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Speaker 1: Bloomberg Audio Studios, podcasts, radio news. This is the Bloomberg

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Speaker 1: Daybreak GISIA podcast. I'm Doug Prisner. You can join Brian

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Speaker 1: Curtis and myself for the stories, making news and moving

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Speaker 1: markets in the APEC region. You can subscribe to the

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Speaker 1: show anywhere you get your podcast and always on Bloomberg Radio,

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Speaker 1: the Bloomberg Terminal, and the Bloomberg Business app. Let's take

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Speaker 1: a closer look now at the ten said story and

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Speaker 1: also while we're add it, look ahead to the earnings

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Speaker 1: from Ali Baba. Robert Lee is with us. He is

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Speaker 1: Bloomberg Intelligence senior analyst, joining us from our studios in

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Speaker 1: Hong Kong. Robert, thank you so much. Talk to me

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Speaker 1: about the way in which you saw the ten cent results.

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Speaker 1: What do we know now that we didn't before?

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Speaker 2: Okay, thanks for having me on. Good question. Expectations into

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Speaker 2: ten Cents results were quite high. It was well known

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Speaker 2: that their gaming business was seeing a renaissance, largely driven

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Speaker 2: by you know, very stellar strength coming through one particularly

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Speaker 2: particular title called d NF Mobile, and indeed that's what

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Speaker 2: they delivered on so the gaming on the gaming front,

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Speaker 2: they actually came in the head of expectations and that

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Speaker 2: they adjusted operating income level they were seven percent head

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Speaker 2: benefiting from a low attacks rate. Overall, they were close

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Speaker 2: to twenty percent ahead at the bottom line, so these

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Speaker 2: were very strong numbers. So whilst expectations were high, you know,

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Speaker 2: they did smash on most metrics. I think the only

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Speaker 2: area of potential medium term concern is their fintech business.

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Speaker 2: Fintech which they're lumping with their cloud computing business. Cloud

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Speaker 2: is quite small for them. By the way, did miss

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Speaker 2: expectations on the top line for the second quarter on

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Speaker 2: the row and there are you know, read a cross

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Speaker 2: to the state of consumer health within the Chinese economy there.

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Speaker 2: But again I think that was anticipated, well known and

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Speaker 2: that business actually beat at the margin level due to

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Speaker 2: a mixshift and with some cost cutting. So overall, you know,

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Speaker 2: I think they were good numb.

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Speaker 1: These days, when you talk about the cloud, you talk

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Speaker 1: about artificial intelligence usually, is that the case with ten Cent?

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Speaker 3: Now?

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Speaker 2: Yeah, I think compare and contrast with a lot of

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Speaker 2: their local peers or even peers you know in the

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Speaker 2: US or whatever parts of the world they've really been playing.

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Speaker 2: I would describe it the long game in AI. It's

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Speaker 2: been conspicuous. You know, the lack of comment on AI

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Speaker 2: in their earnings release is really conspicuous compared to a

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Speaker 2: lot of others. I mean, absolutely, they're investing in AI,

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Speaker 2: They've got a cloud business. There's a lot of steady

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Speaker 2: investment going on there, but their focus is more on

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Speaker 2: areas they can generate a more immediate return. So I

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Speaker 2: think actually that's to their benefit. And given the way

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Speaker 2: we see that the whole AI and cloud story evolving

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Speaker 2: at the moment, and particularly in China, there are price

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Speaker 2: wars in both sectors, I might add, which some people

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Speaker 2: may not be aware of. So I think in taking

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Speaker 2: a sort of longer term view, in taking a sort

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Speaker 2: of slow and steady pace and not being caught up

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Speaker 2: with the hype and hyperbole, I think that really been

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Speaker 2: to that benefit. And they're clearly delivering in the other

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Speaker 2: coueries of the business.

