"Solid macro lays a good foundation for equity performance. "
“Surfing and investing have little in common. Even the apparent necessity for patience is different - in surfing, patience is required to time your entry to catch the wave; in investing, meanwhile, patience means being comfortable while staying invested. Such patience can be difficult if you are worried about incurring losses but - if your time horizon is long enough - the chance of making a loss is practically zero.”
“The most important takeaway is that Beijing no longer views “massive policy stimulus” as inherently negative. Shedding this policy straitjacket marks a major pragmatic shift, and more easing measures are likely forthcoming, if growth conditions do not improve.”
“In the world of politics, there can be limitless benefits and something for everyone. But in economics, there are only tradeoffs.”