A mio giudizio, la spiegazione fondamentale della recente correzione del mercato cinese è che si tratta essenzialmente di una storia di eccessiva euforia e di una correzione naturale.
Abbiamo scoperto che le società che detengono una quota di mercato elevata nel settore del consumo o della vendita al dettaglio possono beneficiare dell’aumento dei consumi e del PIL pro capite. Questi investimenti sono particolarmente interessanti se si possono migliorare i margini di utile.
Negli ultimi dieci anni, le economie emergenti hanno generalmente espresso tendenze di crescita economica più forti rispetto ai mercati sviluppati, un andamento a mio avviso destinato a continuare. Tale crescita, in combinazione con l’aumento della popolazione e la tendenza all’urbanizzazione, richiede maggiori infrastrutture.
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