¿En qué invertir en el 2026? - Esta es la mejor opción

Introduction to the Class

Technical Issues and Class Overview

• The session begins with a brief mention of technical difficulties encountered while starting the class.

• The speaker expresses gratitude for viewers' patience and confirms that the class has officially started despite initial issues.

Market Context for 2026

• The focus of today's class is on navigating investment opportunities in 2026, a year marked by uncertainty but also potential.

• Key questions addressed include whether stocks are overpriced, predictions for negative market trends, geopolitical risks, inflation, interest rates, and the future of the dollar.

Investment Opportunities and Risks

Stock Valuation Concerns

• A primary concern discussed is whether stocks are currently too expensive due to extraordinary growth over recent years.

• Historical returns have been above average in 2023, 2024, and 2025; this trend may lead new investors to perceive current prices as high.

S&P 500 Analysis

• The S&P 500 index is nearing historical highs around 7000; however, this does not necessarily indicate overvaluation since corporate earnings are also at peak levels.

• The P/E ratio of the S&P 500 stands at approximately 30-31. While elevated compared to historical averages, it does not reach alarming bubble levels seen in past crises.

Market Predictions for 2026

Current Market Conditions

• Despite some sectors showing lower P/E ratios (e.g., telecommunications), finding undervalued stocks remains challenging overall.

• Overall assessment indicates that while not alarmingly priced, the stock market is not currently offering significant discounts.

Future Outlook

• Predictions from major financial institutions suggest a generally positive outlook for the S&P 500 by the end of 2026.

• Forecasted growth ranges from +3% to +17%, indicating optimism among analysts regarding market performance moving forward.

Market Insights and Geopolitical Risks

Current Market Overview

• The market closed at 6972 on Friday, with positive growth forecasts despite high stock prices. The average forecast is around 7500, indicating optimism from major financial institutions.

Analyst Consensus on S&P 500

• A consensus of 504 analysts shows that 411 recommend buying the S&P 500 ETF (BOO), while only 8 suggest selling. This reflects a strong belief in continued growth, with an average projected increase of 15.70%.

Geopolitical Risks and Global Fragmentation

• There are significant geopolitical risks as the world becomes increasingly fragmented and polarized, dividing into military alliances (U.S., China, Russia). This polarization affects both military and economic orders globally.

Economic Uncertainty Indicators

• Two indices measuring global political uncertainty and international trade have shown spikes since 2025, reflecting rising concerns about political scenarios and trade dynamics worldwide. These uncertainties affect investor confidence significantly.

Tariffs and Inflation Trends

• Tariff issues have stabilized after a tumultuous year; while tariffs remain elevated, there are fewer fluctuations reported recently. This stabilization has contributed to reduced inflation concerns in the U.S., which ended the year at a manageable rate of 3.2%. Predictions for inflation by 2026 are even more optimistic at around 2.8%.

Interest Rates Outlook

• Lower interest rates are generally favorable for stocks; forecasts indicate that interest rates will continue to decline across developed economies through mid-2026 before stabilizing. This trend is expected to positively impact economic conditions overall.

The Future of the Dollar: Is It Really Ending?

The Current State of Inflation and Interest Rates

• Good news regarding inflation control allows central banks to lower interest rates, which is crucial for economic stability.

The Debate on the Dollar's Dominance

• Claims about the end of the dollar's reign are largely exaggerated; data shows a decline in dollar dominance as a global reserve currency from 70% in 2000 to approximately 58%.

• Despite its decreasing dominance, no other currency has emerged strongly enough to replace it, including China's yuan.

Comparison with Other Currencies

• While the yuan is gaining importance as a reserve currency, it remains significantly weaker compared to stronger currencies like the Japanese yen and euro.

• The long-term trend indicates a more multipolar economic world but does not suggest an imminent disappearance of the dollar; its strength persists due to America's size and innovation.

Misconceptions About Economic Recession

• Predictions about the dollar's demise by 2026 are unfounded; it's essential to rely on factual information rather than speculation.

Recession Probabilities According to JP Morgan

• JP Morgan estimates only a 35% chance of recession this year, suggesting that expansion is more likely at 65%.

• Although concerns about recession exist, current data indicates that it is less probable than many believe; strong signals of recession are absent in the short term.

