"Many people in the investment community describe China as uninvestable. To me, that word is music to my ears. I’ve made my whole career buying assets that other people consider uninvestable and when you do that, you have a chance of getting a bargain.”
"In our baseline macro outlook, the economy and earnings continue to grow and bond yields remain around current levels. But event risk remains high heading into 2025, including the potential threat of an across-the-board tariff and the potential risk from even higher bond yields."
“If everything is performing well and inconcert, our portfolios are probably not diversified. If we are appropriately diversified, we will look at our portfolio and see a collection of strong performers and laggards. Rather than be comfortable with this as an inevitable feature of diversification however, we will have the urge to make changes, removing the struggling positions and adding more to those that have produced stellar results."