a women's academic institute without recalling the misogyny which accompanied it is a proof, not just of the temptation to rewrite history, but also of contempt for the intelligence of the audience.

I will hereby cease donating to Radcliffe, having cut off Harvard during the reign of Larry Summers. I will hitherto donate only to The Bronx High School of Science.

More from around the world follows for paid subscribers including a new stock pick. Join them or test drive the full www.global-investing.com package to see what you and your portfolio are missing. To stop piggy-backers, we are not updating our ticker symbol list for this issue until later in the week, after which those who have paid will have been able to do the trades recommended.

*We sold half our Bombardier too soon, or perhaps not. A top exec of the Canadian plane-maker today said it would get its C-series jets in the air by late 2015, but unless it figures out why an engine fire last week broke out, the schedule “is not secure”.Moreover he told Bloomberg that only the smaller CS100 will be flying in 2015, with the larger CS 300 only going into service in mid-2016. Its maker, Pratt & Whitney, has taken the engine to Connecticut to try to figure out what went wrong, and if design changes are needed. We got $3.3832/share and it is up today. We still own half our former BDRAF.

*We are following British brokerage Daniel Stewart by recommending a new logistics stock, China ChainTek, listed on the FTSE version of Q, the Alternative Investment Market, as CTEK. To quote the analyst, CTEK “is profitable, cash-generative, and has net cash with no debt.” Moreover, while risky because it is tiny (with a market cap of GBP 59 mn), AIM-listed, and a Chinese offshroe firm, it also trades at under 3x earnings and yields 5.7% in sterling.

Obviously our success with the monster Singapore competitor, Global Logistics, GBTZF, which also does most of its business in China (but is also active in Japan and Brazil) is encouraging me to look at CTEK, which mainly does more basic logistics: aggregating truck loads to cut unit transport costs. Its software system, Inventory Solutions, also sells outsourced services to its customers: storage, packaging, and labeling.

The government focus on domestic consumption boosts logistics growth and under the 12^th 5-yr plan (to end next year) this market sector is expected to double. Moreover, Beijing is encouraging the overly fragmented businesses to consolidate and integrate, and provides money to help.

ChainTek is building a new Logistics Park to double capacity and, DS write, earnings, to go operational in early 2016. The Park is being funded by cash it has on hand or will generate in the interval (we hope.)

The new Park will have a high utilization rate, expected to be 20% in 2016, rising to 100% two years later. The price, as is typical in the UK market, is denominated in pence: pay up to 102 pence/share which is GBP1.02

*Daniel Steward is also enthusiastic about Paddy Power plc, expected its new Playtech (PTEC) gaming software deal to result in cross-selling casino betting and boost sales. It expects a boost when US regulators let Paddy in and doesn't currently include Spanish and Australian growth in its forecasts. While at a higher multiple (7.6x NAV and nearly 21x earnings) PDYPF has scale, appeal, and respectability. Its premium betting sites in Britain set a better bettor tone than others, like giving them value for money. Paddy can scale up its on-line and mobile betting systems without heavy new investment, DS notes about the Irish bookie.

*Our consolation prize on the AIM for difficulties we had buying Camtek is Naibu, China's 10^th largest domestic sportwear manufacturer, NBU on the AIM. NBU has lagged CTEK, which sells to a younger Chinese market with more power to nag grandparents. NBU sells to 18- to 35-year-olds who spend more of their own money, notably in smaller cities. Both segments are fast-growing in China so NBU is gaining market share. It trades at 1.3x earnings (that is not a misprint) and yields 8.3% based on last year's dividend, and probably 9.2% based on this year's projection by DS based on the “high visibility” of NBU's spring and autumn ranges, for which distributors are signing up. Under Chinese rules, they are required to honor the orders they place.
NBU is building 2 new factories to double its ability to make sneakers and sports shoes, to be funded for its cash and cash-flow to come. No new shares will be issued and companies like this one cannot get debt funding in China. Its 2013 sales and profits rose 15% over 2012 but the brokerage conservatively expects slower profit growth this year of ~5% because of the capex and the very high payout level, although revenues are expected to jump again.

