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Great Gam Gam : We are not so different, Mr. Badrinath, you and I. In tandem with this, there is a huge space for positive climate change impact.

ESG themed investing should be the only game in town for a sustainable future, because climate change is no longer a tail risk.

Covid has provoked profound questions on the purpose of the economy, as increasing state intervention encourages debate on capital allocation efficiency, moral hazard, and political and geopolitical risks.

Social distancing, national lockdowns and working from home have all changed our daily lifestyles and challenged the type of economic model we may want in our future.

This state intervention to address the Covid pandemic has great parallels with what is needed to halt climate change: both require global co-ordination to combat, both have seen a degree of conflict in views between generations and both require short-term measures undertaken but underpinned by long-term objectives.

In the case of Covid, governments are attempting to enforce policies that can shape the future and dramatically change the parameters on which companies build their business models.

We remain hopeful that this can be applied hand in hand with promoting ESG and fighting climate change at global, regional, country, company, and individual level.

We all make up the market and, to borrow from Robert Louis Stevenson, I urge us all as individuals and investors to judge ourselves not on the short-term gains of a harvest today — but rather on the seeds we sow for a sustainable future.

You could get more results if you let us know where you are and what type of investor you are - self-certify. Until you do this we cannot show you any fund information.

This site uses cookies To give you the best possible experience, the GAM website uses cookies. That said, the region also has some specific and allied challenges, such as: The need for energy security The need for infrastructure Large population of low to middle incomes Governance — perception of potential issues with reporting and use of funds Notwithstanding these challenges I see great opportunity in the region.

Important legal information The information in this document is given for information purposes only and does not qualify as investment advice.

Opinions and assessments contained in this document may change and reflect the point of view of GAM in the current economic environment.

No liability shall be accepted for the accuracy and completeness of the information. Past performance is no indicator for the current or future development.

The companies listed were selected from the universe of companies covered by the portfolio managers to assist the reader in better understanding the themes presented.

The companies included are not necessarily held by any portfolio or represent any recommendations by the portfolio managers.

The mentioned financial instruments are provided for illustrative purposes only and shall not be considered as a direct offering, investment recommendation or investment advice.

Amy Kam Investment Manager. Related Articles European financials: reaching an inflection point. Why the US election may not matter for investors.

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November zurückzuführen. Because correlation between stocks is generally lower, the same portfolio risk can be achieved with less aggressive positioning, all else equal. OK Cancel. Second, stocks are currently less correlated to one another than at any time in the past 15 years see chart below, which averages all Ukash Casino across stocks in the Sichere Seiten. First, on average, individual stock volatility has actually risen over the past few years, not Support 21. Angaben speichern. Meine Fonds.

For its part, China is seeking technological independence. The country is attempting to learn lessons from its relatively recent past, when Taiwan and the US surged forward in electronics IP in the s while China busied itself with other matters.

The markets in Asia, like all others, were briefly in turmoil in March The coronavirus outbreak, first reported in Wuhan late last year, led to the first leg of the current economic downturn.

Further compounding the crisis, the oil price collapsed, and risk assets have come under severe pressure.

It was only when central banks acted in the beginning of March that the market found its bottom and began to recover.

As things currently stand, policymakers are eager to facilitate a return to normality; however, life in a post Covid world will certainly have changed.

Consequently, any short-term approach to finding a solution will need to be at least moderately sustainable in the long term.

These ambitious goals include a global commitment to end poverty, reduce inequality and address climate change by Considering the economic shock caused by Covid is yet to fully play out, we remain humble with any strong views at this point.

With ample support from policymakers and central banks to side-step an immediate liquidity squeeze, for Asian countries to reset and deliver on their growth potential, and to ensure this growth is sustainable, they may need to adopt measures similar to those taken to address climate change.

This would involve adhering to the values of sustainability and seizing the opportunity for green investment — such as building bike lanes to decrease the number of buses or cars, smart-housing, and renewable energy.

Again: post Covid, what is the economy for now? Should we be focusing primarily on the protection of lives or on maximising profit for the next year, 10 years or more?

Where should the balance lie between the often-competing needs of the older, more established and the young, less established?

The answers to these pertinent questions may not yet be clear — although I am sure that a sustainable economy is critical for EM.

It is incumbent on the responsible ESG investor not only to look for return but, importantly, to proactively allocate resources to sustainable investments, now more than ever, and to contribute to a sustainable economy in Asia.

Not all is rosy in the ESG bond garden, however. We remain hopeful that there are sufficient end investors with long-term investment horizons.

This is a constant challenge facing ESG themed funds. Another observation stems from increasing social bond issuance post the Covid outbreak, especially from more advanced economies.

Again, we feel there is a need for recognition and agreement on a unified framework. On a broader front, the Asian hard currency credit asset class has many attractive traits from a portfolio construction point of view.

