Also numerous sources who’ve spent a material amount of time on the ground have told us that the average Mongolian will tell you that property rights are considered sacred and that the government will simply never just take an asset from anyone. The only exception to this rule is when the Chinese are involved as Mongolians harbor a severe mistrust of their larger, more powerful neighbors, and reflexively fear Chinese control of Mongolian assets – but even here, the two countries are for the most part able to work around these differences and somehow manage to make it work. As further evidence of the larger point consider that Mongolia is #29 in the world in “protecting investors” (ahead of both Australia & France) and #33 in the world in terms of “enforcing contracts” (between Denmark and Japan). Interestingly then, as nuts as it seems, capital appears to be relatively safer in Mongolia than in a wide variety of developed western nations – and yet people that wouldn’t think twice about investing in Japan, Australia or France wouldn’t invest in Mongolia with a ten-foot pole. As fact and data driven investors, all in all this makes no sense to us given the empirical and anecdotal evidence points to a large disconnect between perception and reality in terms of the perceived vs. actual risks of investing in Mongolia in terms of the stability of government, property rights and respect for the rule of law. These are critical points for potential investors to internalize.