Greed & Fear! What to Own, What to Avoid & Are We Wrong About China? With Chris Wood

If you write a widely followed weekly piece for nearly 30 years, assessing investment risks & rewards, geopolitical implications, and extracting signals from noise, you need experience, good instincts, market nous, and the ability to talk to the right people.

The weekly piece in question is GREED & FEAR, and its author, our guest Christopher Wood, Global Head of Equity Strategy for Jefferies, in Hong Kong.

He has been ranked No. 1 Equity Strategist in the Asia Money Polls 18 times since 1996, and prior to that worked for The Economist between 1984 to 1994, during which period he was both the New York and Tokyo Bureau Chief.

We begin with Chris’s interpretation of China’s ambitions and appetite, where he explains why he sees China as less set on making territorial gains. He discusses the tectonic shifts underway which he describes as “as great as the collapse of the Soviet Union in 1991… and which are driving global military spending to record highs.”

He also covers Japan, the Yen & bond yields, widening the discussion to explain why he wants to avoid all G7 Government bonds.

He goes on to explain why he thinks good quality US Corporates will trade with lower yields than US Government bonds as their risk is lower.

He assesses the opportunity in EM debt, and their greater adherence to orthodox monetary policy. He also explains how both gold and bitcoin feature in his long term endowment portfolio.

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TOPICS:
00:00 - Introduction
01:43 - China's ambitions and appetite
04:01 - Geopolitics risk
08:10 - Japanese market
12:36 - India's opportunity
15:36 - Hong Kong undervalued
17:11 - Recommended long term portfolio
18:31 - Bitcoin and Gold
22:52 - Consequences of US fiscal deficit
25:31 - Emerging market bonds
27:36 - Concerns around private credit
32:40 - ESG concern in Asia
33:33 - Wood's favourite position
34:00 - Greed and Fear
35:34 - Convening over Zoom
36:46 - Sport assets
38:44 - Closing questions

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