Dear valued client,
Markets roughly broke even as they rose early in the week with the encouraging news of a productive meeting between Joe Biden and Xi Jinping, followed by selloffs after reports of a missile strike hitting Poland territory, killing two people.
Biden and Jinping met for 3 hours on Monday in Bali ahead of the G20 Summit. They discussed issues such as trade relations, Taiwan, and Russia’s potential use of nuclear weapons. The two leaders agreed to more open lines of communication and projected optimism following the meeting.
On Tuesday, Poland was the victim of a missile strike that killed two people. Upon initial investigation, the missile was likely launched unintentionally by Ukraine as it tried to defend itself from Russian shelling. Though further investigation is needed, the preliminary finding that Russia is not responsible eased fears that NATO would be drawn directly into the conflict.
The semiconductor business, as well as the tech industry as a whole, is showing signs of prosperity after a shaky start to the year. After noted investor Warren Buffett took a substantial position in Taiwan Semiconductor, the stock surged. Buffett is known for investing in companies for their long-term potential, thus bolstering confidence in the semiconductor domain following its supply chain pains over the past several months.
I’d like to close this week’s newsletter with a quote from one of my favorite (Stoic) philosophers, Epictetus. It reads,
“The chief task in life is simply this: to identify and separate matters so that I can say clearly to myself which are externals not under my control, and which have to do with the choices I actually control. Where, then, do I look for good and evil? Not to uncontrollable external but within myself, to the choices that are my own…”
Have a terrific weekend,
PW
PS. The soccer World Cup begins Sunday. Let me know who you’re picking to win the whole thing!
