What a crazy few weeks it has been for investors. And just when we thought that things couldn’t get any crazier, the market takes another gut-punch from out of the blue.
Firstly, there were the bizarre antics from Chinese regulators. They had decided to force private-tuition companies to become non-profit organisations. Whoever came up with that idea must be one sandwich short of a picnic.
It now turns out that private tutors have outsmarted the regulators. They are offering their services on a one-to-one basis to children of well-heeled parents who have the ability to pay greatly elevated prices.
Previously, many middle-income families could also take advantage of tuition services thanks to economies of scale. But now, only the wealthy can afford to give their children a better start in life. Brilliant!
Next, we have the uptick in the number of cases of the delta variant of COVID-19. It is wreaking havoc around the world....