🟢 [E1635] China crashed 2021-2024, frauds and excess largely flushed out. Forced capital into productive investment. Equities now yield more than long-dated bonds. Market cap approximately 30% of US despite US massively outperforming.

🟢 [E1629] Despite US outperformance (5x vs China since 2018), China's market cap is still ~30-40% of US levels because China issued equity while US shrank supply via buybacks. Betting on continued US exceptionalism is effectively betting against financial history.