why buy a fund, hedged or not to the yen, rather than a single stock with good growth of sales and profits regardless of the currency's moves?

correction. I bought my most recent shares of Teva last month at $30.95 -- in my hurry to beat the mob Monday night I misremembered.

Overnight on Dec.6-7, there was a scary episode which showed what this might mean when the Chinese #renminbi fell sharply. It seemed like a deliberate devaluation to show Pres.-elect #Trump who controls China's exchange rate policy. But in the end, it turned out to be a fat fingers goof perpetrated Monday night by a UK money brokerage, ICAP plc. Here again we dodged a bullet, as for some years we owned the ADR, $IAPLY. But in fact the bullet dodged was by the whole world, because a deep renminbi devaluation could have caused a major international incident with the future US Administration, and a test of Trump's temper. Luckily it was just an error by markets.

there are no ADR from canada as they cross the border naked. There is not need for a depositary so there are no ADRs,.

how do you define services which seems to include railroads and airlines. Consumer goods runs from sneakers to autos. You did separate banks and insurance.

and while we are at it, how many pink sheet ADRs are in your universe?

thanks for your reply, Mr. Hanshaw. The reason was that NVO reported good numbers but that then the new CEO also issued a warning that US profits would be lower in the 4th quarter. That took Novo down in its Danish homeland.

Then, as we all know, the FBI said it was looking into more Hillary Clinton-linked emails and the US market sold off. I was not on the job because I had to go to a cousin's funeral but I will be writing about Novo-Nordisk results and outlook on Monday when I am back at my desk.

The Bloomberg Businessweek article was about insulin used to treat children who have diabetes. The main reason I recommend Novo is that it is a specialist in other forms of insulin to treat old-adult-onset diabetes and also associated weight gain, a growth drug market not just in the US but also in many other countries which are now rich enough so people can over-eat foods that are not good for their health. The diabetes epidemic is most rapidly spreading in formerly poor countries with a taste for sweets, like Mexico, India, and even China.

So unfortunately for peoples' health but fortunately for Novo which is a specialized drug company whose products are mostly for diabetes the insulin and replacements market is growing fast.

you're welcome. My conclusion is that he really believes helicopter money can in principle produce good results if handled properly with the central bank signalling that this is a one-off, and then leaving it to the private sector to respond to the stimulus by spending, hiring, etc.

Mr Llewellyn in the former deputy chief economist of the OECD in Paris who left to join the private sector about the time I moved from Paris. He was hired, alas,

by Lehman Brothers and started his consultancy after that went wrong. I think he is an intelligent economist but my initial reaction to that paper was that it was aimed at boosting his client list. But nobody seems to have reacted to it except me, so that is probably unfair.

I asked John Llewellyn to reply to your remark on sterilization. Here is his note for you:

1. Issuing bonds to pay for government expenditure is an essentially sterilised operation: borrow form Peter to lend to Paul.

2. Helicopter money is a one-off event (in principle). An expenditure gets financed by the central bank, and then that exercise stops.

3. However, if the private sector responds to that stimulus, then a number of things – GDP, the money supply, employment etc. – are permanently higher. Which in present circumstances many, perhaps most, would see as a good thing.

As for Nigel Farage and The Donald, neither of us has any expertise to comment.

great stuff as I wrote it!

good luck on that forecast John. I don't share it for a minute