Japanese cars
I remember when the head of General Motors was generous enough to "allow" the Japanese to have two per cent of the American car market. He forgot many things, not the least of them being that the Japanese were fast learners, and were quick to improve quality. Now Toyota is on the verge of becoming the largest carmaker in the world. At the time of the statement, probably hardly a single investment newsletter took the executive to task for his short-sightedness and looked far enough into the future to understand that the Japanese threat was real. And now we see that the Koreans, in turn, have become real competitors to the Japanese, and are producing quality product at a reasonable price which has seized a substantial place in the USA and worldwide markets - although not in Japan. Where will it end? Now we see the Chinese, too, entering the car market; and eventually, just like the Japanese and the Koreans, their product will improve in quality. One major difference is the sheer size of the potential Chinese at-home market - if they can build roads and other infrastructure quickly enough to handle all the new cars which they may rapidly become capable of building.