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Speaker 1: You were talking a moment ago about the weakness and

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Speaker 1: the Chinese consumer. That really shouldn't come as much of

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Speaker 1: a surprise, but I'm curious as to whether or not

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Speaker 1: there are variations across different demographics. I mean, if I'm

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Speaker 1: talking about gaming, I'm thinking in my own mind that

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Speaker 1: you're looking a little bit at the younger crowd, and

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Speaker 1: maybe they have a little bit more spending capacity. I

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Speaker 1: don't know. I mean, is there some differentiation across the demographics.

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Speaker 2: Again, we could talk about this for a long time.

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Speaker 2: There are a few contradictory factors here, because I think

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Speaker 2: it's well known the level of youth unemployment is in

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Speaker 2: China is actually quite high. However, I think, you know,

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Speaker 2: and as the father of a teenage son myself, I

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Speaker 2: think he would spend his last dime on games. You know,

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Speaker 2: games is probably the sole focus of his life at

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Speaker 2: the moment. You know, he is dating that he's a

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Speaker 2: bit ahead of his dating games. So once he discovers

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Speaker 2: the other members of the opposite sex, perhaps things will change.

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Speaker 2: But I think, yeah, gaming is a major pastime in China,

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Speaker 2: as with much of Asia, and yes it is mainly

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Speaker 2: a younger demographic, but there are the odd people sort

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Speaker 2: of closer to our age that indulge in it as well.

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Speaker 2: But the slowdown on the Chinese consumer side has been

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Speaker 2: known for some time, and I think how Tencent compares

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Speaker 2: or contrast with Ali Barbar is Ali Baba as far

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Speaker 2: more exposed to big tick, the purchase of big ticket items,

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Speaker 2: whereas a lot of Tencent's fintech business is more revolves

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Speaker 2: around day to day spend, spending on lunches, coffees, taxes,

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Speaker 2: that type of thing, and you might argue that's less

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Speaker 2: discretioning nature, it's more essential and therefore should hold up

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Speaker 2: a little bit better in relative terms in a consumer

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Speaker 2: in a slow and consumer environment. So again, it doesn't

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Speaker 2: make it immune from slow in consumer strength, but as

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Speaker 2: I said, I think it makes it slightly more resilient.

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Speaker 2: But from our point of view, the key thing is

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Speaker 2: the margin on that side was ahead.

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Speaker 1: So I'm glad you brought up Ali Baba because tomorrow

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Speaker 1: more in US before the Opening Bill, will get the

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Speaker 1: numbers the ADRs will trade, I guess before the shares

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Speaker 1: in Hong Kong. Is there anything that we should know

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Speaker 1: about what Baba has been up to and what we

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Speaker 1: may learn tomorrow?

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Speaker 2: Okay, very briefly, I mean strategically, they were going to

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Speaker 2: spin off their businesses a year ago that ended a

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Speaker 2: one hundred and eighty degree about turn on that they

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Speaker 2: have been putting huge effort into try and stabilize and

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Speaker 2: regrow their market share, having come under you know, intense

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Speaker 2: competition from low cost disruptors like Sheen and Timu. So absolutely,

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Speaker 2: I would imagine we should see evidence of them, as

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Speaker 2: I said, stabilizing or regaining some share, but at what

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Speaker 2: cost to the margin. So I think that's the big

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Speaker 2: risk point or danger point that people should focus on there.

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Speaker 2: You know, it's it's intensely competitive, and again given the

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Speaker 2: backdrop of slow and consumer growth, so there's a risk

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Speaker 2: that they could miss on margin front. And also from

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Speaker 2: their strategic point of view, they AI and cloud computing

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Speaker 2: as the core drivers of their future growth. As I

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Speaker 2: mentioned a moment ago, both those sectors are locked in

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Speaker 2: pretty vicious price wars at the moment, so again there's

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Speaker 2: a potential negative margin impact there.

