INDEX
- Page numbers followed by f refer to figures.
- Absolute valuation, 127–129
- Acquisitions, 119, 132, 162, 172–173, 256, 270
- Active investing, passive vs., 6–7
- Actual earnings, 70
- Advanced economies:
- Africa, x, 24, 28f, 32, 45, 48, 229
- Agrarian-based economics, 20–21
- Agricultural revolution, 18
- Air freight, 36, 38–39, 216–218
- Allison, Graham, 19–20, 107
- Amazon, 164
- American depositary receipts (ADRs), 280–281
- Apple Incorporated, 50, 198
- Argentina, 48
- Arms index (TRIN), 80–81
- ASEAN-Japan Comprehensive Economic partnership, 48
- Asia, x, 26, 28
- Asian Financial Crisis (1997), 62, 76–77, 91
- Asia-Pacific Economic Cooperation, 48–49
- Asia Pacific region, 56
- Asset freezing, 99
- Asset-light businesses, 115, 161
- Association of Southeast Asian Nations (ASEAN) Free Trade Area (AFTA), 48
- Atlantic Ocean, 36–37, 41, 44, 45
- Australia, 48–49
- Australian dollar (AUD), 63f, 89, 298
- Austria, 48
- Average revenue per user (ARPU), 145, 150
- Baa-rated bonds, 60, 61f
- Backwardation futures curve, 192–183
- Balance sheet strength, 12, 113, 117–119
- Baltic Exchange Dry Index (BDI), 46
- Bank for International Settlements (BIS), 49–50, 55
- Bank of England, 59
- Bank of Japan, 59
- Basel, Switzerland, 50
- Bear market (2020), 61
- Bear market bottoms, 80–81
- Bear markets, 61–62, 298
- in communication sector, 142
- in consumer staples sector, 172
- and cycle risk, 82
- cycles of, 73–75
- definition of, 70–71
- in financial sector, 193
- in healthcare sector, 206
- history of, 71–72
- in information technology sector, 234
- during Korean war, 101
- in materials sector, 246
- and portfolio construction, 283–293
- in real estate sector, 255–257
- as result of market contagions, 76
- in utilities sector, 269
- warning signs of, 77–80
- Behavioral biases, 8–10, 68
- Belgium, 48
- Berlin, Germany, ix, 261
- Berlin Wall, ix
- Beta stocks, 80, 120–121, 257, 291–293
- Beverages, 172–173
- Birth rates, 24
- Bitcoin, 19
- Black Sea, 44
- Blockchains, 19
- Bloomberg, 131
- Bolivia, 48
- Bonds, 5, 58–59, 295. See also Corporate bonds; Government bonds
- Boston Consulting Group (BCG), 26, 28–30
- Bottlenecks, 40–41. See also Chokepoints
- Brand name recognition, 113
- Brazil, 48, 135
- Brazilian real (BRL), 89
- British pound, 63f
- Brunei, 48–49
- Buffet, Warren, xii, 8, 55
- Bulgaria, 48
- Bull markets, 77, 79
- in communication sector, 142
- in consumer staples sector, 172
- cycles of, 73–76
- definition of, 71
- in discretionary sector, 152
- in financial sector, 192
- in health sector, 206
- history of, 72
- in information technology sector, 234
- in materials sector, 246
- and portfolio construction, 283–293
- in utilities sector, 270
- Burundi, 48
- Business ownership, 5, 55
- Cambodia, 48–49
- Canada, 45, 49, 87, 103
- Canadian dollar (CAD), 63f, 87–88, 126–127, 127f, 298
- Canadian REIT, 257
- Cape Horn, 44
- Cape of Good Hope, 45
- Capital intensity, 113, 151
- Capital structure, 114, 117–118, 123–124
- Caribbean Sea, 43
- Cash flows, 54, 78, 119, 124–125, 127–129
- Central banks:
- Chile, 49
- China, 22f, 42, 45, 59
- Chinese renminbi (CNY), 63f, 88
- Chokepoints, 40–45, 297
- Climate change, 37, 130–131, 153, 181, 184, 187, 254, 270, 274
- Commodities:
- Common Market of Eastern and Southern Africa (COMESA), 48
- Communication service sector, 141–150
- Comoros, 48
- Compounded annual growth rate (CAGR), 26–28, 30
- Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), 49
- Confirmation bias, 9
- Consumer staples sector, 171–179, 289, 292
