Never short a great company that sells at an expensive valuation. $TSLA is a great company with best-in-class technology, leverages key secular megatrends that generate true first movers’ advantage, has a significant manufacturing cost advantage, and is run by a visionary leader who is a magnet for engineering talent. But TSLA trades at an extended valuation (220x forward earnings vs +35% long-term earnings growth), which gives investors reason to not own it, but not a reason to short it. There are plenty of bad companies that have weak products or competitive positions, can’t leverage key secular megatrends, have non-compelling brands, a high cost manufacturing structure, or management teams that can’t execute that I can short instead.

🔴 LIVE NOW | ChinaAMC × Vanguard How are today’s biggest structural shifts changing the way investors think about the future? Tian Gan, CEO of ChinaAMC (HK), is joined by Joseph Davis, Global Chief Economist at Vanguard and author of Coming Into View, for a wide-ranging discussion on the economic and investment implications of AI and other powerful megatrends. From technological disruption and demographic change to mounting debt and shifts in globalisation, the conversation looks beyond near-term market moves to examine the forces that could define the investment landscape for years to come. Key topics include: → How AI could reshape productivity, employment and inflation → The changing global macro and policy environment → Implications for currencies and portfolio allocation → How investors can navigate a world of accelerating structural change 🔴 Tune in live! #Megatrends# #AI# #Investing# #AssetAllocation# #LongTermInvesting# #ChinaAMC# #Vanguard# Disclaimer: Investment involves risk, including possible loss of principal. Any forecasts, projections, or opinions contained herein are for reference only and are not guaranteed to occur. The information in this material reflects prevailing market conditions and our judgment as of the release date, which are subject to change without further notice.

Global capital markets are experiencing a divergence unlike anything we’ve seen debt, demographics and de-globalisation are rewriting the rules. How should long-term investors respond? Join @ChinaAMC_HK CEO Tian Gan and @Vanguard_Group Global Chief Economist Joseph Davis (author of “Coming Into View”) for an in-depth conversation on the forces shaping tomorrow’s markets. They’ll cover: → AI’s impact on jobs & inflation → Global macro trends & asset allocation → Currency markets & U.S. policy direction → What long-term investors should actually do about it 📅 Monday, 17 August 2026 | 7:30 AM EDT | 4:30 AM PDT #Megatrends# #AI# #Investing# #AssetAllocation# #LongTermInvesting# #ChinaAMC# #Vanguard# Disclaimer: Investment involves risk, including possible loss of principal. Any forecasts, projections, or opinions contained herein are for reference only and are not guaranteed to occur. The information in this material reflects prevailing market conditions and our judgment as of the release date, which are subject to change without further notice.

Owning a genuine megatrend name doesn't exempt you from a broad sell-off. If the index wobbles into the midterms, most of these go with it. They carry beta whatever the story says. A handful with their own supply dynamic might escape. Great story, still correlated

The two big mega trends that I'm investing in long term are tokenization of assets and stablecoin rails. Both are just getting started. Also the adoption of crypto in developing nations and Asia. It may require patience but you can't really lose betting on these things long term.

Tokenization is a decade-long megatrend that will bring more capital onchain than we could have ever imagined in 2020 when DeFi Summer kicked off. We're still early. Trillions...

Tokenization has captured the attention of the institutions shaping global finance: → BlackRock's Larry Fink: “The next generation for markets.” → JPMorgan's Jamie Dimon: “I do think it'll replace financial market infrastructure.” → BNY's Robin Vince: “Tokenization is a megatrend.” → Franklin Templeton's Jenny Johnson: tokenization will “fundamentally change” the financial system. → Goldman Sachs' David Solomon: “An enormous number of people at the firm are extremely focused on tokenization.” Together, these institutions manage trillions. Their conviction signals that the tokenization opportunity is simply too big to ignore.

$TSM $MU $SKHY $NVDA $SNDK $AMD $ARM TSMC CEO C.C. Wei Earnings Quotes “Our confidence in the AI megatrend that will continue for many years remains strong. Capital expenditure over the next three years will be much higher than in the past three years.” “Agent-type AI is expanding the role of CPUs in data centers and increasing silicon (semiconductor) demand.” “We are collaborating with CPU customers to support advanced technologies and production capacity so they can capture opportunities in the agent AI market. We serve customers across all CPU architectures — Arm, x86, and RISC-V.”