Jordan Schneider

There will be people trying to make money by bringing it into their systems or out-competing other firms based on their ability to be 10 times more efficient.

If we're calling China the sort of like archangel of modernity, we also have to understand that there are parts of that modernity, which I hope listeners of this are very uncomfortable with.

Like modernity, if you are a Muslim in Xinjiang in 2018, 2019 feels pretty uncomfortable.

Then, uh, yeah, if you happen to own some shares in an EV company.

Right.

One thing I'll say is like the trend of having, I think, more deliberate state involvement in strategic industries on the one hand is like something I think is something that

You know, a lot of a lot of Asian developing countries have done to various levels of success.

Like, I don't want to give all the credit to the Chinese policymakers for manifesting this stuff.

Like the fact that it is like a country that is large enough to have a protected market, which is relevant, is a very special and unique part of China and one of the reasons

why it can cultivate these industries to a, to an extent, which like Europe hasn't figured out how to do, or America hasn't really figured out how to do is, is relevant.

But it's very funny because I remember writing articles about golden shares in China for a, in a, in a past job in 2011, in 2021, 2022 being like, oh, this is kind of like cute and clever.

And now we have the Trump administration doing the exact same thing.

Like there clearly is something to this whole industrial policy thing.

And I don't think it is a surprise that a lot of the moves that you see the current White House doing are sort of queuing off of or pattern matching headlines in the Financial Times that Scott Besant read and vaguely remembered being like, oh, China did this thing.

So like, yeah, we could do it, too.

It's like kind of fun to be a portfolio manager at the same time as you're as you're a cabinet secretary.

Wow.

You know, I actually think China's a lot more legible than you may have alluded to.

On the one hand, I think there are things that we can't know and that, frankly, no one really knows, particularly when it comes to Chinese elite politics.

There's a great quote