Global Economic Growth Forecast

• Various scenarios for potential recessions include a global downturn (15% probability), or just in the U.S. (20% probability), indicating resilience in some economies.

• Goldman Sachs forecasts global GDP growth around 2.5% for 2026, with U.S. growth slightly below average at around 2%.

Highlighting Emerging Economies

• China and India are projected to grow significantly by 2026—China at approximately 4.5% and India at around 6.5%, highlighting their rising economic influence.

• Overall projections indicate positive growth trends for both developed and developing countries, contradicting narratives focused solely on potential recessions.

The AI Bubble: Reality or Myth?

Understanding the AI Bubble Narrative

• The discussion begins with questioning the existence of an AI bubble, suggesting that while there may be one, it is not as commonly perceived.

• The narrative around the AI bubble stems from the immense valuation of top U.S. tech companies, which are now worth more than entire economies.

• The combined market value of the ten largest U.S. companies exceeds China's GDP, highlighting their significant economic power.

• Companies like Nvidia have valuations comparable to entire nations, emphasizing how large these tech firms have become in terms of market capitalization.

• Investment in AI is skyrocketing; major players (the "Big 4") are increasing their spending on AI infrastructure at unprecedented rates.

Investment Trends and Predictions

• Historical data shows that predicted spending on AI has consistently been surpassed by actual expenditures, indicating a strong growth trend.

• The U.S. leads global investment in AI and continues to accelerate its funding efforts, raising concerns about potential overvaluation or a bubble.

• A deeper analysis reveals different types of bubbles within the context of AI investments and technology markets.

Key Players in the Market

• Nvidia is identified as a crucial player benefiting from selling chips to major tech companies investing heavily in AI infrastructure.

• Despite concerns about Nvidia being overvalued, analyses suggest it remains undervalued based on projected growth metrics and historical performance ratios.

• Nvidia's stock price appears justified due to rapid growth in sales and profits, challenging perceptions of it being in a bubble state.

Risks Associated with Major Buyers

• The sustainability of Nvidia's success hinges on continued purchases from major clients like Microsoft, Google, Meta, and Amazon; any shift could impact its valuation significantly.

Analysis of AI Companies' Financial Health

Current State of Established AI Companies

• Unlike during the dot-com bubble, current AI companies are financially solid, having substantial cash reserves while investing heavily in infrastructure.

• Concerns arise if these companies were to experience declining profits despite high spending; however, sales and profits continue to grow for the four major firms discussed.

• Most of these companies are reducing debt and maintaining or increasing their return on invested capital, indicating strong financial health without imminent bankruptcy risks.

Emerging AI Startups: Risks and Concerns

• In contrast to established firms, newer companies like OpenAI and XAI (Elon Musk's venture) are not yet profitable and face significant financial challenges.

• For instance, OpenAI reported $4.3 billion in sales but incurred losses of approximately $13 billion due to high operational costs.

• Similar patterns emerge with other startups; XAI had $107 million in sales but a net loss of $1.46 billion, raising questions about sustainable business models.

IPO Trends and Market Speculation

• Many unprofitable startups plan to go public soon, reminiscent of the dot-com era where market valuations soared based solely on names rather than performance.

• The current trend sees many AI startups receiving inflated valuations despite lacking viable products or revenue streams; this could lead to significant investor losses when reality sets in.

Cautionary Notes on Upcoming IPOs

• Investors should be wary of upcoming IPOs from these unprofitable companies as they may be overvalued; excitement around launches can cloud judgment regarding actual company health.

• Two main reasons for going public include existing investors wanting to cash out or companies needing capital due to dwindling funds—both scenarios signal potential red flags for new investors.

Risk Assessment in the AI Sector

• The interconnectedness within the industry means that if emerging firms fail, it could trigger a domino effect impacting larger players like Microsoft and Amazon who provide essential services.

Understanding the AI Bubble and Investment Risks

Different Levels of Risk in AI Investments

• The speaker emphasizes that companies like Meta and Google do not sell cloud storage or infrastructure but focus on advertising, indicating a different risk profile compared to AI startups like OpenAI and Anthropic, which could fail without significant impact on larger firms.