- Contango futures curve, 182–183
- Corporate bonds, 60, 101
- Corporate policies, 12
- Correlation, 63–64, 101, 121–122, 158, 181, 255, 257, 260, 293, 300
- Costco, 176
- Coupon (interest) payments, 60
- Credit spreads, 59, 60–62, 62f, 75
- Croatia, 48
- Cryptocurrency, 203
- Currency, currencies, 56
- Currency debasement, 90–91
- Currency diversification, 63f
- Currency markets, 55, 62–64
- Currency risk, 85–94
- Cycle risk, 81–83, 297–298
- Cyprus, 48
- Czechia, 48
- Dalio, Ray, xii, 18
- Danish Straits, 41
- Debt, 11, 118
- Debt burden, 63
- Debt levels, 70, 138, 144–144, 152, 161–163, 167, 169, 196, 257, 270–271, 299
- Debt markets, 53, 92
- DeGraaf, Jeff, 81
- Democratic Republic of the Congo, 48
- Demographic trends, 22, 27, 257
- Denmark, 48
- Derivatives, 55, 85, 195–196
- Developing economies, see Emerging economies
- Differentiated products, 113
- Digital economy, 18–20
- Digital revolution, 18–19
- Diplomacy, 95, 97–98, 104, 299
- Discounted UFCFs, 127–127
- Discounting, 119
- Discretionary sector, 151–169
- auto industry, 154–159
- casinos and gambling, 157–158
- general merchandise stores, 158–159
- homebuilding, 160–161
- hotels, resorts, and cruise lines, 161–162
- household durables, 162–163
- household products, 175–176
- internet retail, 163–164
- leisure products, 165–166
- luxury goods, 166–167
- restaurants, 167–168
- textiles and apparel retail, 168–169
- Disney+, 144
- Diversification, 63f, 121, 283, 285, 288
- Dividend payout ratios, 138–139, 147, 190, 200–201
- Dividend yields, 146–147, 157–158, 184, 193, 198, 203, 215, 240, 242, 257, 259, 261, 270, 271
- Djibouti, 48
- Dodd, David, xii, 133
- Dow Jones, 131
- DuPont analysis, 115
- Earnings before interest, taxes, depreciation, and amortization (EBITDA), 114
- Earnings per share (EPS), 132, 146, 159, 163, 174–175, 177, 193, 207–208, 210–211, 213, 218–219, 229, 232, 257, 272–275, 285
- Earnings sustainability, 12, 113, 117, 221
- Eastern Europe, 32, 102–103, 300
- E-commerce, 147, 163–164, 169, 218, 237, 257, 282
- Economic coercion, 98–99, 108, 300
- Economic cycles, 11, 21, 67–70, 300
- and commercial services, 221–224
- and consumer staples, 172–179
- and discretionary sector, 151–152
- and energy sector, 186–191
- and global communication services sector, 142
- global scope of, 31–33
- and industrial sector, 216–232
- and material sector, 245–249
- and portfolio construction, 293
- variability of earnings over, 191
- Economic incentives, 98–99
- Economic sanctions, 96, 98–99, 103, 104, 108, 218, 299
- Egypt, 48
- Ellis, Charles, xii
- EMEA region (Europe, the Middle East, and Africa)., 56
- Emerging economies, 30
- Emerging market equities, 79, 87
- Energy sector, 181–190
- English Channel, 41–42
- Enterprise value, 124
- Environmental, social, and governance (ESG) characteristics, 130, 137, 186, 219, 251, 252–253, 271, 272–274
- Equity, 55
- Equity markets, 55, 76, 78–79, 87, 90, 93, 95, 137, 192, 200, 291
- Eritrea, 48
- ESports, 146
- Estonia, 48
- Eswatini, 48
- Ethiopia, 48
- Euro, 63f, 86, 91, 280–281
- Europe, x
- broadband service in, 145
- in communication services sector, 145
- in discretionary sector, 153, 158
- and emerging markets, 30
- financial assets of, 28f
- in financial sector, 198
- as geopolitical hotspot, 102–106
- growth rates in, 24–26
- in health sector, 208
- history with Asia, 19–20
- in information technology sector, 235
- and market contagions, 76
- membership in trade associations, 48
- Roman Empire in, 106
- and safe haven currencies, 79
- shipping in, 39–46
- Ukraine invasion effect on, 103