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Speaker 1: It's very interesting because we were talking about kind of

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Speaker 1: the e commerce side of the business. I'm equally curious

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Speaker 1: about what's going on with digital media and entertainment at

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Speaker 1: Ali Baba. Since we were talking kind of about the

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Speaker 1: game market in China. Is the same trend going to

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Speaker 1: show up when you're talking about kind of the pullback

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Speaker 1: and spending, is it going to show up in digital

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Speaker 1: media and entertainment as well?

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Speaker 2: So I guess again sort of focus more on the

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Speaker 2: game front or even some of the streaming service. So

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Speaker 2: there's a company called it which is essentially the Netflix

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Speaker 2: of China. You may say, yes, but these en markets

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Speaker 2: have built out very rapidly in the last ten to

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Speaker 2: fifteen years, and there there are a sort of saturated

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Speaker 2: point at the moment. So the growth out look with

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Speaker 2: Annam isn't particularly you know, bullish, I would say, And

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Speaker 2: again they are subject to slow in consumer So we

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Speaker 2: are seeing heightened levels of competition in those sectors as

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Speaker 2: companies fight it out again to either retain their market

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Speaker 2: share or build market share, and I think, you know,

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Speaker 2: to the detriment of margin again, So that's a trend

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Speaker 2: we're seeing on that media and entertainment side as well.

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Speaker 2: So I guess the question is, you know, where are

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Speaker 2: real growth drivers in China at the moment. I think

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Speaker 2: AI will ultimately evolve into one, but you know, given

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Speaker 2: we're locked in a price or at the moment, no

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Speaker 2: one's going to make profit this year or next in it.

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Speaker 1: Yeah, I don't know if you saw this in the

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Speaker 1: US station, we learned that Michael Burry further increased his

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Speaker 1: stake in Ali Baba while at the same time interestingly

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Speaker 1: reducing his overall equity portfolio in half. That's quite a

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Speaker 1: dramatic cut. Did that happen during Q two very quickly? Here, Robert,

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Speaker 1: When we talked about ten Cent in the past and

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Speaker 1: Ali Baba, there was always this looming cloud of a

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Speaker 1: little bit more on the regulatory front. Is that dissipated

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Speaker 1: completely very quickly?

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Speaker 4: Okay.

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Speaker 2: Buzzword of the year has been new productive forces. The

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Speaker 2: Chinese government looks to the tech sector as a major

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Speaker 2: driver of future economic growth. Ali Baba and Tencent are

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Speaker 2: the two largest companies with bi edance and Huawei's.

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Speaker 1: Way as well.

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Speaker 2: They're stalwarts of the economy. There therefore need to be

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Speaker 2: on good relations with them. Therefore, the regulatory environment and

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Speaker 2: outlook is more stable and should remain that way.

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Speaker 1: Robert, it's always a pleasure. Thanks for making time to

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Speaker 1: chat with us here on debreak Asia. That is Robert Lee,

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Speaker 1: a Bloomberg Intelligence senior analyst, joining us from Hong Kong.

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Speaker 1: Looking at what we heard today from ten Cent and

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Speaker 1: what we may hear tomorrow from Ali Baba. Let's bring

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Speaker 1: in Kyu Jin, she's in Beijing. Good of you to

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Speaker 1: join us, aren't you normally based in London?

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Speaker 4: I am except for the summer holidays.

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Speaker 1: All right, are you having a good summer in China?

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Speaker 4: Very hot as you can imagine.

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Speaker 1: So what's your view on the economy? How well is

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Speaker 1: it doing? Just anecdotally.

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Speaker 5: Anecdotally and whether it's in the data or anecdotes or

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Speaker 5: micro level or macro level, it's all doing pretty pretty

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Speaker 5: poorly compared to China's economic potential.

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Speaker 1: So you're based in London, and I'm sure you're being

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Speaker 1: very good about keeping up with a lot of the

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Speaker 1: economic indicators. Is it worse than you imagine?

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Speaker 5: It is getting even worse than we had previous expected.

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Speaker 5: And of course I speak frequently to policymakers and to entrepreneurs,

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Speaker 5: and I spend a third of my time in China,

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Speaker 5: so you.

