EM Fund Stock Picks & Country Commentaries (December 28, 2025)

Tucker Carlson just posted a lengthy talk with emerging markets debt expert Coleman Church (“Finance executive with 30+ years of tradfi experience in sales and trading roles. Emerging Markets debt specialization. Traded EM debt as both a flow and prop trader. Ran a best in class global EM sales team at Citi…”) – here are the timestamps from what’s posted on Twitter (also posted on Tucker’s website: Gold, Crypto, the Debt Crisis, and How to Survive When the US Needs a Bailout):

(0:00) Debt Trading and Emerging Markets Debt
(8:58) The IMF’s Role in American Foreign Policy
(16:08) What Will the Banks Do With Ukraine?
(17:17) What Is a Debt Crisis?
(23:06) Will America’s Financial Dominance End?
(25:27) The Seizing of the Russian Reserves
(26:19) Why Gold Is a Better Investment Than the Stock Market
(28:57) How the Fed Is Secretly Destroying Free Market Capitalism
(31:23) What Is Deflation?
(34:37) How Do We Fix the Deficit Problem?
(45:45) How Safe Is the Stock Market?
(53:32) How Is AI Impacting the Market?
(1:00:00) What Happened to All the Concern About Climate Change?
(1:01:45) What Is ESG?
(1:07:59) What Is the Alternative to Investing in the Stock Market?
(1:12:07) Is Crypto the Next Global Reserve Currency?
(1:23:38) Could Crypto Be Weaponized by the Government?
(1:24:23) What Do We Know About Global Gold Reserves?
(1:31:51) The Unintended Consequences of the 2008 Financial Crisis Bailouts
(1:43:19) What Would Happen if the United States Needed a Bailout?

And it looks like Tweets can now be embedded in Substack again:

The U.S. government is nearly $40 trillion in debt, a fact that pretty much guarantees exciting times ahead. Coleman Church on what comes next.

(0:00) Debt Trading and Emerging Markets Debt
(8:58) The IMF's Role in American Foreign Policy
(16:08) What Will the Banks Do With… pic.twitter.com/uskhIVFy7k
— Tucker Carlson (@TuckerCarlson) December 26, 2025

Church thinks there may be more derivatives written against silver than there is silver available (and maybe the same with all commodities) and that you need to look at foreign stock markets given their multiples versus USA multiples.

Note that Church thinks Latin America is worth a look as the Trump administration attempts to stabilize and clean up the region plus stocks there have cheap P/E ratios. He also likes productive agricultural real estate (For a good 30 minute discussion and reality check about investing in farmland: Farmland Returns Aren’t What They Look Like | Cannon Michael)…

As of the end of December, more November fund updates (our continuously updated post containing all funds is here) have become available along with new research:

New Asia Fund Documents & Research

🗄️🌏 Passing the baton: handover report, December 2025 (Apollo Asia Fund) – On 1 December 2025 I handed over investment decision-making to Edouard Mercier and Jean-Charles Tisserand at Ascender Capital. I’ll report here on the two months up to handover. Future commentary and updates will be at www.ascendercapital.com
🗄️🌏 Fidelity Asian Values Plc (LON: FAS)’s November monthly factsheet (short economic and portfolio review) noted the fund has a significant percentage of the portfolio in Hong Kong which helped relative returns along with exposure to materials and consumer discretionary while overweight exposure to Indonesia detracted as small caps saw a sharp fall in share prices.
🗄️🌏 Henderson Far East Income Limited (LON: HFEL)’s Novembermonthly factsheet (detailed economic and portfolio – in the top corner + under documents) discussed or mentioned:
- 📈🇰🇷🅿️ Samsung Electronics (KRX: 005930 / 005935 / LON: BC94 / FRA: SSUN / OTCMKTS: SSNLF) 🇼 🏷️
- 📈🇭🇰 Sino Land Co Ltd (HKG: 0083 / FRA: SNO / OTCMKTS: SNLAF) 🇭🇰 – Residential, office, industrial & retail properties & hotels + property management, security, car park operations & environmental services. 🇼 🏷️
- 📉🇸🇬 Oversea-Chinese Banking Corp (OCBC) (SGX: O39 / FRA: OCBA / FRA: OCBB / OTCMKTS: OVCHY) – One of the largest banks in SE Asia. 2nd largest banking group in Singapore. Owns Great Eastern Holdings (SGX: G07 / OTCMKTS: GEHDY). 🇼 🏷️
- 📉🇰🇷🅿️ Hyundai Motor (KRX: 005380 / FRA: HYU / OTCMKTS: HYMTF) – Multinational automotive manufacturer. 🇼 🏷️
- 🏧🇸🇬 Singapore Telecommunications Ltd (SGX: Z74 / FRA: SIT / SIT4 / OTCMKTS: SGAPY / SNGNF) or Singtel – Telecommunication + data center, ICT, etc. services. 🇼 🏷️
- 🏧🇦🇺 Goodman Group (ASX: GMG / OTCMKTS: GMGSF) – Global industrial property & digital infrastructure specialist group.
- 🇨🇳 Vanke (SHE: 000002 / HKG: 2202 / FRA: 18V / OTCMKTS: CHVKF / CHVKY) 🇨🇳 – City & town developer & service provider. 🇼

New Asia Fund Documents & Research

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