- European Central Bank, 59
- European Community, ix
- European depositary receipts (EDRs), 280
- European Union (EU), 48
- Euro Stoxx 600, 6
- Ever Given, 45
- Exchange rates, 85–86, 91–93, 225
- Exchange-traded funds (ETFs), 6–7, 193, 195, 281–282, 293
- Exports, worldwide, 39–40, 40f
- Fair value, 67, 126–130, 257–258. See also Intrinsic value
- Financial assets, 26–27, 28f
- Financial market interactions, 58–60
- Financial sector, 191–203
- Financial securities, 5, 55, 203
- Financial statements, 115, 118–119, 125, 282, 300
- Finland, 48
- Fitch, 108
- “Follow the money” approach, x, 24
- Foreign exchange (currency) market, 55
- France, 22f, 41, 48
- NATO membership of, 103
- Free cash flows (FCFs), 124, 127–129, 139, 154, 186, 209, 217, 219–220, 224, 230, 250, 271, 274, 276
- Fundamental business risk, 120
- GameStop Corporation, 7
- Gaming super-cycle, 146
- Gatun Lake, 43
- Geopolitical risk, 95–109, 299–300
- Germany, 21
- Global bond market, 55, 58
- Global economy, 17–33
- Global equity markets, 56–58, 62
- Global financial crisis (2008), 17, 32, 59, 69, 82
- Global financial markets, 21, 53–64
- Global investing, 15–33
- Globalization, 95, 297
- Global pandemic (2020), 87
- beneficial side effects of, 30
- and bond spread, 61f
- effect on air travel, 219
- effect on casinos, 158
- effect on discretionary spending, 152
- effect on GameStop, 7
- effect on GDP, 17
- effect on travel, 161–162
- and infrastructure, 228
- and liquidity crises, 118
- and online sales, 167
- predictions of, 21
- and risk aversion, 61
- and supply chains, 39–40, 50
- Global scope, 31–33
- Global shipping, 35–38, 40
- Global trade:
- Global trade routes, 40–47
- “Going global,” 32–33
- Good businesses, 5–13
- Government bonds, 60, 86, 101
- Graham, Benjamin, xii, 8, 133
- Grantham, Jeremy, xii
- Great Britain, ix, 18, 41. See also United Kingdom
- Great Depression, 69
- Great Lakes, 45
- Greece, 48
- Greenblatt, Joel, xii, 8
- Gretzky, Wayne, 22
- Grocery stores, 174–175
- Gross Domestic Product (GDP), x
- and BIS, 50
- definition of, 17
- and developing economies, 26f
- effect on advertising, 143
- effect on broadband, 144
- effect on consumer staples sector, 173–174, 177
- effect on discretionary sector, 156, 158, 161
- effect on energy sector, 184, 187–189
- effect on financial sector, 194, 197, 199, 237
- effect on health sector, 210, 213
- effect on industrial sector, 218–219, 221–232
- effect on information technology sector, 242–243
- effect on materials sector, 246, 248, 250–254
- effect on real estate sector, 260, 263
- effect on utilities sector, 271–275
- Great Depression effect on, 69
- international growth of, 21–22
- percentage change of, 32f
- trade agreements effect on, 48
- and wealth creation, 23, 25f, 27–28, 29f
- Growth prospects, 12, 119–120
- Growth rates, x, 20–23, 31, 125f
- in communication sector, 141–147
- and consumer staples, 172–173, 176, 178
- in discretionary sector, 155, 158
- in emerging economies, 24, 26, 30
- and financial sector, 198, 203
- and global shipping, 35
- in industrial sector, 224, 228, 232
- in information technology sector, 233–236, 241
- sales, 138–139
- in utility sector, 270
- Gulf War, 100
- Ibbotson, Roger, 64
- Inconsequential information, 8–9
- Index funds, 6, 193, 281
- India, 21, 28, 42–45, 48, 105–106, 184, 300
- Indian Ocean, 42
- Indonesia, 42, 48–49
- Industrial revolution, 18
- Industrial sector, 215–232
- aerospace and defense, 216–217
- air freight and courier services, 217–218
- air travel, 218–219
- building products, 219–220