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Speaker 4: Feel that on the ground.

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Speaker 5: It's particularly frustrating, given that I still believe there are

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Speaker 5: lots of things that can be done to save the economy,

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Speaker 5: to put the economy on a very normal path, which

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Speaker 5: is going to be pretty good, given that there's so

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Speaker 5: much untapped potential. I mean, China's nowhere near done with

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Speaker 5: economic reforms or economic growth, moving it along to the

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Speaker 5: kind of more rich income status. I think the approximate

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Speaker 5: factors which we talk about is really real estate dragging.

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Speaker 4: Down investment, dragging down confidence.

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Speaker 5: But I think there's also been a deeper issue at

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Speaker 5: the heart of this, which is a shift away from

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Speaker 5: economics as front and center objective into other issues like

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Speaker 5: national security and social considerations.

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Speaker 1: One of the things that I was just thinking about

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Speaker 1: today this move on the part of the central bank

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Speaker 1: to do what may have been called in the version

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Speaker 1: that we got in the United States and in Europe,

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Speaker 1: quantitative easing. How well is that working, or maybe why

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Speaker 1: isn't it.

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Speaker 5: Well? If you look at the Chinese economy, it's not

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Speaker 5: so the overall economy. That's to say, it's not as

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Speaker 5: sensitive to interest rate cuts, and so there's room to cut,

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Speaker 5: and you know you can do that further. But monetary

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Speaker 5: policy has been less and less effective over the last

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Speaker 5: few years, and part of the reason comes bound back

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Speaker 5: to a fundamental institutional.

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Speaker 4: Constraint, which is the financial system.

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Speaker 5: If you look at the structure of financial system, many

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Speaker 5: institutions are state related, state bank dominant, and they prefer

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Speaker 5: to land to state enterprises. So when you actually get

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Speaker 5: to get the credit to where it's most needed, and

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Speaker 5: the interest rate cuts, the real economy. That's to say,

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Speaker 5: the private enterprise, small medium firms, their cost of capital

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Speaker 5: is extremely high, so it doesn't really work for them,

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Speaker 5: but they are the ones that need or are sensitive

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Speaker 5: to these interest rate costs.

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Speaker 1: Is there a real risk if there's going to be

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Speaker 1: a protracted problem with deflation and the type of situation

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Speaker 1: that it will be extremely difficult from which to emerge.

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Speaker 5: Well, Currently the deflation is primarily driven by food prices

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Speaker 5: to a certain extent, and we're not seeing the kind

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Speaker 5: of the repeated patterns of ultimate deflationary trends quite some yet. Yes,

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Speaker 5: if this prolongs, prolongs for a more period of time,

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Speaker 5: longer period of time, then there could be an overall

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Speaker 5: level of deflation, which the government is trying to counter.

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Speaker 5: If you look at more specifically the service sector that's

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Speaker 5: actually doing pretty okay, there's a greater demand in services.

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Speaker 5: If you look at the recent performance of the Chinese economy,

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Speaker 5: whatever has to do with outward oriented economic sectors like exports,

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Speaker 5: like manufacturing, like high tech, it's doing okay. Wherever it's

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Speaker 5: related to internal demand issues, it's much much weaker. I

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Speaker 5: wouldn't worry about deflation just yet. But again, a longer

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Speaker 5: and more sustained period of time that becomes a real problem.

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Speaker 1: Should we be concerned about a lost generation of young

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Speaker 1: people in China?

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Speaker 5: Possibly, but I would say that that's also global phenomenon

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Speaker 5: as well. The high unemployment rate currently is still a cyclical,

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Speaker 5: potentially a cyclical phenomenon. I think that if you look

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Speaker 5: at the number of jobs that are available, there are

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Speaker 5: still many, many jobs available in manufacturing, something like twenty

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Speaker 5: five million until twenty twenty five, hundreds of thousands of

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Speaker 5: talent gap in semiconductors. But there's really a skill education mismatch.