The second campaign started from the Caspian Sea and was in the direction of Herat, near the Persian frontier. Khiva was occupied in However, no boundary west of the Amu Darya was defined until In , Russia sent an uninvited diplomatic mission to Kabul.

Sher Ali Khan , the Amir of Afghanistan , tried unsuccessfully to keep them from entering Afghanistan. The Amir not only refused to receive a British mission under Neville Bowles Chamberlain but also threatened to stop it if it attempted to enter his country.

Lord Lytton , the Viceroy of British India, ordered a diplomatic mission to set out for Kabul in September but the mission was turned back as it approached the eastern entrance of the Khyber Pass , triggering the Second Anglo—Afghan War.

The Treaty of Gandamak of required that Amir Abdur Rahman Khan had to accept British control of Afghanistan's foreign relations and to cede to the British a number of its southern frontier areas, including the districts of Pishin, Sibi, Harnai, and Thal Chotiali.

In the following years, other tribal areas would be annexed by the British. In , Russian forces took Geok Tepe and in they occupied Merv.

In , a Russian force annexed the Panjdeh district north of Herat province and its fort in what has been called the Panjdeh incident.

The Afghans claimed that the people of the district had always paid tribute to Afghanistan, and the Russians argued that this district was part of the Khanates of Khiva and Merv which they had annexed earlier.

The Afghan Boundary Commission was supposed to have settled the dispute, however the battle occurred before its arrival.

The Afghan force of was completely overwhelmed by the superior Russian numbers. Britain did not aid Afghanistan as was required by the Treaty of Gandamak, leading the Amir to believe that he could not rely on the British in the face of Russian aggression.

Germany had no direct stakes, however its dominance of Europe was enhanced when Russian troops were based as far away from Germany as possible.

Over two decades, —, he maneuvered to help the British, hoping to force the Russians to commit more soldiers to Asia. The protocol defined the boundary from the Oxus to the Harirud and was later followed by 19 additional protocols providing further detail between and The agreement delineated a permanent northern Afghan frontier at the Amu Darya, with the loss of a large amount of territory, especially around Panjdeh.

This left the border east of Lake Zorkul in the Wakhan region to be defined. This territory was claimed by China , Russia and Afghanistan. In the s, the Afghans had advanced north of the lake to the Alichur Pamir.

The Russians claimed that because they had annexed the Khanate of Kokand they had a claim over the Pamirs.

Afghanistan claimed that the region never paid tribute to Kokand and was independent, so having annexed it the region was theirs.

The British claimed that this was a breach of the Anglo-Russian Agreement of Unfortunately for Britain, the Indian government pointed out that Bozai Gumbaz was not included in the Agreement and so it was in an undefined zone.

Bozai Gumbaz had not appeared on the Russian map as being in Wakhan. Additionally, the British became aware that Younghusband had mistakenly entered Russian territory near Kara Kul and could have been arrested by the administrator there.

Yanov offered a verbal apology if he had mistakenly entered the Wakhan territory, and the Russian government proposed a joint survey to agree on a border.

Britain was concerned that Russia would take advantage of Chinese weakness in policing the area to gain territory. The Agreement reconfirmed the Agreement, required Afghanistan to withdraw from the territory north of the Amu Darya that it had occupied in , and called for delimitation of the boundary east of Lake Sari.

When Mortimer Durand , Secretary for State of India was appointed administrator of the Gilgit Agency now part of the Gilgit-Baltistan of Pakistan , he opened up the region by building roads, telegraph, and mail systems while maintaining a dialogue with the Mir of Gilgit.

He intended to improve the road from Kashmir through the princely states of Hunza and Nagar and up to the frontier with Russia.

The Mirs of Nagar and Hunza saw this as a threat to their natural advantage of remoteness. In , Durand reinforced Chalt Fort that was near the border due to the rumor that Nagar and Hunza fighters were about to attack it, and continued redeveloping the road up to the fort.

In May , Nagar and Hunza sent a warning to Durand not to continue work on the road to the fort and to vacate the fort, which was on the Gilgit side of the border, else they would regard it as an act of war.

Durand reinforced the fort and accelerated the road construction to it, causing Nagar and Hunza to see this as an escalation and so they stopped mail from the British Resident in Chinese Turkmenistan through their territory.

British India regarded this as a breach of their agreement with Hunza, and after an ultimatum was issued and ignored they initiated the Anglo- Brusho Campaign of Hunza and Nagar came under a British protectorate in The notes defined British and Russian spheres of influence east of Lake Sari-Qul by defining the northern boundary of the Wakhan Corridor east of the lake.

This boundary was subsequently demarcated by a mixed commission. It was agreed that the Amu Darya river would form the border between Afghanistan and the Russian empire.

The agreements also resulted in the Russian Empire losing control of most Afghan territory it conquered, with the exception of Panjdeh.

To conclude their agreement, one peak was named Mount Concord. The Russians had gained all of the lands North of the Amu Darya which included the land claimed by the Khanate of Khiva, including the approaches to Herat, and all of the land claimed by the Khanate of Khoqand, including the Pamir plateau.

