China: I still haven't repositioned in China. I have a little BABA in a couple of other accounts but still haven't gone back in from everything I liquidated before. I did consider rolling back in on that big day of capitulation last month. Would have been a great opportunity. That said, even if I did reestablish, it would be for a very small % as I believe the story has changed too much with too much govt. interference. Makes it very difficult to get clear visibility. On potential and 'value' alone, I like a lot of the primary plays but I just don't know what is going to happen to the sector next from a delisting or Chinese govt. standpoint and the existence of that violates one of my primary investment tenets about holding positions when the story changes too dramatically.
That all said, something I have seen work over and over again is how you can usually invest in the whatever is most out of favor at any given time if you have the patience to wait. There are a lot of "babies" in the street when the bathwater is thrown out and whether it is energy, oil, China, financials, REITs, tech, spec., etc. etc., whenever something is very out of favor and left for dead, entering and waiting can be very profitable. |
