Alice Han

I think, and I tell this to my investors too, you need to look into what's happening in the South China Sea, what's happening in Taiwan. You need to see what China is doing to prepare its military. for the ultimate showdown, which is over Taiwan. And we've seen more volatility in South China Sea recently with the Chinese Coast Guard, which is affecting the Philippines.

So I think that the geopolitical instability is something that is obviously a black swan. It's a fat tail risk. But we are, I think, well and truly out of the great moderation period. We're now in the great roller coaster of geopolitical instability. And that is going to affect us deeply.

So I think that the geopolitical instability is something that is obviously a black swan. It's a fat tail risk. But we are, I think, well and truly out of the great moderation period. We're now in the great roller coaster of geopolitical instability. And that is going to affect us deeply.

So I think that the geopolitical instability is something that is obviously a black swan. It's a fat tail risk. But we are, I think, well and truly out of the great moderation period. We're now in the great roller coaster of geopolitical instability. And that is going to affect us deeply.

Taiwan is going to be orders of magnitude bigger for the global economy than Russia, Ukraine, or even the Middle East and Gaza have been. And that's something to keep in mind. Sorry to be a bit of a downer.

Taiwan is going to be orders of magnitude bigger for the global economy than Russia, Ukraine, or even the Middle East and Gaza have been. And that's something to keep in mind. Sorry to be a bit of a downer.

Taiwan is going to be orders of magnitude bigger for the global economy than Russia, Ukraine, or even the Middle East and Gaza have been. And that's something to keep in mind. Sorry to be a bit of a downer.

I think it's already happening. Over the last year, I was there five times last year, I noticed a huge delta in renewed interest. And I highly recommend, Scott, that you go back. I'm happy to take you back to a couple of these cities in China. And there's been renewed interest because there's an understanding that the Chinese economy has shifted.

I think it's already happening. Over the last year, I was there five times last year, I noticed a huge delta in renewed interest. And I highly recommend, Scott, that you go back. I'm happy to take you back to a couple of these cities in China. And there's been renewed interest because there's an understanding that the Chinese economy has shifted.

I think it's already happening. Over the last year, I was there five times last year, I noticed a huge delta in renewed interest. And I highly recommend, Scott, that you go back. I'm happy to take you back to a couple of these cities in China. And there's been renewed interest because there's an understanding that the Chinese economy has shifted.

What China can produce as it's gone up the value chain is very, very impressive. And companies that still want a China exposure need to understand this changing economy and changing market. China is getting richer. It's rebalancing, albeit, I would say, at a rather slow pace because of structural issues. But it is happening.

What China can produce as it's gone up the value chain is very, very impressive. And companies that still want a China exposure need to understand this changing economy and changing market. China is getting richer. It's rebalancing, albeit, I would say, at a rather slow pace because of structural issues. But it is happening.

What China can produce as it's gone up the value chain is very, very impressive. And companies that still want a China exposure need to understand this changing economy and changing market. China is getting richer. It's rebalancing, albeit, I would say, at a rather slow pace because of structural issues. But it is happening.

And so you see some companies, for instance, are still interested in Chinese infrastructure. They're interested in some of these low-end industries. hotel businesses and these low-end kind of boba tea shops. There's these PE opportunities, but you need to think differently from the China of 10 years ago about the opportunities there.

And so you see some companies, for instance, are still interested in Chinese infrastructure. They're interested in some of these low-end industries. hotel businesses and these low-end kind of boba tea shops. There's these PE opportunities, but you need to think differently from the China of 10 years ago about the opportunities there.

And so you see some companies, for instance, are still interested in Chinese infrastructure. They're interested in some of these low-end industries. hotel businesses and these low-end kind of boba tea shops. There's these PE opportunities, but you need to think differently from the China of 10 years ago about the opportunities there.

So I think even although it's slowing down and people are worried about the politics of it, there's still a lot of opportunities to be found. And I think it's a mistake. And Deep Seek was a wake-up call. It's a mistake to sort of write China off. China will get there. Historically, we've seen this, whether it's the nuclear bomb or even its internet platforms. China will get there in its own way.

So I think even although it's slowing down and people are worried about the politics of it, there's still a lot of opportunities to be found. And I think it's a mistake. And Deep Seek was a wake-up call. It's a mistake to sort of write China off. China will get there. Historically, we've seen this, whether it's the nuclear bomb or even its internet platforms. China will get there in its own way.

So I think even although it's slowing down and people are worried about the politics of it, there's still a lot of opportunities to be found. And I think it's a mistake. And Deep Seek was a wake-up call. It's a mistake to sort of write China off. China will get there. Historically, we've seen this, whether it's the nuclear bomb or even its internet platforms. China will get there in its own way.

And I think we in the West need to continue to engage to see what's actually happening. Because more often than not, it will surprise us what's actually happening on the ground. So I'd highly recommend you go back, Scott.