On China: Why the Real Risk is CNY 5, not 9
An exchange with the great Louis-Vincent Gave of Gavekal
You know you have a special person in your orbit when he pushes back with a well-reasoned argument which lands so squarely at the heart of your concerns that — even though you’re still uncomfortable while processing the details — you realize you really just feel like James Carville in the Old School debate scene against comedian Will Ferrell — “we have no response… that was perfect.”
That was my experience in an exchange overnight and into this morning with the incomparable Louis-Vincent Gave of Gavekal on the subject of China. Beyond possessing a serious intellect for macro, he is an all-around great guy who indulges lesser minds like mine while doing it in the nicest possible way. With his permission, I am pasting our exchange here…