In this OPTO Sessions clip, I sit down with Michael Gayed (Lead-Lag Report) to pressure-test one of the biggest macro questions investors are wrestling with: are US markets priced for perfection, and could China surprise everyone over the next few years? We start with the obvious—liquidity injections have been a major tailwind, and by classic measures like the Shiller P/E, US equities are trading at levels that historically only showed up before major drawdowns (1929, 1999, 2007). The market can act like valuations don’t matter… until they do. Michael makes a deliberately contrarian call: over the next four years, China’s stock market could outperform the US. The core argument is valuation dispersion—US vs. China “is not even close”—plus the idea that China’s weakness has been driven less by a lack of liquidity and more by a lack of animal spirits after brutal COVID lockdowns. If consumer behavior normalizes as those memories fade and stimulus starts transmitting into the real economy, the setup gets interesting. On positioning, we talk about why “safer” in China usually means tilting large-cap—companies big enough (think the mega platforms) that they’re less likely to be wiped out overnight by policy risk.