I did not like the risk-reward of China VIEs in the past, but with $BABA below $123 and $TME below $6, my views have changed. In a few years, we may wonder how those stocks ever got so cheap. Simple: Declining prices create a psychology of fear, and rationality goes out the door.
— John Mihaljevic (@JMihaljevic)
Feb 4, 2022