- commercial services, 220–221
- conglomerates, 225–226
- construction and engineering, 221–222
- electrical equipment, 222–223
- environmental and facility services, 223–224
- heavy equipment, 224–225
- infrastructure management, 227–228
- machinery, 226–227
- marine shipping, 228–229
- railroads, 229–230
- trading and distribution, 230–231
- trucking and logistics, 231–232
- Inflation:
- as cause of currency crashes, 92–93
- in consumer staples sector, 176–179
- and currency depreciation, 63–64
- and debt load, 299–300
- definition of, 17
- in discretionary sector, 159, 163, 167, 169
- and economic cycles, 68, 74–75, 152
- effect of economic growth on, 21–23
- effect on interest rates, 59–60, 79, 86
- in energy sector, 188–189
- erosion of monetary value, 119
- in financial sector, 202
- in health sector, 210–213
- in industrial sector, 217–221, 228, 231
- in information technology sector, 242–243
- in materials sector, 245, 251, 262
- in real estate sector, 264
- and Russian financial crisis, 90–91
- and sovereign credit ratings, 282
- supply chain effect on, 50
- in utilities sector, 270, 276
- in wartime, 101
- Information technology, 233–243
- Initial public offerings (IPOs), 58, 64
- Innovation Hubs, 50
- Input costs, 74, 153–154, 160, 163, 167, 169, 188–189
- Interest coverage ratio, 118–119
- Interest rates, 22, 59–61
- in absolute valuation equation, 127–128
- and central banks, 69–80, 152
- and financial sector, 192–213
- impact on home building, 160–163
- impact on leisure products, 165–166
- and industrial sector, 217–234
- influence on auto industry, 153–157
- and information technology sector, 237
- and lenders, 118
- and materials sector, 245–265
- and packaged foods, 177
- real, 86
- and tobacco, 179
- and utilities sector, 270–272
- Intergovernmental organizations, 49–50, 97
- International Monetary Fund (IMF), 21, 24
- Intrinsic value, 120, 123, 137. See also Fair value
- Inventory, 51, 157
- Investment returns, 21, 81, 87–91, 123, 288, 298
- Investment risks, 12, 120–122, 296
- Iran, ix, 45, 104–105, 300
- Ireland, 48
- ISS, 131
- Italy, 48, 103
- Laos, 48
- Large-cap stocks, 80, 100–101
- Latin America, x, 24
- Latvia, 48
- Libya, 48
- Liquidity, 17, 118, 265, 281
- Lithuania, 48
- Loan-to-value (LTV) ratio, 92
- Long-dated bonds, 234
- Long-term average valuation, 83, 139
- Long-term capital management crisis (1998), 76
- Long-term economic growth, x, 203, 297
- Luxembourg, 48
- Luxury goods, 28, 114, 153
- Madagascar, 48
- Malawi, 48
- Malaysia, 42, 48–49
- Malta, 48
- Management team, importance of, 11–12, 117, 131
- Manager Discussion and Analysis (MD&A), 125
- Margin debt, 78–80
- Market bottoms, 9, 73, 80–81, 246, 286, 290–292
- Market capitalization, x, 55–56, 64, 80, 124, 258
- Market capitalization-weighted indexes, 6
- Market contagions, 76, 297
- Market corrections, 62, 71–74, 80, 82, 142, 283, 288
- Market cycle risk, 67–83
- Market cycles, 59, 64, 70–76, 137
- Market noise, 8–9, 137, 288
- Market share, 11, 75–76
- in advertising, 143
- in auto industry, 155–156
- in consumer staples sector, 171
- in financial sector, 193, 196
- and growth prospects, 119–120
- in health sector, 208
- in information technology sector, 236–237
- and internet-based retail, 169
- in online gaming industry, 158
- and price-to-sale ratio, 124
- in telecommunications, 149–150
- Marks, Howard, xi, xii, 8, 67, 83
- Mastering the Market Cycle (Marks), 83
- Materials sector, 245–254
- Maturity, 60
- Mauritius, 48
- Mediterranean Sea, 44
- Meme stocks, 7, 137
