Also trades at the highest forward 2 year PE compared to BHP,...

Also trades at the highest forward 2 year PE compared to BHP, RIO and CIA by a long way.

"Do you have a view on where poor Chinese output/sentiment takes IO in the mid term? (new to this thread, haven’t trawled back through - apologies if it has already been covered)."

Not really, I don't claim to have much insight into these things and don't try and convince myself I can foresee the same. My strength is in analysing/comparing financials after the prophesying has already been done and wrapping strategies around that.

Although I am very concerned by the risk of a severe global recession... the crash should be proportional to the distortion ... the GFC came from 5 years of interest rate distortion, this market is built on ~15 years of money printing and interest rate distortion that is so extreme it makes the pre-GFC era compare like a 5c coin does to a $100 note.