COMMENT:

One day last week, I was picking through the usual barrage of morning emails when I discovered someone had sent me an unusually interesting message.

It concerned CLSA, a Hong Kong-based brokerage that I have always been partial to because it was founded by two former journalists and produces punchy, readable research. In this case, one of its investment newsletters had been too readable.

Its author, Damian Kestel, had just sent clients a newsletter which included a joke that had offended so many people it had found its way to me. I normally approve of jokes. They are rare

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