The search for value

COMMENT

American democracy may be a bit rough, but it has not derailed capitalism as we know it.

Investors can sleep easy in their beds again. US treasury holders will receive their interest payments. US government employees can get back to work, safe in the knowledge the US can borrow a bit more to pay them their wages. We kept calm and assumed there would be a last minute deal. What is strange in the modern investment world is just how dominant US considerations remain to world markets. Earlier this summer, shares sold off around the world for fear of the US stopping the printing presses. Then, this autumn, some believed the US might renege on some of her debts, causing more...