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David, we're going to get to the great heist in a second, but I want to live in the here and now.

The President of the United States just finished a cabinet meeting that went almost two and a half hours about the first year.

Almost no mention of China at all.

Is America still structurally, conceptually, underappreciating the threat from China across a wide range of matrices?

I certainly think so. I think it's underestimating China's power.

It's what we'll get into in terms of the great heist of intellectual property that has

been undertaken, particularly in the last 10 to 15 years since Xi came to power in 2012.

And I think that there is largely an underestimation

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