Post #144 by Blackswanny on the Non-US Stocks board

Investment Strategies / Non-US Stocks

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I often discuss ideas with Grok 3 Deep Search. I had an old chat on Tepper, Munger and Marks on China.

It summarised Marks as follows.

Key Points

Howard Marks acknowledges the risks of Variable Interest Entities (VIEs) in Chinese companies but views them as part of the broader opportunity in undervalued markets.

He sees VIE structures as a necessary trade-off for accessing China's growth, emphasizing long-term value over short-term regulatory concerns.

Oaktree's investments in Chinese ADRs like JD.com and PDD reflect cautious optimism, despite VIE-related legal and regulatory risks.

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