More than 40 metals and rare earths are used in the manufacture of a smart phone. The following infographic shows some of those that are present in a smart phone:
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Source: Canadian Mining
The following graphics from U.S. Geological Survey shows more details on the metals including where they are mined in the world:
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Source: USGS
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I came across the below excellent infographic on the history of metals. The discovery and use of metals is as old as the human civilization. For instance, gold was used to make jewelry as early as 6,000 BC. Similarly other metals such as copper, silver, iron, etc. were already in use during the ancient times.
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Source: Makin Metals
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I came across the below funny map of Europe according to Vladimir Putin in 2014 by author Yanko Tsvetkov of Atlas Prejudice. In a blog post, he wrote about how humor has morphed into horror in 2022. Putin’s view of Ukraine at that time is also shocking as the author has marked it as “EuroFascists”. The same false narrative is used by Russia in its ongoing war on Ukraine.
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Source: Atlas of Prejudice by Yanko Tsvetkov
Growth stocks are getting hammered this year for good reason. In a rising interest rate environment growth stocks perform poorly relative to value stocks. When rates increase investors are reluctant to pay premiums for companies whose profits are projected in the future. Companies with no earnings but great ideas or projections fare even worse. Many such firms that became darlings during the past two years are already down significantly.
Below is an excerpt from an excellent article by Eric Savoie at RBC Global Asset Management:
Growth stocks underperformed amid rising interest rates
One of the major equity themes so far this year has been the underperformance of growth stocks given their heightened sensitivity to changes in interest rates. The S&P 500 growth index is down 17% year-to-date and very close to its March low, whereas the S&P 500 value index is only down 2.6% year-to-date and remains relatively close to its record high. As interest rates rise, investors are less willing to pay up for the promise of much higher profits generated by growth stocks far out into the future and prefer more attractively priced value stocks (Exhibit 12). That said, even though growth stocks have faltered relative to value stocks, the recent pullback pales in comparison to the significant gains generated by growth stocks over the last several years. Growth stocks could continue to come under pressure in an environment where central banks remain hawkish, inflation proves more difficult to calm and yields push even higher.
Source: Investors on edge as central banks buckle down to fight inflation and rates rise, RBC
With interest rates projected to rise further thru the rest of the year, growth stocks are likely to be more volatile and decline. Unprofitable companies are best avoided.
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Many emerging markets have held up well so far this year relative to their developed world peers. These markets are performing well for many reasons including rising commodity prices. Countries such as Brazil, Chile in Latin America, South Africa in EMEA and Malaysia in the Asian region are in the positive year-to-date.
With that said, some investors may be wondering which markets are cheap now. A recent article at Schroders noted that countries such as Chile, Colombia, South Africa, Poland, etc. are cheaper based on 12-month forward P/E.
The expensive and cheap emerging markets:
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Source: Is Mexico’s resurgence losing steam?, Schroders
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