I posted this extract from today's AFR on the PAI threads but it...

I posted this extract from today's AFR on the PAI threads but it is also topical here due to PTM's China & Emerging markets funds & potential performance fees. Coupled with PTM's contrarian NASDAQ views, the rising interest rate environment in the US, and extreme (many say crazy) valuations in the tech sector, 2022 way well see a turnaround in PTM's fortunes.

Today's AFR:

Pandemic stimulus helped trigger speculative frenzies in everything from stocks to crypto and property across the world in 2021. China went the other way as Beijing officials acted to deflate bubbles.The result is one of the most extreme divergences between major financial markets in recent history. This year’s sell-off in the MSCI China Index of stocks means the gauge lags global peers by 37 percentage points, the biggest gap since 1998. Chinese junk dollar bonds trail global high-yield returns by about 25 percentage points, the most in more than a decade. While home prices are surging in places like Manhattan, the UK and Australia, they have fallen in China for the past four months.That underperformance has Wall Street looking with avarice at China’s cheap valuations, especially as Beijing shifts to easing. In the past couple of months, Goldman Sachs, BlackRock, UBS and HSBC have all turned overweight on the nation’s equities. JPMorgan Chase’s Marko Kolanovic this week recommended going all-in on China in 2022, predicting the MSCI China will surge almost 40 per cent.