• A graph is referenced showing how various companies in the AI sector are lending money to each other for acquisitions, highlighting interconnected financial dependencies within the industry.

• The speaker argues that while there is a perceived "AI bubble," risks vary significantly across the sector. Companies heavily invested in cloud capacity face higher risks than those with established profitability.

• Microsoft and Amazon are noted as having medium risk levels; even if OpenAI or Anthropic were to fail, these companies would likely remain stable due to their long-standing profitability.

• Investing in high-risk companies could lead to total loss (100% loss), but the likelihood of major players like Microsoft or Amazon failing is considered low.

Evaluating Major Tech Companies

• Google presents a mixed risk profile since it also sells cloud services alongside its independent business operations, complicating its categorization within the "AI bubble."

• Current forecasts for major tech firms (referred to as "magnificent 7") remain strong despite concerns over rapid stock price increases driven by earnings growth outpacing that of the S&P 500.

• The increase in stock prices is attributed not just to speculation but rather to substantial growth in profits compared to other S&P 500 companies, suggesting a rational basis for valuation increases.

Future Projections and Market Corrections

• While future profit growth may slow down slightly, it is still expected to exceed that of other industries as advancements in AI enhance efficiency across sectors.

• The possibility of an actual market correction exists; however, this does not guarantee a collapse. Historical trends indicate markets correct periodically without leading to long-term downturns.

Historical Market Performance Insights

• The speaker discusses historical market performance data from around 1970, illustrating that despite annual fluctuations—including significant drops—markets tend to recover positively over time.

• Statistical analysis shows that markets often experience declines during positive years; thus, anticipating corrections should be part of investment strategy considerations without inducing panic among investors.

• A graph illustrates reasons behind market declines while emphasizing resilience over the long term. Despite short-term volatility, markets generally trend upward historically.

Investment Strategies in a Volatile Market

Managing Concerns About Market Volatility

• Investors should not overly worry about market bubbles and potential downturns; focus on individual investment strategies amidst volatility and uncertainty.

• Emphasize the importance of maintaining income sources, prioritizing emergency funds, diversifying portfolios, and consistently rebalancing investments.

Identifying Investment Opportunities

• While specific investment recommendations are not provided, valuable information will be shared to aid informed decision-making regarding stock investments.

• Despite high valuations in U.S. stocks, a 10-year forecast suggests an average return of 6.5%, indicating lower future returns when stocks are expensive.

Growth Projections for Global Markets

• Asia (excluding Japan) is projected to grow at an annualized rate of 10.3% over the next decade, with emerging markets expected to achieve 10.9% growth, primarily driven by China and India.

• Short-term forecasts from Goldman Sachs predict an approximate 11% growth for the S&P 500 and a similar positive outlook for Asia (excluding Japan), estimated at around 12%.

Corporate Earnings Growth Insights

• Goldman Sachs anticipates that corporate earnings growth in the S&P 500 will outpace that of Europe and Japan but may fall short compared to Asia's projections.

• The report emphasizes that diversification across different geographies can enhance risk-adjusted returns by providing better opportunities as we approach 2026.

Importance of Diversification Across Sectors

• Diversification into various geographical markets is crucial for investors in 2026; it helps mitigate risks while potentially improving portfolio performance.

• Although technology has been dominant recently, other sectors are expected to recover; some sectors may offer strong earnings growth while being relatively undervalued compared to tech stocks.

Conclusion on Risk Management

• A balanced portfolio through geographic and sector diversification can significantly reduce risk while enhancing potential returns; however, no guarantees exist regarding superior performance in any specific region or sector.

China's Economic Landscape: Opportunities and Risks

Overview of China's Economy

• China has been a significant topic in economic discussions, particularly regarding its stock market through ETFs like MCHI. The economy faced poor performance from 2022 to 2023 but is showing signs of recovery starting in 2024.

Current Challenges Facing China

• Despite positive growth prospects, there are notable risks for investors. The economic issues since 2022 have largely stemmed from a real estate crisis reminiscent of the U.S. housing market collapse in 2008.

• The real estate sector, once crucial to China's economy, experienced a severe downturn that negatively impacted GDP growth. However, the negative effects are reportedly diminishing and may resolve by 2028.