- Mergers and acquisitions (M&A), 207
- Mexico, 48–49
- Mexico City, Mexico, 50
- Microsoft, 82, 138
- Microsoft Xbox, 145
- Middle East, 39, 104, 300
- Military coercion, 99–100, 108, 301
- Monetary policy, 59
- Moody's, 108
- Morgan Stanley Research, 30, 79
- The Most Important Thing (Marks), 7
- MSCI World Index, 6, 79, 131, 199f
- Munger, Charlie, xii
- Mutual funds, 6
- Myanmar, 48
- National Bureau of Economic Research, 69
- Neptune Garnet, 36
- Net debt-to-equity ratio, 118–119
- Netflix, 144
- Netherlands, 48
- Net income, 114, 118–119, 138, 200–201, 250, 257
- Net income margin, 114
- Net interest margin (NIM), 75, 194
- Net working capital, 127
- New York Times, 116
- New Zealand, 48–49
- New Zealand dollar, 63f
- Nikkei 225 index, 6
- Nine-dash line, 106–107
- Nintendo Switch, 145
- Nortel, 126
- North American Free Trade Agreement (NAFTA), 47–48, 217
- North Atlantic Treaty Organization (NATO), ix, 103, 217
- North Korea, 104–105, 300
- North Sea, 41
- Nuclear weapons, 100–106
- Pacific Ocean, 42, 43
- Packaged foods, 177–178
- Pakistan, 105, 106f, 300
- Panama Canal, 41, 43–44
- Papua New Guinea, 49
- Paraguay, 48
- Passive investing, 6–7
- Patent applications, 20, 213
- People's Bank of China, 59
- Persian Gulf, 45
- Peru, 49
- Phillipines, ix, 48–49, 107, 264
- Poland, 48
- Portfolio construction, 109, 279–294
- Portfolio diversification, 63f, 82, 93, 108, 119, 121–122, 256, 283–285, 288, 300
- Portugal, 48
- Price-to-cash flow (P/CF) ratio, 124–125
- Profitability, 113–116
- Profit margins, 114–117, 138–139, 143–148, 157, 160, 163, 166–169, 173–178, 183
- Propaganda, 97–98, 104, 108
- Qing Dynasty, 19
- Rating agencies, 108
- Real assets, 24, 26–27
- Real estate investment trusts (REITs), 258–264
- Real estate sector, 255–266
- Regional Comprehensive Economic Partnership (RCEP), 48
- Reinhart, Carmen, 77, 92
- Relative valuation, 89, 125, 129–130, 138, 159, 179
- RenMac, 81
- RepRisk, 131
- Return on equity (ROE), 114, 117, 139, 194, 197, 202, 271–272, 275
- Return on invested capital (ROIC), 114–116, 190, 222
- Risk aversion, 61
- Risk management, 203, 292
- Rogoff, Kenneth, 77, 92
- Roll-on, roll-off (roro) vessels, 36
- Romania, 48
- Russia, 41, 48, 91, 95, 103–104, 135, 217
- Russian financial crisis, 90–91
- Russian ruble, 90–91
- Rwanda, 48
- Safe haven currencies, 79, 87–88
- St. Lawrence Seaway, 41, 45
- Second-level thinking, xi, 16
- Sector rotation, 75–76, 288
- Securities, 5, 6, 32, 55, 63–64
- Securities Industry and Financial Markets Association (SIFMA), 56
- Security Analysis (Dodd and Graham), 133
- Selloffs, 69–73
- Seychelles, 48
- SG&A expense ratios, 144, 156, 163, 169, 173, 224
- SHAPE, ix, 48–49
- Shareholder rights, 23, 53, 282, 300
- Share ownership, 5
- Share price:
- and bear market warnings, 78
- bull vs. bear market effects on, 71–76
- and capital structure, 117–118
- and confirmation bias, 9–11
- and credit spreads, 61
- currency effects on, 89
- and cycle risk, 81–83
- estimating, 127–132
- and global equity markets, 56–57
- growth prospects of, 119
- and market bottoms, 80
- New York Times Company, 116–117
- and risk, 120–127
- Share value, estimating, 127–132
- Shock absorbers, see Hedges
- Short squeeze, 7
- Siegal, Jeremy, xii, 32, 35, 93
- Singapore, 45, 48–49
- Slovakia, 48
- Small-cap stocks, 80, 100–101
- Soft landing, 59, 69
- Somalia, 48
- Sony PlayStation, 145
- South America, 44, 48
- South China Sea, 42–43, 105, 300
- Southern Common Market (Mercosur) agreement, 48
- South Korea, 45, 48–49, 104–105
- Sovereign credit ratings, 108, 135, 282, 300
