cc may contain inaccuracies is this a good entry point i think currently market is trying to look for directions where in this consolidation stage which my last of for a few months because currently in terms of trying the macro data we are pretty much in the vacuum stage you know only in large well get the genuine fabric combine data but even that will probably deliver conflicting signals because january february last year was a still relatively high base then march to may basic fact will be easier because of the shanghai lock down but investor might again dismiss that so from bottom up perspective i think you know the people are still considering whether chinas recovery is full or bear case well case means that reopening itself will deliver a self fulfilling recovery ultimately the property market the animal spirits 40 coming back and that would meet with it being the equity market now would be a perfect entry point given valuation at 11 times is not expensive many global long rallies are not position yet but on the other side if is the bear case that would have a very shallow short life to reopen the rebound in consumptions which doesnt translate into broader confidence comeback property markets still in trouble then top line index level might continue to be volatile and investor would need to do the hard work in terms of bottom up finding sectors finding stocks hows the earnings season been so far for you so far the earning asia earning guidance 3 to 1 missed 2 feet so full year earnings are still bad but i think the key focus would not be the fourth quarter earnings which is already behind theyll probably be more important from the company management guidance the outlook on the first quarter or first half reads out theyll probably be more what you quoted and well look at the 2023 msa china earnings forecasts so far weve seen modest upward revision which is a positive thing any specific sector so far i mean were very early into msci china at the very least any specific sector that youre following closely more closely than others in terms of guidance for the sector wise kind of people i mean theyre looking at consumer related sectors at a right internet to some extent play into that but i would say internet is probably more become of what they top flow driven sector more top down driven by geopolitics global positioning as traded as the china market proxy rather than too much of a bottom up whereas consumer related you know it is this consumer consumption recovery sustainable always seeing positive signs of destocking are we seeing better you know confidence in terms of expansion investment a long demand that will probably be more important on the other side you know if consumption is not strong enough people are still looking at the policy guidance or potential stimulus on infrastructure related investment so heavy machinery demand materials those are also something investors are following what do you think in terms of you know your wax and wane still says bullish this month im just wondering in terms of leverage margin trading still quite low why do you think that is thats actually a big hope of investors that you know issue well are the asia retail investors getting more active in the asia market right like you said margin financing levels retail account opening those are still at very depressed levels weve seen some pickup from the bottom but far from enough so hopefully you know as previous few months people were busy was getting sick you know getting back to real normal life but hopefully if chinas economy continue to show signs of improvement government policies continue to show signs of progrowth policies that retail activity will pick up i think that will drive better confidence in the offshore market as well one other metric on the wax and wane our mutual fund positioning and theres a number eight in eighty six point one if im not mistaken its at a high or a low number well compared to historical level its still below average levels okay yeah so in terms of the phone positioning the good thing is that in the past two years built upon positioning didnt collapse as much because they are more focused on domestic market and like the offshore market you see the big swings from inflow outflow yeah okay its interesting you had to know about what middle eastern investors think about china you just go to the middle east im guessing i was there last week if only the delegation with the chief executive they followed what was what was your overall takeaway from this trip and how do i think about china certainly a sense of strategic alignment because you know tremonti was there you know chief executive was there and the middle east and now its rapidly opening up and looking into rest of the world and they feel china is a big market they want to be investing but let me show you this investor its not about rushing in for the next three months reopening rally theyre looking at a much more longer term horizon but i think the interest is definitely there and theres a sense of this strategic alignment