Made in America
The Dividend Cafe
The Dividend Cafe - The Bahnsen Group
4.9 • 572 Ratings
🗓️ 21 July 2023
⏱️ 28 minutes
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Summary
Today's Post - https://bahnsen.co/3NZaBt7
Bring up the issue of “off-shoring” American manufacturing and you will get a wide variety of responses, many of them highly emotional. Today’s vernacular talks about “onshoring” or “re-shoring” or “near-shoring” – various synonyms or adjacent concepts to the idea of reversing certain trends of globalization, primarily the ones dealing with American activities in manufacturing and the supply chain.
As is the case with almost every topic I could ever address these days, the subject is complex, requires nuance, and doesn’t come close to one of the two simplistic boxes we are supposed to fit all of our thinking and analysis into. My interest in this Dividend Cafe is less political and more economic. It is less about making a statement and more about doing some analysis. It is less about finding a campaign message and more about finding an investment thesis.
So to those ends, we work. Let’s talk about expectations for America’s supply chain management in the years ahead.
Links mentioned in this episode: TheDCToday.com DividendCafe.com TheBahnsenGroup.com
Transcript
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| 0:00.0 | Welcome to the Dividend Cafe weekly market commentary focused on dividends in your portfolio and dividends in your understanding of economic life. |
| 0:12.2 | Well, hello and welcome to this week's Dividend Cafe. I am really excited to bring you this topic because I had intended to do it last week. And with all of my |
| 0:23.0 | travel and things going on, I didn't get to pour in the way I want to do. We did a dividend cafe |
| 0:29.0 | last week about dividend growth, which is the investing religion here at the Bonson Group. And hopefully |
| 0:36.7 | that was a good refresher. |
| 0:38.7 | But there's a topic that's been sort of lingering out there that is very macroeconomic. |
| 0:44.4 | It's top-down, kind of globally relevant across a number of different economic categories, |
| 0:51.3 | what the ramifications may mean. |
| 0:53.7 | But it's also micro microeconomically important, |
| 0:56.2 | meaning there's sort of bottom up local and individual ramifications that I think are very important. |
| 1:04.2 | And those types of topics are what I love covering. It's what I basically spend hours of every |
| 1:10.1 | day of my life studying for many, |
| 1:12.6 | many years. And trying to bring that to the pages of Dividing Cafe and represent it in a |
| 1:20.5 | client portfolio, find application to these things can be very hard. We're not ones who tend to go jump on big |
| 1:30.6 | thematic changes because we believe that oftentimes thematic changes in the macroeconomic |
| 1:39.2 | context are overblown. They're incorrectly assessed, and then oftentimes, even when they are |
| 1:47.8 | correctly assessed, they are challenging to apply into an investment thesis. And I've talked about |
| 1:55.3 | that a lot. It's a big part of the way we do things and don't do things at our firm. |
| 2:02.8 | But this is an example of something that we believe is going to have some investment utility. And I wanted to kind of just set the |
| 2:09.4 | table for that a little bit today and give you an understanding of the way we're thinking about |
| 2:14.2 | this. First, let me just back up and say that CAPEX, capital expenditures, |
| 2:20.5 | the way it is referred or labeled in the GDP formula, the portion of gross domestic product that |
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