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NOTHING IS PERMANENT EXCEPT CHANGE

The statement comes after mid-level trade talks between China and the U.S. concluded. During the meetings, officials discussed “needed structural changes in China” regarding matters such as cyber theft, intellectual property as well as “China’s pledge to purchase a substantial amount of agricultural, energy, manufactured goods, and other products and services from the United States.”

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.