To ensure a complete separation, this new Afghan state was given an odd eastern appendage known as the Wakhan Corridor. Historians do not agree on dating the beginning or end of the Great Game.

One author believes that the Great Game commenced with Russia's victory in the Russo-Persian War —13 and the signing of the Treaty of Gulistan of or the Treaty of Turkmenchay of Some authors believe that the Great Game came to a close with the three Anglo-Russian agreements of which delineated spheres of interest between British India and Russian Central Asia in the borderland areas of Persia, Afghanistan, and Tibet.

When everyone is dead, the Great Game is finished. Not before. One author [ who? If Khiva and Bukhara were to become buffer states, then trade routes to Afghanistan, as a protectorate, along the Indus and Sutlej rivers would be necessary and therefore access through the Sind and Punjab regions would be required.

The Great Game began between and as an attempt to negotiate trade deals with Ranjit Singh and the Amirs of Sind, and the "first interruption of this magnificent British daydream was caused by the determination of the Amirs of Sind to be left alone.

The failure to turn Afghanistan into a client state meant that The Great Game could not be won. In , Lord Curzon , the future Viceroy of India, commented:.

Our relations with Afghanistan in the forty years between and were successively those of blundering interference and of unmasterly inactivity.

However, Britain would win a decisive victory in the Second Anglo-Afghan War which occurred between and Kipling's use of the term was entirely fictional, " At the time when the story is set i.

Two authors have proposed that The Great Game was a legend and that the British Raj did not have the capacity to conduct such an undertaking. An examination of the archives of the various departments of the Raj showed no evidence of a British intelligence network in Central Asia.

At best, efforts to obtain information on Russian moves in Central Asia were rare, ad hoc adventures and at worst intrigues resembling the adventures in Kim were baseless rumours, and that such rumours "were always common currency in Central Asia and they applied as much to Russia as to Britain".

Later, the same author proposed that Russia never had the will nor ability to move on India, nor India the capability to move on Central Asia.

Russia did not want Afghanistan, considering their initial failure to take Khiva and the British debacle in the First Anglo-Afghan War. In order to invade Afghanistan they would first require a forward base in Khorasan, Persia.

Petersburg had decided by then that a forward policy in the region had failed but one of non-intervention appeared to work. It has been argued that the Russian military advances in Central Asia were advocated and executed only by irresponsible Russians or enthusiastic governors of the frontier provinces.

It was rarely used before that period. Reading the history of the British Empire in India and the Middle East one is struck by both the prominence and the unreality of strategic debates.

Mail communications between London and Calcutta could take as long as three months either way. In , the Indo-European Telegraph Line was completed and it provided a communication link between London and Calcutta after passing through Russia.

The home office now had complete control over foreign policy in India and the Governor-General of India lost the discretion that he once enjoyed.

In , Russia moved against Bukhara and occupied Samarkand. Clarendon replied that the rapid advance of Russian troops neither alarmed nor surprised the British Government, however it did the British public and the Indian Government.

Clarendon proposed a neutral zone between Britain and Russia in the region, a view that was shared by the Russian Government. After the signing of the Anglo-Russian Agreement of that was followed by Russia's occupation of Khiva, Gorchakov wrote in the Gorchakov Memorandum of that "Although Westmann, Acting Minister for Foreign Affairs, and told him that "The advance of Russia in Central Asia of late years was a subject of watchful interest, although it was not one of either jealousy or fear to the Government of India.

Northbrook would not accept any extension of Persia towards Merv. The pessimistic belief of resource scarcity emerged once again in the s, and with it the hope that the newly independent states of Central Asia and the Caucasus would provide a resource boom — the new "Persian Gulf" — and with it competition for oil and gas in a 21st-century version of The Great Game.

These expectations were not supported by the facts, and came with an exaggeration of the region's commercial and geopolitical value.

Other authors disagree with these views. One strategic analyst has written that the Central Asian states are not pawns in any game and the so-called "New Great Game" is a misnomer that has not eventuated.

Rather than two empires focused on the region as in the past, there are now many global and regional powers active with the rise of China and India as major economic powers.

The emergence of Russia from a local-level player to an international-level one has seen Russia regarded as not an offensive power by the Central Asian states, which have diversified their political, economic, and security relationships.

However, their membership of the Shanghai Cooperation Organization , established in , shows that they have gained a degree of real independence, with China offering a predictability unknown in the "Great Game".

From Wikipedia, the free encyclopedia. For other uses, see The Great Game disambiguation. Political and diplomatic confrontation between Britain and Russia over the Central Asia region from to Further information: Kazakh Khanate.

Further information: First Anglo-Afghan War. Further information: Anglo-Persian War. Further information: Second Anglo-Afghan War.

Further information: Panjdeh incident. Further information: Hunza—Nagar Campaign. United Kingdom portal Russia portal History portal. The International History Review, Vol.

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