Market Review and Trends
By winning battles against COVID-19, governments could lose the war
By Kean Chan  •  May 17, 2020
Our world is highly complex. History is filled with examples of how seemingly unrelated events could lead to unexpected outcomes. The interaction between humans and their physical environment has second and third order effects that aren’t easy to understand. This makes the business of forecasting challenging, and the outcomes of various events difficult to model. American sociologist Robert K. Merton popularised the term ‘Unintended Consequences‘ to describe the phenomenon of unexpected outcomes. In our modern era, the phrase ‘law of unintended consequences’ is used as a warning that an intervention in a complex system tends to create unanticipated and undesirable outcomes. A prime example that comes to my mind is an episode during the Vietnam War. After inheriting the French position in South Vietnam in 1955, American forces found themselves caught up in a desperate conflict with North Vietnam. They were however, keen to avoid a similar fate as...
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By Kean Chan
Born and based in Singapore, Kean is fascinated with financial markets and global macro investing since a teenager. At keanchan.com, he records his thoughts on the world and archives his experience of mistakes and lessons and hopes that they are useful for viewers from all around the world. He is obsessed with reading widely across various fields, loves to jog and wishes he has more time for golf. While proficient with English, Mandarin and German, he is trying his best to improve his Cantonese and hopes to pick up French some day. Kean was a Toastmaster with ACB accreditation, and is a charter holder of the Chartered Alternative Investment Analyst Association (CAIA).
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