Weekly Macro Themes - Remain bullish Chinese stocks
@TopdownCharts：
This week I covered the following topics:1. Chinese Stocks: Remain bullish Chinese stocks given cheap valuations, improving technicals, excess pessimism, peaking policy uncertainty, and rotation prospects.2. China Macro: Keep a close eye on the Chinese property market given expensive valuations for Chinese government bonds (and gold), and cheap valuations for commodities (and potential ripple effects).3. Tech Check: Mindful of risks facing tech stocks as relative and absolute valuations reach new post-dot-com highs, crowding +market cap concentration reaches new records; leaving little margin for error.4. Defensive Value: Remain bullish on defensives given increasingly compelling and extreme relative value, record low market cap weight/allocations, and alternative hedge/diversifier usefuln