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Speaker 5: These young children our study a lot, their parents spend

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Speaker 5: a lot of money financing their education. They can't find

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Speaker 5: the jobs they want because structure of the economy is

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Speaker 5: not geared towards them. To open up the service sectors

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Speaker 5: promote vocational training education, and I think we can avoid that.

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Speaker 1: You were talking a moment ago about the government spending

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Speaker 1: heavily on kind of military hardware and the like. I

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Speaker 1: know you're an economist by training, but to what extent

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Speaker 1: is geopolitics now becoming a factor, not just in terms

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Speaker 1: of building up military hardware, but in the possibility that

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Speaker 1: we could be looking at or China could be looking

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Speaker 1: at some new tariffs from the US.

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Speaker 5: All of that, Joe political ships have really shaped the

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Speaker 5: direction of the Chinese economy, focusing on high tech. And

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Speaker 5: this is not just the military aspect of it, but

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Speaker 5: also the pursuit of technological independence because there's an existential

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Speaker 5: fear not only the Chinese government also Chinese enterprises that

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Speaker 5: they will be cut off from the critical components that

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Speaker 5: are needed, that they need, and so there's been a

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Speaker 5: focus on a high tech and innovation. Of course that

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Speaker 5: is not big enough despite its success in China to

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Speaker 5: offset the real estate downball and of course.

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Speaker 4: Terrafs that's going to be a looming theme.

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Speaker 5: But we're seeing lots of trade organization from dam to

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Speaker 5: Mexico and other potential places to counter some of.

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Speaker 4: That trade tension.

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Speaker 1: Great conversation, Thank you so much, Kayu Jin from Beijing

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Speaker 1: joining us here. We'll have to have you back for

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Speaker 1: some more conversation. And her book is The New China Playbook.

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Speaker 1: It's a worthwhile read. You can get that at your

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Speaker 1: local bookstore. Jamie Bathmurray is chief financial officer at Creative Planning,

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Speaker 1: joining us from Kansas City. So are you a Chiefs fan,

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Speaker 1: I would I would hope, I would imagine that the

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Speaker 1: answer is yes, right.

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Speaker 6: Oh, absolutely, born and raised, lived all over the world,

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Speaker 6: lived in Asia. But being a NC Chiefs fan hearing

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Speaker 6: the Taylor swift is juicing the revenue by thirty percent,

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Speaker 6: yet you have to love it.

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Speaker 1: Yeah, that's right. So when you look at the equity

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Speaker 1: trade right now, what's going to juice the returns for

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Speaker 1: the equity market?

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Speaker 3: Yeah, I mean what typically juices the returns?

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Speaker 6: I mean keeping calm and carrying on and taking advantage

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Speaker 6: of volatility brought on by others in their panic selling.

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Speaker 6: I mean specifically in the Asian markets. Obviously the dislocation

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Speaker 6: that occurred last Monday in the carry trade, the yin

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Speaker 6: carry trade, and really, you know what happened then is

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Speaker 6: what's kind of at the core of our overall investment philosophy,

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Speaker 6: that the traders, the short term traders, are punished, but

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Speaker 6: long term investors can actually benefit from it, using to

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Speaker 6: volatility to actually rebalance move money from more conservative assets

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Speaker 6: into aggressive assets, not making a specific market call, but

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Speaker 6: just that redeployment from a conservative bucket to an aggressive bucket.

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Speaker 6: When markets have these occasional dislocations like this that we

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Speaker 6: haven't seen in several years. It usually works out in

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Speaker 6: the short run, and it always works out in the

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Speaker 6: long run. And again we're happy to report that it

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Speaker 6: did work out in the short run here and we

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Speaker 6: had four of the best trading days of the year

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Speaker 6: right on the heels of the volatility. So the hot

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Speaker 6: dot is it's always keeping calm and carrying on when

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Speaker 6: others are dislocated because of fear greed.

