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/ UK – Thousands joined Trump protest as US leader played golf

Article by Barbados Today
Published on July 14, 2018

Thousands took to the streets of Edinburgh in a third day of protests against Donald Trump’s UK visit.

They demonstrated as the US president played golf during a visit to his Turnberry resort on the Ayrshire coast.

Trump is in Scotland with his wife and family on a private visit ahead of his summit with Vladimir Putin in Helsinki on Monday.

During his golf round he was booed by demonstrators gathered at the perimeter of the resort complex.

Earlier, police confirmed that they were investigating how a paraglider was able to fly over Turnberrywith a banner criticising Trump.

The president’s visit to Scotland has been accompanied by a major security operation.

Police snipers are positioned on tiers of temporary scaffolding overlooking the golf course, with a large number of other officers patrolling the grounds and surrounding area.

He travelled north of the border for the weekend after meeting Prime Minister Theresa May at Chequers and The Queen at Windsor on Friday.

Secretary of State for Scotland David Mundell greeted Trump after his Air Force One jet landed at Prestwick Airport in Scotland on Friday evening.

The US president did not meet Scotland’s First Minister Nicola Sturgeon, however, she denied she had refused to see him.

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Investing in international markets may seem like a kick in the pants at the moment. Not only have U.S. stocks been outperforming for some time now, but the losses have been more severe and commonplace overseas.

Markets are inherently cyclical so investor risk appetites are up and down right with them. Diversification is supposed to take advantage of cycles or at the very least lessen their impact on performance. So an aversion to markets that are performing relatively poorly is an aversion to diversification.

It makes sense that U.S. investors would be looking to avoid poorly performing markets.

I would guess it could work out forinvestors who have all their equity exposure in the U.S. but here are some considerations for those who are both for and against diversifying globally:

Diversification benefits. Since 1970, theU.S. has outperformed the MSCI EAFE (Europe, Australasia and the Far East) 23 out of 48 calendar years (thus, foreign stocks have outperformed 25 of 48 years).

Diversification benefits.

Relative performance numbers have been extremely cyclical as well:

The U.S. has outperformed over this entire period but it’s interesting to note that all of this outperformance has occurred since 2010. From 1970-2009, the annual returns were 10.2% annually for the EAFE and 9.9% per year for the U.S.

A portfolio split 70% in the U.S. and 30% in foreign stocks, rebalanced annually, would have given an investor an identical 10.5% annual return to U.S. stocks with a slightly lower volatility that each of the individual indexes themselves.

The SP had a lost decade from 2000-2009, falling almost 10% in total. In that time, the EAFE index rose almost 20% in total. Both of these are dismal returns for a 10-year stretch but 30% in relative returns is better than nothing.

While it’s always difficult to hold onto or rebalance into a relative underperformer, diversifying reduces the regret from not owning the better performer of the two. So international diversification can provide psychological benefits beyond portfolio management considerations.

Behavioral diversification. Diversification can not only help with your own emotions about investing, but it can allow you to take advantage of the emotions of others as well. Human nature is the one constant we’re all forced to deal with when investing but people from different countries and regions are bound to react differently to their own situations.

Behavioral diversification.

You could perform all of the sector, valuation, or economic analysis you want to compare foreign stocks to U.S. shares but the cultural element and different ways people approach the markets is an underrated facet of global diversification.

The causes of food cobalamin malabsorption are uncertain. Carmel ( 24 ) summarized data from 9 studies in the United States and found that the condition was present in ≈40% of patients with unexplained low serum vitamin B-12 concentrations. Not all of those patients were elderly, and some had other risk factors such as gastric resection. In a subsequent comparison of 43 normal elderly and 159 elderly persons with low serum cobalamin ( 22 ), malabsorption affected primarily those aged ≥60 y and was not clearly related to markers of gastric function (eg, serum gastrin). Helicobacter pylori infection was present in 78% of those with severe malabsorption, in 50% with mild malabsorption, and in 44% with normal absorption, but any effect of H. pylori was independent of its association with atrophic gastritis and gastric acid production; H. pylori infection is generally accepted as being the main cause of chronic atrophic gastritis and affects ≈50% of those aged ≥60 y in industrialized countries and a far greater proportion in developing countries. Elevated serum gastrin was a significant predictor of malabsorption but was not elevated in two-thirds of those who had malabsorption. Malabsorption was more prevalent in Hispanics and blacks, which was not explained by their higher prevalence of H. pylori infection.

The low gastric pH that occurs as a result of gastric atrophy can also increase bacterial overgrowth in the upper intestine, which results in less absorption of protein-bound (but not crystalline) vitamin B-12. A short course of treatment with tetracycline reversed protein-bound vitamin B-12 malabsorption in elderly persons with atrophic gastritis ( 25 ). High doses of H 2 -receptor antagonists (eg, >1000 μ g/d cimetidine) or proton pump inhibitors (eg, 20–40 mg/d omeprazole) inhibit food cobalamin absorption (the latter by 70%) by reducing gastric acid secretion ( 26 , 27 ). However there is little evidence that deficiency of vitamin B-12 will result from short-term use of these medications. Gastric bypass or resection can also produce vitamin B-12 deficiency. The influence of polymorphisms in proteins that transport the vitamin is not well established, but the 776G>C polymorphism in transcobalamin, for which 20% of the population is homozygous, is associated with higher MMA and lower trans cobalamin concentrations ( 28 ).

In the United States and other industrialized countries, the main reason to fortify flour with vitamin B-12 is to improve the status of the elderly. It is assumed that most elderly persons with impaired absorption of the vitamin from food can still absorb the crystalline vitamin added as a fortificant to flours, and in fact elderly persons are advised to consume a higher proportion of their vitamin B-12 intake as fortified foods and supplements. By definition, diagnosis of food-bound cobalamin malabsorption requires normal absorption of free cobalamin, so a person with this condition should be able to absorb crystalline vitamin B-12 added as a fortificant to food or in supplements. However, in a small proportion of elderly persons, gastric atrophy may have progressed to a stage in which intrinsic factor production is impaired so that they cannot absorb the vitamin from any source, including fortified foods. Although pernicious anemia is clearly most prevalent in the elderly, it is still relatively uncommon. A study in California found that 1.9% of 729 free-living persons aged ≥60 y had undiagnosed pernicious anemia defined as an abnormal Schilling test or positive antiintrinsic factor antibodies, and that their vitamin B-12 depletion was still relatively mild ( 29 ). It is possible, although untested, that some elderly persons have a moderate degree of impairment of crystalline vitamin B-12 absorption but have not progressed to pernicious anemia. Some evidence for this was obtained in the SALSA Study in which elderly persons in the highest quartile of serum gastrin needed a significantly higher intake of crystalline vitamin B-12 to achieve the same serum vitamin B-12 concentrations as those in the lowest quartile ( 21 ).