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Odds Of China Policy Pivot Game-Changer Increase Rapidly
It's "everybody back in the risk pool," Nomura's Charlie McElligott said Tuesday, on the heels of an
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In my early days as a finance prof (1975) I received a four-month internship at Lennox Manufacturing (Atta’ boy, Dave) working for the CFO. In those days Lennox was a closely held family company that had never done an ad or posted a number. The deal was they were by far the industry leader in sales, etc. but no one knew, or really believed that. The lack of transparency kept them off everyone’s radar and allowed them to attack competitors in ways they never saw coming. Big private companies that operate mostly as “dark” entities have a competitive advantage from that privacy. I doubt we will ever know exactly what or how well China is actually doing except for little snippets of data that have to come out from public activities. That’s a source of power that won’t soon be relinquished. Most of China’s history has been behind the curtain and the West will never really know what they would like. I’ll make one prediction: they will be in Afghanistan soon (if not yesterday).
That… and the fact that cies in the eye of the storm (like Tencent) still somehow manage to print exceptional quarterly numbers… Unless someone wants to argue they’re fake, it’s a pretty compelling statement that they can still thrive under Xi wrathful gaze…