- Soviet Union, 103
- S&P 500 index, 6, 61–62, 71–72, 76, 79, 101–102, 121–123
- Spain, 48
- S&P Global, 108
- Stock exchanges, 56–58, 280
- Stocks, xi
- as assets, x, 24, 26
- bear market effects on, 71–73, 172
- common, 257
- discretionary, 152
- and diversification, 283
- effects of Asian Financial Crisis on, 62
- effects of interest rates on, 59–60
- foreign, 280
- full investment in, 286
- high-beta vs. low-beta, 80–81
- and margin debt, 78–79
- and market cycles, 81–83
- and market interaction, 58–59
- in mid-cycle stage, 74
- noise effect on, 9
- in portfolios, 287–293
- real estate vs., 255
- risks of, 120–122
- and security exchanges, 203
- top-performing, 56–57
- utility, 270
- valuation of, 139
- in wartime, 101
- Strait of Hormuz, 41, 43–45, 45f
- Strait of Malacca, 42–43, 43f
- Subprime mortgage-backed securities, 32
- Subscription models, 146
- Sudan, 48
- Suez Canal, 41, 43–45, 45f
- Superpowers, 99
- Supply chains, 50–51, 96, 166, 169, 173–179, 296–300
- Sustainalytics, 131
- Sweden, 48
- Swedish krona (SEK), 88
- Swiss franc, 63f, 79, 87, 298
- Symbolik, 313
- Taiwan, 49
- Tariffs, 47, 98, 108, 218, 254
- Tax evasion, 49, 158
- Tech bubble (2000-2002), 9, 17, 61, 78f, 82, 126
- Thailand, ix, 48, 49, 62
- Thompson Reuters, 131
- Tobacco, 178–179
- Trade agreements, 47–49
- Trade wars, 96, 98–99, 299. See also Economic sanctions
- Trading volumes, 7, 55, 86, 195–196, 203, 281
- Trans-Pacific Partnership (TPP), 49
- Tunisia, 48
- Turkey, 135
- Turkish Straits, 41, 44
- Twenty-foot equivalent units (TEUs), 36–37, 37f, 38f
- UAE dirham, 86
- UBS, 28–29
- Uganda, 48
- Ukraine, 95, 103–104
- Ultra Large Container Ships (ULCSs), 36
- United Kingdom, 21. See also Great Britain
- United Nations, 20
- United Nations Conference on Trade and Development (UNCTAD), 49, 235, 248
- United States:
- beverage market in, 173
- central bank of, 59
- and China, 105–107
- coal production in, 184
- communication equipment in, 235
- economic growth in, 21, 69
- healthcare spending in, 28, 209
- homebuilding market in, 160
- iGaming market in, 158
- managed care industry in, 210
- margin debt in, 78
- market contagions in, 76
- military considerations and capital markets in, 102
- in NATO, 103
- patent applications in, 20
- renewable energy in, 275
- small- and large-cap stocks in, 80
- stock market reactions in, 101–102
- and Trans-Pacific Partnership, 49
- United States Dollar (USD), 64, 284f, 285f
- in chemical trading, 248
- and communication equipment, 234
- comparison of largest economies, 22f
- costs of shipping in, 45, 229
- and currency markets, 85–86
- and global capital markets, 55, 55f
- and global equity markets, 56–58
- international effects on, 21, 26, 28f
- and market bottoms, xi, 80
- and membership in trade agreements, 47–48
- regional stock performance of, 57f
- as safe haven, 79
- trading volume of, 57f
- and worldwide exports, 39–40, 40f
- United States-Mexico-Canada Agreement (USMCA), 47–48
- University of British Colombia, ix
- Uruguay, 48
- Utilities sector, 269–276
- Walmart, 176
- Warfare
- Warsaw, Poland, ix
- Wealth building, x, 3–13, 279
- Weighted average cost of capital, or WACC, 115, 128
- World Bank, 19, 39, 47, 50, 62
- World Federation of Exchanges, 54, 56
- World Intellectual Property Organization (WIPO), 20
- World Trade Organization (WTO), 49
- World War II, 69, 100, 103, 107
- Worldwide exports, 39–40, 40f
..................Content has been hidden....................
You can't read the all page of ebook, please click here login for view all page.