<p>Be more cautious when a bull market arrives, and stand on the opposite side when a bear market comes</p>

- On July 10, Chen Guangming and Howard Marks discussed the U.S.-China economic outlook at a CICC event, emphasizing that the U.S. remains a prime investment destination despite rising tariffs.  
- They noted that while tariffs may increase, the market will adapt, and investors should focus on long-term value rather than short-term market fluctuations.  
- Both experts advocate for a patient investment approach, highlighting the importance of identifying opportunities when market psychology misaligns with intrinsic value.

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In April, when the market fell, Howard Marks said: "Never short China," and the returns on U.S. stocks will be quite considerable in the coming decades