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What Xi Jinping Can Learn From The Fed
At some point this week, Nomura apparently cautioned those keen to pick the low in Chinese equities: It's a "fool's errand."
I like the candor. And I agree with the characterization. The lows may well be in, but if they are it's not because valuations are compelling. Neither have the fundamentals improved. If you're bullish, it's almost surely because you believe the Party's determined to put a floor under the market.
To be sure, betting on the policy put is a tried and true strategy, but you
Augustus reigned successfully for over 40 years using the same subtle power Kocic speaks of. This is in contrast to his uncle Julius Caesar, a strongman, who used coercion and raw power (and died prematurely as a result).