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Investment Updates · Special series

Chokepoints: the narrow water under your portfolio

A special series about the handful of narrow stretches of water that almost all of the world's trade has to squeeze through — what happens when one of them closes, and how to tell a genuinely important development from a story that only sounds like one.

China found a sea route with no American base on it. It matters less than it sounds, and more than it looks

In August a Chinese container ship left for Britain and sailed north, over the top of Russia. It is the first regular route out of China that passes no American warship — and it carried a tiny fraction of the goods moving between Asia and Europe. Both of those facts matter.

Read part 1 →