It's a difficult question, isn't it. On the one hand, I...

It's a difficult question, isn't it. On the one hand, I personally, am becoming increasingly uncomfortable with the Chinese leadership & see no clear sign of will to rebalance the economy. On the other hand, the PTM funds are not invested in the Chinese economy per se, but in some selective and seemingly compelling opportunities.

On my increasing discomfort, as a market operator, a crucial point that I keep reminding myself is that my level of discomfort is not unique, to put it mildly. Hence, to allow my stomache to dictate my actions is to run with the herd, which generally implies selling low and buying high.

Selling into widespread fears, or buying into widespread optimism, runs contrary to my strategy (& mindset). A strategy that I have applied for 2 and a half decades. But it doesn't always pay off (here's looking at you PTM).

So what to do? Constrain my position on a cost basis (I wish I'd done that with PTM) and be cognisant of the fact that things can & do change, even when present circumstances make them seem implausible.