*To make room for our new China play, I am selling Camkids at 62.995 pence, a loss. This is not because of any problem with our Vivian Ng's research, but because CAMK is being boosted endlessly by The Investor's Chronicle in Britain and still not rising. We are late to the game and likely to remain so. I have put in a limit order to sell.

*I bought more Benitec Biopharma Down Under because they are to be converted free into ADRs, as reported yesterday. Currently BNIKF, and at $1.02. Buy in multiples of 5 given the pending reverse split. The company is a developer of iRNA systems. Your broker must deliver the ordinary shares to National Australia Bank and after confirmation, Bank of NY will issue the ADRs.

*Another Oz note from Martin Ferera  who  warns that both Petrochina and Conocohave pre-emptive rights over the Browse basin so this is not a done deal for Origin Energy, as I reported yesterday. OGFGF thinks it is cheaper to buy an existing proven field than to go exploring, and feels it indicates that OGFGF's Asia Pacific LNG project with the same partners must be going well. It is a positive, he write.

*Teva just bought Labrys Biologics, paying up to $825 mn including milestones for the developer of a migraine prevention injected drug, LBR 101, an anti-CGRF mAb antibody, and a potential blockbuster in phase 2b trials now. LBR 101 could have sales of $2-3 bn if it works. LBR 101 has a long history, having been atRinat which was bought by Pfizer, and then spun out to the developers with their San Mateo-based startup. Teva also bought another migraine drug, Zercuity and other drug firms are working on anti-CGRP antibody brain drugs too. Teva R&D chief Michael Hayden says 8.5 mn people suffer from migraine in developed countries and cited Labrys's “scientific rigor and excellence” in developing the drug with “its long half-life, target specificity, and favorable pharmacokinetic profile.”

Correction: the name of the new TEVA quality control overseer is Eric Drapé not Drape as reported yesterday.

*Covidien today launched in Europe its Nellcore, a finger sensor which enables distant and continuous non-invasive monitoring of patient oxygen saturation, pulse, and respiration. Respiration alone is not always accurate and therefore the system from COV adds pulse oximetry and capnography to what is being collected. The Nellcore system is intended for hospitals particularly immediately after surgery. About 77% of patient records for those suffering an adverse event have no indication of at least one vital sign from right before it occurred. Bedside manner, anyone?

*Now that Tencent is trading again, although so far without a proper ticker symbol, it is up marginally and so is its parent, Naspers. NPSNY, TCTZF.

*With Israeli markets closed today (eve of a holiday), Hadasit Bio Holdings has fallen below $1. I am down ~33%. So this will cover any 2014 gains. Do not trade HADSY when Tel Aviv is closed.

*Today it was revealed that Beny Steinmetz, the diamond magnate behind BSG Resources, is one of the potential buyers of two offshore Israeli gas fields being sold by Delek Group for anti-trust reasons. This is the same Beny who bought an interest in a major Guinea iron deposit, north Simandou, and sold half of it on to Vale. VALE of Brazil was just dispossessed by Conakry because of how Beny got the deal done, via bribery and corruption, according to a Guinean parliamentary inquiry. Beny, who is Israeli-Swiss-Belgian, is now is after the Karish or Tanin fields off Israel's coast DGRLY has to divest.

The diamond mining business is under pressure, not only because of the Guinea scandal, but also because of Ebola fever virus in the area. Beny is counter-suing Rio Tinto which got the concession back after suing him, and also George Soros-funded Global Witness. Shevuot, or Pentecost, starting tonight (why Tel Aviv is closed today), celebrates the giving of the Ten Commandments. Among them: “Thou shalt not steal.”

Fund notes:

*Africa Opportunity Fund, whose US variant trades as AROFF, is now also available in C shares flavor traded on the London Stock Exchange specialist fund market. But as they are not “seasoned” US retail investors may not buy them. They came out at $1/sh and were worth 98 cents; the total raised was $98 mn. They trade as AOFC at $1.03 (today).