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Speaker 1: We heard from a former BOJ member in the last week.

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Speaker 1: He was saying that the BOJ is probably not going

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Speaker 1: to be able to move until next March. So if

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Speaker 1: you accept that notion, give mere sense of how well

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Speaker 1: the Japanese economy is performing right now and whether or

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Speaker 1: not there's a risk that things deteriorate.

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Speaker 6: Yeah, I mean being you know, the very you know,

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Speaker 6: a localized issue became a very global macro issue. So

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Speaker 6: it's kind of forcing the bo j's hand as they

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Speaker 6: were finally kind of making an adjustment of this zero

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Speaker 6: bound or negative bound interest rate environment that they've been

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Speaker 6: they've been in for for decades. You know, it's kind

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Speaker 6: of going against the grain of global central banks. You know,

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Speaker 6: the need to you know, reduce interest rates, but now

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Speaker 6: that kind of been forced to be put on hold.

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Speaker 6: So yes, it's really really it can be a challenge.

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Speaker 6: It could still out the economy more after we finally

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Speaker 6: see momentum and in seeing kind growth and especially growth

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Speaker 6: in that the equity markets that we hadn't seen in

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Speaker 6: quite some time.

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Speaker 3: So so yeah, these.

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Speaker 6: Macro concerns are are kind of forcing their hand, pushing

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Speaker 6: them into a corner that would lead to further deterioration

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Speaker 6: in the overall market.

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Speaker 1: And the number of conversations that I've had on this

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Speaker 1: program with guests that know Japan very well point to

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Speaker 1: the problems in China and they make that connection as

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Speaker 1: long as China remains weak, Japan is going to be

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Speaker 1: hurt by that. Would you agree with that? Imagine you would.

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Speaker 3: To an extent.

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Speaker 6: Yes, But you know, again again speaking for our particular

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Speaker 6: client base, you know, we manage approximately three hundred and

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Speaker 6: fifty billion dollars in assets, and everything we do is

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Speaker 6: driven by the historical, empirical data and academic research, and

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Speaker 6: so we want that global presence. We're actually encouraging clients

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Speaker 6: to stay in the international markets, stay in the emerging markets.

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Speaker 6: You're not running from them, not not chasing the hot

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Speaker 6: dots of domestic technology. And yes, well while mainland China's

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Speaker 6: suffering some policies, you know, the policies that could be

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Speaker 6: you know, argued as non growth oriented, they're not the

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Speaker 6: alpha dog they were before. I mean you factoring kind

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Speaker 6: of you know, the em world is kind of becoming

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Speaker 6: more more ulti pooler. And yes, you know mainland Chine

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Speaker 6: dominated just a few years ago, but you know, India's

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Speaker 6: caught up, got on parody, Taiwan's caught up, gotten parody,

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Speaker 6: and so you know, a really healthy kind of diversification

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Speaker 6: play within that. And so hopefully even though mainland China's

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Speaker 6: set version in Japan being so close to the world's

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Speaker 6: second largest economy, I feel like the flows to other

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Speaker 6: markets kind of within that segment or at least comfort

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Speaker 6: with our investors, and we're encouraging them to maintain or

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Speaker 6: extend those positions. We'll hopefully be seeing as the positive

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Speaker 6: and not nearly a dependent at mainland China as it

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Speaker 6: has been on the path. And again, just the overall

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Speaker 6: dynamic of emerging market indexes in those other markets catching up.

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Speaker 6: I think his testament to hopefully be able to reduce

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Speaker 6: that overall dependence.

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Speaker 1: So away from EM, how are you feeling about the

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Speaker 1: US And if you could talk to me about the

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Speaker 1: proportion of EM relative to let's say, US domestic equities,

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Speaker 1: I mean, what's the balance for you right now?

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Speaker 6: Yeah, I mean we, as I mentioned, we let the historical,

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Speaker 6: empirical data and academic research try to drive all of

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Speaker 6: our decision making in the public markets. Really just trying

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Speaker 6: to avoid you know, that hot dot chasing.

