, 4 tweets, 2 min read Read on Twitter
Kind of shocking how little FDI into the U.S. is actually greenfield investment (building new plants and the like).

To the first approximation, FDI is basically mergers and acquisitions ...

Over the last five years, the official data shows only $60b in greenfield investment, and almost $1.6 trillion in acquisitions (including a host of inversions in 15-16).

25:1 ratio feels bank like (leverage ratios in the old days in the US, or Europe now ... )
Acquisitions obviously don't impact the economy in the same way that greenfield investment does.
Incidentally most of the FDI coming in from China before China cracked down on outflows was "acquisitions" (HNA and Anbang and the like). And that's why the fall off hasn't had much of a real economic impact (imo)
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