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NOTHING IS PERMANENT EXCEPT CHANGE

In a world where “nobody knows anything,” investors may be no better than film-studio moguls at predicting the future. If so, then markets, instead of being predictive, become increasingly reactive, simply extrapolating recent events.

Unsurprisingly, the share of foreigners who approve of America’s leadership has dropped sharply since his election, according to Gallup, a pollster. In 2016, the median approval rate among the 133 countries it surveyed was 48%. By 2018, that figure had dropped to 31%. America is now below China’s figure of 34%, and only a little […]