6 Comments
User's avatar
Beachman's avatar

So many interesting tings to considah...very informative read. Thanks, Richard!

Expand full comment
Patrick's avatar

Have any thoughts on China? Economy/valuations?

Expand full comment
Richard Excell's avatar

China is the next Japan and will struggle for the next 20 years because of misallocaction of capital and negative demographics

Expand full comment
Patrick's avatar

I admire your intellectual capacity to reexamine your opinions in an unbiased way

Expand full comment
Richard Excell's avatar

Ned Davis wrote a book called being right or making money. Point is, which is more important. In markets, making money is. Saying China may be a great trade here, even for a year or so, doesn't mean it is also not the next H

Japan. Japan had many strong rallies over a 30 year bear market. In fact, bear market rallies are some of the strongest.

Expand full comment
Patrick's avatar

Do you have any good recs for books/resources on how to think through position sizing?

Expand full comment