The line it is drawn,

 The curse it is cast,

 The slow one now,

 Will later be fast,

 As the present now,

 Will later be past,

 The order is rapidly fadin',

 And the first one now,

 Will later be last,

 For the times they are a-changin'

-Bob Dylan, 1964

Revolution is in the air. Iran, China, Ethiopia, Russia and other nations around the world have seen political upheaval and violence. One famous investor said to be wary of thinking, this time is different. But one thing that is always different and always can have an impact on markets is geopolitical dislocations. Often markets handle them better then we might fear—indeed that has been the precedent in history. However, it is wise to understand them and how they can be different. Technology has made authoritarianism easier in some ways, and infinitely harder in others. It’s always worth remembering, as we pointed a few weeks ago in Management Lessons From the Eminent Dead, that even the strongest and best of us fail—and this includes companies. We have to think of companies more than in just numbers, more than stories, we need to truly understand them. Some of the corporate entities we’re here to invest in are also redefining the human experien...

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