The existing higher-valued shares we own, trading at $1.27 are mainly held by institutional investors: Advance Frontier Markets Fund 24.85%; Robert Knapp 19.5%, a US director of AOF; Lazard Asset Mgm., 13.17%; Francis Daniels, 4.96%, another director; and South Yorkshire Pensions Authority, 3.25%. To the extent that they raise money to invest in new C shares by selling the ordinary ones, they will exert downward pressure on AOF stock we hold. The C shares convert into ordinary shares once the funding raised has been 85% invested, or 6 months from the date of issue. The ratio for the conversion (which also depends on other conditions) will be based on the income of the two funds.

There have been no director dealings in the AOFC shares reported yet.

*Abengoa, ABGB, the Spanish alternative energy group, is doing an IPO of a sub, Abengoa Yield, to raise ~$600 mn. It will be the vehicle for ABGB to acquire and manage renewable assets generating high yields in the Amerias. The new shares will trade on Q as ABY. The impact will be to potentially lower our current 3.2% dividend yield on the parent company but there will also be more money to invest. Underwriters are Citigroup and BofA Merrill. I'm not buying it. ABGB is down on the news.

*Herzfeld Caribbean Basin Fund registered with the SEC for a non-transferable rights issue still subject to board approval. CUBA, which we own, is now 20 years old but Castro is still in power and still not able to invest in Cuba, although it owns some pre-Castro bonds for wallpapering its Florida office.

*The current weighting of the MSCI frontier market index is: Kuwait 25.81%; Nigeria 19.68%; Pakistan 7.11%; Argentina 6.78%; Morocco 6.24%; Kenya 4.84; and Oman 4.4%. Other countries included are: Bangladesh, Bulgaria, Bahrain, Estonia, Croatia, Jordan, Kazakhstan, Lebanon, Sir Lanka, Lithuania, Mauritius, Romania, Servia, Slovenia, Tunisia, Ukraine, and Vietnam. My source is MSCI executive director Jo Morgan in London who responded to my e-mailed inquiry. MSCI will hold a portfolio management research seminar June 18 here in NYC which I will attend.

*If you want to own Ukraine via an AIM-listed, Jersey-incorporated company, consider money-losing UKR, Ukrproduct Group Ltd., traded in sterling, BGP 8 pence bid, 10 pence ask, up 2.9% today. We prefer to own fertilizer firms as grain and corn growers will have to boost their output while Ukraine is a mess. This is not a recommendation.

*Frontier market Bulgaria faces EU penalties for infringements of the rules when allowing allowing Gazprom permits to build its Ukraine-skipping South Stream gas pipeline through the country. If Brussels fines Sofia it will be worse than the US fining BNP-Paribas as France can afford the fines for violating sanctions better.

*I gave the wrong ticker symbol yesterday for our Morgan Stanley Institutional Frontier Emerging Markets Fund. It is MFMIX. Thanks to AZ reader SF for spotting the error.

*New Ireland Fund reports that its May 30 portfolio still featured Ryanair, accounting for 17.57% of the portfolio if you add up its ADR and Irish shares, and its Aer Lingus stake. I hate Ryan having actually flown with it. The flight featured stewardesses selling lottery tickets and overpriced snacks and drinks. Everything had to be paid for except using the toilet (although at one point that was being considered too.)

Second is Arzysta (baked goods), HQ'd in Switzerland and parent of Ireland's Origin Enterprises (agro-services), in which IRL also has a mini-stake, for a combined 11.19% position. IRL's No. 3 holding was Kerry Group, maker of dairy products followed by CRH (seller of aggregates) and Kingspan. Paddy Power accounts for under 2% of the portfolio now. This is a very concentrated fund, in part because of its using cross-holdings and ADRs to play the same idea two ways, in part because Ireland is a small country.