Trade Dynamics with the United States

• A significant decline in U.S. imports from China has returned to levels not seen since 2000, primarily due to tariffs imposed by the U.S., which affects China's economy adversely.

• Despite reduced exports to the U.S., China is successfully expanding its market share in developing economies, maintaining positive export levels projected for 2024 and beyond.

Future Economic Projections

• While exports to developed nations are declining, emerging markets continue to show strong demand for Chinese goods. This shift helps mitigate some economic challenges faced by China.

• Growth projections indicate that while no recession is expected in China until at least 2030, growth rates will not be as high as previously experienced.

Investment Considerations

• Goldman Sachs suggests potential investment opportunities within China's stock market despite existing risks; notably, promising returns are anticipated over the next decade.

• As the second-largest economy globally—significantly larger than Germany—ignoring exposure to China could mean missing out on diversification benefits within investment portfolios.

Comparative Insights on India

• India also presents an attractive economic outlook with expected robust growth; however, it faces its own set of risks including international trade tensions and oil price volatility.

Exportaciones y Oportunidades en India

Perspectivas de Inversión en India

• Se discute la dualidad de opiniones sobre las oportunidades en India, con instituciones como JP Morgan y Goldman Sachs siendo optimistas, mientras que Black Rock muestra cautela por posibles saturaciones del mercado.

• Se menciona cómo el mercado accionario de India se comportó positivamente durante caídas significativas del S&P 500, destacando la importancia de la diversificación.

• A pesar de una recuperación fuerte del S&P 500, se observa que el mercado indio ha quedado rezagado; sin embargo, hay argumentos para cerrar esta brecha a largo plazo.

Comparativa entre Mercados

• Se introduce el ETF MCHI (equivalente al S&P 500 de China), que presenta un ratio P/E significativamente más bajo (14) comparado con el S&P 500 (30-31), sugiriendo valoraciones atractivas en acciones chinas.

• Las perspectivas económicas positivas para China son contrastadas con riesgos geopolíticos, lo que hace necesario un análisis cuidadoso antes de invertir.

Plan Estratégico para 2026

Enfoque en Gestión de Riesgos

• La presentación enfatiza la necesidad de gestionar riesgos debido a la creciente incertidumbre global; esto es crucial para el plan hacia 2026.

• La diversificación es clave: se sugiere no limitarse solo a inversiones en EE.UU., sino también explorar otras geografías y sectores.

Estrategias de Diversificación

• Un portafolio balanceado debe incluir acciones internacionales; esto no solo ayuda a gestionar riesgos sino también a mantener perspectivas de crecimiento.

• Aunque hay optimismo sobre los pronósticos económicos, se subraya la importancia de estar preparado y reducir riesgos mediante una adecuada diversificación.

Oportunidades Específicas para Diversificar

Alternativas para Inversiones Internacionales

• Para quienes tienen un portafolio concentrado en EE.UU., se recomienda considerar el ETF BXUS, que incluye acciones del resto del mundo excluyendo EE.UU.

• El MCHI es presentado como una opción viable para invertir en China, ofreciendo exposición a una economía emergente con potencial significativo.

Growth Perspectives in Asia Excluding Japan

Investment Opportunities in Asian ETFs

• The AXJ ETF tracks the Asia ex-Japan index, showing promising growth forecasts and an attractive price-to-earnings (P/E) ratio.

• The VPL ETF from Vanguard focuses on Asia excluding China, appealing to investors wary of Chinese market risks while maintaining a favorable P/E ratio.

• The VWO ETF by Vanguard is highlighted as a strong option for emerging markets, offering lower management costs compared to its iShares counterpart and an appealing P/E ratio.

Common Investment Mistakes

• A critical error investors make is selling U.S. assets to chase perceived better opportunities elsewhere; this speculative mindset reflects short-term thinking.

• Intelligent investing involves building a diversified portfolio that includes U.S. stocks alongside Asian equities, focusing on risk management rather than frequent trading.

Risk Management Strategies

• Emphasis is placed on managing risk within the portfolio rather than abandoning existing investments; diversification enhances resilience against market fluctuations.

• This year’s focus should be on creating a robust portfolio capable of withstanding challenging scenarios while still aiming for growth.

