| 00:00 - 00:03 | Since you were away |
| 00:04 - 00:05 | Europe introduced steep |
| 00:05 - 00:07 | tarrifs on chinese EVs |
| 00:08 - 00:12 | as well as making it more expensive |
| 00:12 - 00:15 | to import small packages from China |
| 00:17 - 00:19 | It sounds like our strategy |
| 00:19 - 00:21 | to short Chinese stocks is going to plan? |
| 00:24 - 00:26 | My supreme leader... |
| 00:27 - 00:28 | chinese stocks.. |
| 00:31 - 00:33 | chinese stocks are up 30% |
| 00:34 - 00:36 | after announcing wide-ranging stimulus |
| 00:53 - 00:58 | everyone leave the room except the china macro bears |
| 01:13 - 01:15 | I told you |
| 01:15 - 01:17 | I told you this was a risk! |
| 01:18 - 01:23 | Chinese stocks were as cheap as chips |
| 01:25 - 01:28 | how did I allow the perma bears |
| 01:29 - 01:31 | to talk me into this |
| 01:31 - 01:34 | it was such a consensus trade |
| 01:34 - 01:37 | every single article in the media |
| 01:37 - 01:40 | was saying the same thing as my "special advisors"" |
| 01:40 - 01:42 | The chinese economy is still toast |
| 01:42 - 01:46 | so was the US and Europe in 2008 |
| 01:46 - 01:48 | but China is run by communists |
| 01:48 - 01:52 | communists that have grown their economy |
| 01:53 - 01:54 | faster than america |
| 01:56 - 01:57 | even over the last 5 years |
| 01:57 - 02:00 | despite pragmatically addressing |
| 02:00 - 02:03 | their property bubble |
| 02:04 - 02:08 | now they are following the same |
| 02:08 - 02:13 | playbook to rebuild confidence |
| 02:14 - 02:16 | and encouraging the population to save |
| 02:17 - 02:21 | in the stock market rather than property |
| 02:27 - 02:29 | our bearishness enriched chinese households |
| 02:30 - 02:34 | single digit Free Cash Flow multiples |
| 02:34 - 02:36 | growing fast |
| 02:41 - 02:42 | buying back shares |
| 02:43 - 02:47 | and I go short these long-term winners |
| 02:48 - 02:53 | Tencent, Pinduoduo, Netease, Meituan |
| 02:54 - 02:56 | because my highly paid advisors |
| 02:56 - 02:59 | told me macro and geopolitcs |
| 03:00 - 03:02 | made it a no-brainer to go short |
| 03:04 - 03:07 | its ok Anna, he can start a new newsletter |
| 03:14 - 03:16 | Ben Graham was my hero and now |
| 03:19 - 03:23 | I lost a ton of money with |
| 03:25 - 03:26 | macro bets |
| 03:31 - 03:33 | maybe its time to start from scratch |
| 03:40 - 03:46 | go back to value investing basics |
| 03:46 - 03:49 | and do my own research |
| 03:53 - 03:56 | like the good old days |
