Taiwan

“Taiwan was a particularly nice data set because they could really identify the characters behind all these different trades, and they found that institutions delivered excess returns, individuals lost money,”

“For example, we have a company in Taiwan that has an eight million ton footprint. It's a big footprint. Okay. And we've pushed them to invest in renewable energy to get their energy consumption correct. And they now with offtake agreements have underwritten th…”

“We have seen peak globalization. The export driven economic model that was used by very successfully by Japan, then Korea, Taiwan, and now China, that is not going to be as easy to replicate going forward.”

“Taiwan, two thirds of the index is tech.”

“China's trying its best to get to those sophisticated levels below five nanometer chip level, which it can't. And I think it's going to take a long time for them to do that. Much longer than people think. There's no Moore's law in getting to that level. And so…”

“When the United States of America starts building fabs in the US, it actually reduces the strategic value of Taiwan.”

“The Chinese Communist Party can be a legitimate domestic political force without reunifying with Taiwan. We know that because they haven't, and they're legitimate. They continue to rule China. Whereas we don't know what would happen to the Chinese Communist Pa…”

“As I said, I think China is going to be very cautious. I think for China, this is not the moment To create a huge downside risk to its economy.”

“Given the response of the Western allies and NATO to Ukraine and to Russia, perhaps that has maybe changed the calculus a bit as it relates to what's going on in Taiwan.”

“And I would say that the sanctions that Russia has been hit by, the struggle that their army has had, if anything, it really highlights to Xi Jinping that the risks are really pretty big. It'd be a hell of a dice to roll to go ahead with this. So in that respe…”

“Or do we go back to management by committee, in which case you massively crank down the level of political risk, and you make things like an invasion of Taiwan very unlikely?”

“What we're trying to do is have a portfolio of return streams that play out at different periods of time, different parts of their life cycle with different factors involved. So that we're not reliant on whether interest rates go up or down or the economy stre…”

“That particular risk is one of the hugely cascading impact that would be felt across the portfolio because so much of the public and private markets are linked to the AI build out. There's no part of the portfolio that wouldn't be severely impacted by that.”