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Speaker 3: You know, it's like.

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Speaker 6: That that that that friend that's always wearing the hottest

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Speaker 6: trends or you know, working at you know, you know,

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Speaker 6: the the hot store of the buckles, you know, and

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Speaker 6: you know that late nineties had frosted tips hair and

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Speaker 6: then constantly changing. Well, you're just chasing the trend of

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Speaker 6: the moment, and you're probably losing out on the accreted

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Speaker 6: value of prudence over long run. And so we're telling

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Speaker 6: our clients stick with it. Yes, it has been the

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Speaker 6: decade of large cap domestic US growth, but again, success

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Speaker 6: is measured in decades, not a ten year period, not

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Speaker 6: a five year period.

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Speaker 3: And I'm shorter than that, and you know, you only

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Speaker 3: have to step back to.

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Speaker 6: The decade before you kind of the first decade of

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Speaker 6: the New millennium where for an entire ten year period,

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Speaker 6: the S and P five hundred was down about ten percent,

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Speaker 6: you know, large cap growth. Domestic US large cap growth

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Speaker 6: was down a full thirty three percent. Yeah, well, emerging

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Speaker 6: markets was up almost two hundred percent. Small caps are

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Speaker 6: up one hundred percent. So you have to keep calm,

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Speaker 6: you know, not chase the hot dot, and make sure

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Speaker 6: you have a globally diversified portfolio based upon global market capitalization.

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Speaker 1: But to be fair, everyone has their own individual time horizons,

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Speaker 1: and we may not have ten years. I may need

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Speaker 1: to capture, you know, a return let's say in half

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Speaker 1: that period of time. Let's say I'm looking at five

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Speaker 1: years out before. You know, is a part of my

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Speaker 1: calculus in decision making when you consider the AI trade.

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Speaker 1: I mean, that's really been a big part of the

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Speaker 1: narrative here in the States for much of twenty twenty four.

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Speaker 1: Is this something that you still think and in terms

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Speaker 1: of the way that you analyze trends and look at

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Speaker 1: the fundamentals, all the research that you bring to the table,

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Speaker 1: do you still buy into AI?

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Speaker 3: Well, again, the trends, like those hot dots they come

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Speaker 3: and go. What's vogue today is out of fashion tomorrow.

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Speaker 6: You know. Well, when disco was hot and it was

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Speaker 6: you know, the eighties and it was ground you know,

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Speaker 6: listening to the pearl jam.

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Speaker 3: Moving on from there, and so the hot dot is

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Speaker 3: always changing.

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Speaker 6: So you just can't get you cannot get married to

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Speaker 6: whatever the hot dot of the moment is. Yes, you

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Speaker 6: participate in it, but you don't you're not beholden to

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Speaker 6: the individual names. You know, just right before we came on,

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Speaker 6: you guys were referencing Cisco's earnings. Well, Cisco is still

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Speaker 6: essentially seventy percent below it's it's it's market peak during

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Speaker 6: the last technology bubble we had, but the overall markets

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Speaker 6: are up hundreds of percents over that time. And so

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Speaker 6: you ride the waves of the momentum. Yes, you know,

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Speaker 6: you know, is will AI you know, materially move move

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Speaker 6: the economy the world forward maybe regardless, you know it,

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Speaker 6: just just as the Internet, you know again, eventually moved

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Speaker 6: the world forward. But there were these moments where it

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Speaker 6: was challenged at the time period and not getting focused

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Speaker 6: on the individual names will win out one hundred percent

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Speaker 6: of time over long run.

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Speaker 1: We'll leave it there, Jamie, always a pleasure. Thanks for

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Speaker 1: joining us. Jamie Batmar, who is a Chief investment officer

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Speaker 1: at Creative Planning, joining us from Kansas City. This has

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Speaker 1: been the Bloomberg Daybreak Asia podcast, bringing you the stories

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