At that point, while living in various countries in East Asia, I had been following the uneven fate of Apple for a decade. Japan and Taiwan had readily embraced Apple technology across the board, while South Korea remained a resolutely Windows world, that used non-tariff barriers (the dreaded, required WIPI chip) until 2009 to keep out the iPhone.
In China, despite Foxconn assembling Apple products there, the first Apple Store only opened in 2008 and its products rarely seen anywhere before 2009. The commonplace assumption across the financial press was that China was too poor, and its consumers too practical, to pay a needless premium for iPhones. When I heard in early 2011 from the KTV hostess that iPhone 4 sets were universally popular among her colleagues I realized that iPhone mania in China among trend-setting urban women was underway and that the narrative was badly in error. And I believed what was subsequently borne out that this trend would rapidly spread all across China over the next decade.
Of course, much other subsequent real-time "research" went into my investments, during life and travels across Asia, and I developed a variety of ways to hedge my positions. But what set me apart as an outside amateur was that I had deep, real-life knowledge of important foreign markets that the Wall Street financial press and institutions either ignored or got wrong,
In China, despite Foxconn assembling Apple products there, the first Apple Store only opened in 2008 and its products rarely seen anywhere before 2009. The commonplace assumption across the financial press was that China was too poor, and its consumers too practical, to pay a needless premium for iPhones. When I heard in early 2011 from the KTV hostess that iPhone 4 sets were universally popular among her colleagues I realized that iPhone mania in China among trend-setting urban women was underway and that the narrative was badly in error. And I believed what was subsequently borne out that this trend would rapidly spread all across China over the next decade.
Of course, much other subsequent real-time "research" went into my investments, during life and travels across Asia, and I developed a variety of ways to hedge my positions. But what set me apart as an outside amateur was that I had deep, real-life knowledge of important foreign markets that the Wall Street financial press and institutions either ignored or got wrong,