I have had quite a few people ask me about the situation in Hong Kong and stocks like Mapletree North Asia Trust (of which their main asset, Festival Walk was recently damaged by protestors) and HongKong Land (owns significant amounts of office space in Central).

Before talking about any of these ideas, it is important to appreciate and understand the political situation in Hong Kong. This isn’t a normal cyclical downturn and is something much more.

I have included extracts from our latest letter to our own investors.

The chances for a quick resolution to the Hong Kong situation is slim. Most of us tend to think of conflicts or events having a “one-off resolution” but in this case, the problems are more intractable and complex.

The situation in Hong Kong is likely to resemble the political deadlock in