Investors continue to be in a situation where the opportunity cost of exiting well performed investments remains high. The reason for this is that we are not in a cycle like other cycles (we refrain from saying not normal). It has been a tepid yet a long cycle which will continue for some time as economic slowdown is not evident.
We spent last week visiting Shanghai and Hong Kong. Through this visit we were fortunate to listen to Chairman and CEO of JP Morgan Jamie Dimon and Stanford University Political Science Professor and ex-US Secretary of State, Condoleezza Rice, and other speakers and fund managers on the second largest economy globally.
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