incisive insights on how to proitably
navigate emerging energy and com-
puter technologies; you will learn from
Jon Markman about the seven compa-
nies whose shares have the most to gain
from stunning developments in robot-
ics, self-driving cars, artiicial intel-
ligence and the cloud; John Mousseau
will answer critical questions concern-
ing the impact the tax bill will have on
municipal bonds and other ixed-in-
come securities; Ric Gregoria will share
not-to-be-missed tax approaches to
wills, trusts and estates (especially estate
business planning and succession); ever
insightful investment strategist Sam
Stovall will show you how to handle the
notorious “Republican curse,” which is
that every GOP president since Teddy
Roosevelt has been hit with a recession
during his irst term; and you’ll hear
from Ned Davis, whose research and
proprietary approaches to evaluating
various metrics have made him a much-
sought-ater advisor to asset and wealth
managers.
You will be hosted by Forbes’ es-
teemed editor-at-large and global futur-
ist, Rich Karlgaard. You have nothing
to lose except an exciting cultural and
inancial opportunity!
To reserve your place, go online
to cruises.moneyshow.com/the-31st-
forbes-cruise-for-investors.Perhaps the most toxic fallout from
2008–09 was not economic but rather
geopolitical. It severely damaged faith
in free markets in much of the world—
most ominously in Beijing—even though
government folly brought on the crisis.
Policy errors that subsequently stunted
U.S. growth for nearly a decade reinforced
the perception in China, Russia, Iran and
North Korea that the U.S. was a declin-
ing power, and they acted accordingly. It
will take a few years of good, solid growth
in America to put an end to this kind of
deluded—and dangerous—thinking.
Whatever diferences it had with the
U.S., China believed Americans under-
stood money and inance. he disillu-
sionment triggered by the crisis quickly
set in motion a resurgence of Chinese
government intervention in the economy
that goes on to this day. Violations of
international trading rules that Beijing
had agreed to honor proliferated. Forced
transfers of know-how and trade secrets
from foreign companies to Chinese ones
mushroomed, as did involuntary merg-
ers with domestic entities.
Disturbingly, China has chucked out
the cautious foreign policy that had been in
place since 1978. It is aggressively workingperniciousness of this decree. Fi-
nally, in early March 2009, thanks
to the eforts of a handful of en-
lightened individuals, the House of
Representatives held a hearing that
made it sharply clear that this edict
had to go. Regulators got the mes-
sage and efectively defanged the
destructive rule that was threaten-
ing the very existence of our bank-
ing system. hat put an abrupt end
to the terrible bear market that had
battered equity averages by almost
60%. he subsequent bull market
has gone on to this day.
his whole sorry episode
underscores an underappreci-
ated truism: Governments, not
free markets, cause economic
calamities.FOCTOBER 2018 FORBES ASIA | 13ORJAN F. ELLINGVAG/CORBIS VIA GETTY IMAGES
The Big, Bad Cost
of 2008
to expand its inluence regionally and glob-
ally. Spending on military forces and R&D
is rapidly growing. Beijing is determined to
be the master of cyberwarfare.
he liberal post-WWII order of
American-led military security and
growing trade is under stress.
Of course, a sustained Reaganesque
economic and military revival at home
and wise peace-through-strength poli-
cies overseas could right matters again,
as they did once before.No need to sufer the wintertime blues!
Instead, broaden your horizons and
enrich your portfolio by joining us
January 24 to February 3, 2019, for a
fantastic Forbes Cruise for Investors
from Rio de Janeiro to Buenos Aires.
he voyage combines exhilarating shore
excursions with scintillating investment
seminars at sea, given by our team of
remarkable stock market mavens and
ixed-income experts.
Among the highlights: You’ll get
moneymaking advice on dividends
and value equities from John Buck-
ingham, who’s been dubbed by Fox
Business News as “he Bufett Beater”;
the legendary Mark Mills will giveMaking Money
While Having Fun
The end: Lehman Brothers, 2008.