I spoke with Enrique Becerra (aka @pandwatch88) about a presentation he recently published, titled “A Hitchhiker’s Guide to the China Stock Galaxy: 2026-2030”.
It is a lighthearted but serious attempt to cut through the noise that surrounds China and to bring some practical structure to the question every allocator eventually faces: how do you size China, if at all, when the risks are real but the opportunity set is too large to ignore.
If you already follow China closely, you will recognise many of the flashpoints, but you may still find Enrique’s framing useful, especially his focus on index distortions, valuation dispersion, and the difference between narrative risk and investable risk.
And if you do not follow China, this is a good entry point: a sceptic-friendly walk through the core objections, the data behind the bull case, and what would have to be true for China exposure to make sense in a global portfolio.
As always, this conversation is for general discussion only, not investment advice.
