The Ukraine war, compounding the effects of the Covid-19 pandemic, has fueled the country’s ascent. Together they have pushed corporations to make global supply chains less risky by diversifying toward an open India and away from China’s surveillance state. They have accentuated global economic turbulence from which India is relatively insulated by its huge domestic market.
Those factors have contributed to buoyant projections that India, now No. 5, will be the world’s third-largest economy by 2030, behind only the United States and China.
On a recent visit to India, Treasury Secretary Janet Yellen said that the United States wanted to “diversify away from countries that present geopolitical and security risks to our supply chain,” singling out India as among “trusted trading partners.”….
…. If the Biden administration has been unhappy with India’s business-as-usual approach to Mr. Putin since Russia’s invasion of Ukraine, it has also been accepting of it — American realpolitik, as China rises, demands that Mr. Modi not be alienated.
At the end of my stay, I traveled down to Chennai on the southeastern coast.
The atmosphere is softer there. The economy is booming. The electronics manufacturer Foxconn is rapidly expanding production capacity for Apple devices, building a hostel for 60,000 workers on a 20-acre site near the city.

That leads us to the exciting part: we believe this is the most attractive bond market we have seen in at least a decade! For reference, the charts below show the yield and spread on the Bloomberg U.S. Aggregate Bond Index and Bloomberg 1-3 year U.S. Aggregate Bond Index. Yields on investment grade bonds are now at levels we haven’t seen since 2007. Most of the increase in yield through September 2022 has been due to higher risk-free rates, with a smaller component due to higher spreads.

A “world order which is still very, very deeply Western,” as he put it in an interview, is being hurried out of existence by the impact of the war in Ukraine, to be replaced by a world of “multi-alignment” where countries will choose their own “particular policies and preferences and interests.”
Certainly, that is what India has done since the war in Ukraine began on Feb. 24. It has rejected American and European pressure at the United Nations to condemn the Russian invasion, turned Moscow into its largest oil supplier and dismissed the perceived hypocrisy of the West. Far from apologetic, its tone has been unabashed and its self-interest broadly naked.…
….In other words, with its almost 1.4 billion inhabitants, soon to overtake China as the world’s most populous country, India has a need for cheap Russian oil to sustain its 7 percent annual growth and lift millions out of poverty. That need is nonnegotiable. India gobbles up all the Russian oil it requires, even some extra for export. For Mr. Jaishankar, time is up on the mind-set that “Europe’s problems are the world’s problems, but the world’s problems are not Europe’s,” as he put it in June.
The Ukraine war, which has provoked moral outrage in the West over Russian atrocities, has caused a different anger elsewhere, one focused on a skewed and outdated global distribution of power. As Western sanctions against Russia have driven up energy, food and fertilizer costs, causing acute economic difficulties in poorer countries, resentment of the United States and Europe has stirred in Asia and Africa….Grinding trench warfare on European soil seems the distant affair of others. Its economic cost feels immediate and palpable.
“Since February, Europe has imported six times the fossil fuel energy from Russia that India has done,” Mr. Jaishankar said. “So if a $60,000-per-capita society feels it needs to look after itself, and I accept that as legitimate, they should not expect a $2,000-per-capita society to take a hit.”
Here comes Prime Minister Narendra Modi’s India, pursuing its own interests with a new assertiveness, throwing off any sense of inferiority and rejecting unalloyed alignment with the West. But which India will strut the 21st-century global stage, and how will its influence be felt?
The country is at a crossroads, poised between the vibrant plurality of its democracy since independence in 1947 and a turn toward illiberalism under Mr. Modi. His “Hindu Renaissance” has threatened some of the core pillars of India’s democracy: equal treatment of all citizens, the right to dissent, the independence of courts and the media.

Maybe 50/50 HSGFX/BRK.B? Dunno

I had an investment with Dodge a number of years ago, but left when they carried a heavy load of financial & got toasted in 07-08 .