Buying at the Point of Maximum Pessimism: Six Value Investing Trends from China to Oil to Agriculture

Chapter 6. China: Ready for Prime Time

In 1975, the U.S. television network NBC created a program of skits aired on Saturday nights that came to be known as Saturday Night Live. The program featured a cast of talented comedians known as the “not ready for prime time players.” These comedians were initially relegated to a bleak, late Saturday night timeslot that was all but ignored, but they beat the odds and went on to become legends in their craft. Over time, these original cast members and later cast members benefited from their growth in the entertainment industry through movies and their own television shows, rather than remaining confined to their live skits on Saturday nights. In many respects, if we trace the rapid ascent of the Chinese ...