148: Greed & Fear! What to Own, What to Avoid and Are We Wrong About China? With Chris Wood, Global Head of Equity Strategy, Jefferies (Hong Kong)

Money Maze Podcast

Business, Investing, Management, News, Business News

4.8 • 216 Ratings

🗓️ 25 July 2024

⏱️ 42 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

If you write a widely followed weekly piece for nearly 30 years, assessing investment risks & rewards, geopolitical implications, and extracting signals from noise, you need experience, good instincts, market nous, and the ability to talk to the right people.

The weekly piece in question is GREED & FEAR, and its author, our guest Christopher Wood, Global Head of Equity Strategy for Jefferies, in Hong Kong.

He has been ranked No. 1 Equity Strategist in the Asia Money Polls 18 times since 1996, and prior to that worked for The Economist between 1984 to 1994, during which period he was both the New York and Tokyo Bureau Chief.

We begin with Chris’s interpretation of China’s ambitions and appetite, where he explains why he sees China as less set on making territorial gains. He discusses the tectonic shifts underway which he describes as “as great as the collapse of the Soviet Union in 1991… and which are driving global military spending to record highs.”

He also covers Japan, the Yen & bond yields, widening the discussion to explain why he wants to avoid all G7 Government bonds.

He goes on to explain why he thinks good quality US Corporates will trade with lower yields than US Government bonds as their risk is lower.

He assesses the opportunity in EM debt, and their greater adherence to orthodox monetary policy. He also explains how both gold and bitcoin feature in his long term endowment portfolio. Recorded in June 2024.

The Money Maze Podcast is kindly sponsored by Schroders, IFM Investors and the World Gold Council.

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Transcript

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0:00.0	Welcome to the Wall Street Shelfore in the Money Race podcast.
0:18.0	I'm Simon Brewer and along with my co-founder, Will Campion.
0:22.2	We created this show in 2020 to explore and unravel some of the mysteries surrounding the
0:27.4	investment and business worlds.
0:31.3	You need the luck to make a buck if you want to make money. You need the luck to make a buck if you want to be good. episodes are available on audio via our YouTube channels and we're available on audio via most
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0:55.9	And we'd like to thank you for listening.
0:57.6	If we could ask one favour, we'd love you to tell a friend or colleague about us.
1:02.7	Thank you.
1:05.1	To write a weekly piece for nearly 30 years assessing investment risks and rewards, geopolitical implications,
1:13.1	and extracting signal from noise, requires experience, knowing what matters, good instincts,
1:19.2	and the ability to talk to the right people. The weekly piece in question is greed and fear,
1:24.8	and its author and our guest today, Christopher Wood, Global Head of Equity Strategy at Jeffreys, based out of Hong Kong, has been ranked number one equity strategist in the Asia Money Polls for 18 years since 1996.
1:39.1	Formerly of CLSA, he lives across Asia and other parts of the world, and I hope today he will offer us a different
1:45.8	and longer lens on a complicated world. So Chris, I was gearing up this morning to talk to you in Hong Kong,
1:51.9	and then suddenly you give me a call saying you've landed and you come to the office. So it's a great
1:55.4	pleasure to see you here in person. Welcome. Very good to see you, sir. Well, it's always a treat when a friend comes on the show,
2:01.3	and you and I have known each other for over 20 years. I read your work as part of my essential
2:06.3	weekly investment diet, and you have the distinction of having outworked most, if not all,
2:11.9	of the best investment strategies of the last three decades. You worked for the economists from
2:16.2	1984 to 94. You were both the
	...

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