We do have subtitles. It takes time after the fact to get videos transcribed for subtitles. It should be up soon. 0.75X is another story. I'll look into it.

Yes I speak too fast, even in French! Thanks for the kind feedback

Transcript is up

Just wait until Monday's piece with Dan McMurtrie and Mike Green. They discuss how Dan has taken this dynamic and put it to work in his portfolio.

Dollar dependence: Just an example: China for a couple of years paid more for Russian (not their biggest parner, still...) exports in Euros than dollars - they were on the push for reducing their dollar dependence for quite a while (first through pushing for SDR and now with the just introduced CBDC) - it's only a matter of time, their newly "colonised"(along the Belt&Road or Africa) areas have plenty of natural resources (and increased connectivity). Strong yuan: There was a recent article by Jeff Snider covering this that's worth a read (https://alhambrapartners.com/2020/10/28/three-from-xi-bonus-4th-for-cny). Jeff argues that as China is (lacking other choices) turning more towards growth in their domestic (and quality over quantity planned) market (dual circulation) and as Xi's status gets stronger and stronger (first with the lifetime mandate then now again with the talks about the Chairman position), they will only focus on creating enough money (which they have perfect control over lacking the eurodollar style market) to keep the Chinese (real!) economy afloat, which results in a sustained currency shortage. As evidence, you can look at this year's monetary/fiscal reaction - or rather no reaction. (+ what Vincent said about real rates...etc) There are so many aspects of investing in China, just couple of smaller points: For investing: I (and more importantly Michael Pettis) would argue that capital controls are less severe and pretty clear cut for foreigners - in fact there is a recent tendency for the government to make foreign investments easier (either capital flow or visas...etc). Of course, it's a real danger, especially for less liquid investments. (for now?) You can tap into some of these opportunities in the US stock markets. Need to keep in mind that the US listings do NOT hold the actual company equities, just some shell in the Caymans or somewhere similar to "work around" legal issues (with the government supportively looking the other way). A lot of effort has been made on toning down the bubbliness of the Mainland markets too, so that's another - although obviously more difficult opportunity.

https://www.realvision.com/issues/passive-whales-and-the-math-of-secular-slowdown?source_collection=9281de53a77f4bf7b6bfcd74eeaee864

Much appreciated Max!