Headline of the Day: China's starting to get it...

Contrary to what so many hold to be true (completely baffles me!), history -- the history of the U.S.A -- has proven that the countries with the markets most open to trade and investment (not to mention labor) have the most robust economies and the richest citizens!

China (while it has a ways yet to go) is starting to get the message:

China Moves to Open Market for Financial Firms in Historic Step (Bloomberg) -- China took a major step toward the long- awaited opening of its financial system, saying it will remove foreign ownership limits on banks while allowing overseas firms to take majority stakes in local securities ventures, fund managers and insurers. The new rules, unveiled at a government briefing, will give global financial companies unprecedented access to the world’s second-largest economy.

This ultimately bodes well for our portfolios' financial sector exposure (presently our second largest target weighting).