Individual Stock Selection and Diversification

Selecting Individual Stocks

• Investors can choose individual stocks while applying the same principles of diversification to reduce overall portfolio risk by seeking opportunities across various sectors and geographies.

Evaluating P/E Ratios in ETFs

• A question arises regarding ideal P/E ratios for diverse ETFs like BO; historical comparisons are suggested as a method for evaluation.

Understanding Historical Context of P/E Ratios

Analyzing Historical Data

• For evaluating the BO ETF, comparing its current P/E ratio against historical averages (around 20 for S&P 500 over 50 years) provides context for valuation assessments.

Impact of Outliers on Average Ratios

• High valuations from companies like Tesla skew average metrics; understanding these outliers helps clarify whether broader market valuations are justified or misleading.

Statistical Approaches to Valuation

Adjusting for Anomalies in Data

• Morningstar's methodology removes outlier data points when calculating average P/E ratios, suggesting that any company with a P/E above 60 is considered atypical and adjusted accordingly.

Insights on Market Trends and Technology

The Impact of Outliers on Financial Metrics

• Removing outliers or averaging data can reveal that the P/E ratio (P5262) is not as inflated as it seems, indicating that some companies are overvalued while others are not. This highlights the importance of understanding market averages.

Rapid Advancements in Technology

• Alexander Osorio raises a question about significant advancements this year, noting the presence of self-driving cars in Miami and robots for maintenance in Colombia, suggesting rapid growth in technology.

Technological Growth vs. Financial Impact

• Experts believe that while technology is advancing quickly, its impact on financial markets is still evolving. The internet boom from 1995 to 2000 serves as an example where optimism led to a market bubble despite ongoing technological growth.

Distinguishing Between Technology and Investor Returns

• There’s a need to differentiate between technological advancement and actual investor profitability; AI will continue to grow, but its financial benefits for investors remain uncertain. Warren Buffett's example of airlines illustrates that innovation does not always equate to investment success.

Historical Context: Airlines and Investment Losses

• Buffett notes that despite the positive societal impact of airlines, the industry has historically produced net losses for investors when considering total capital invested. This serves as a cautionary tale regarding expectations from new technologies like AI.

Evaluating Long-Term Investment Strategies

Short-Term vs Long-Term Forecasting

• Investors should consider both short-term (12 months) and long-term (10 years) forecasts; focusing more on long-term projections aligns with their investment strategies aimed at sustained growth rather than reacting to short-term fluctuations.

Addressing Market Fears

• Presenting short-term forecasts helps counteract alarmist narratives about potential recessions; experts predict positive growth even in the near term, which can alleviate investor anxiety about market downturns.

Preparing for Unforeseen Events

• While current information suggests no imminent recession, historical events like pandemics remind us that unexpected occurrences can disrupt markets; thus, maintaining awareness is crucial for investors.

Investment Diversification Strategies

Starting with ETFs

• For new investors with limited funds (e.g., $200 monthly), discipline in consistent investing is key; utilizing ETFs can provide a straightforward entry point into diversified investments without overwhelming complexity.

Importance of Portfolio Diversification

• While investing primarily in S&P 500 ETFs is valid, diversifying into international ETFs may enhance portfolio resilience given current market dynamics—this approach balances risk across different sectors and geographies.

Investment Portfolio Strategies

Simple Portfolio Structure

• A straightforward investment portfolio suggestion includes 60% in VOO (S&P 500) and 40% in VXUS, utilizing just these two ETFs for diversification.

• This simple structure provides good exposure to the U.S. market while also ensuring international diversification through a single ETF option.

Benefits of Using ETFs

• The discussed ETF has a distribution of approximately 63% in the U.S. and 40% across various other countries, allowing for easy global diversification.

• The appeal of ETFs lies in their ability to create well-diversified portfolios without complexity, often achievable with just one or two ETFs.

Common Mistakes in Portfolio Management

• It is suggested that having more than ten ETFs may indicate overcomplication; simplicity can lead to better management and understanding of investments.

Diversification Without Selling Winners

• Addressing a question about selling winning stocks for diversification, the speaker quotes Peter Lynch: "Do not cut flowers to water weeds," emphasizing the importance of holding onto successful investments.

• Historical examples illustrate that selling high-performing stocks like Amazon can lead to regret as they continue to appreciate significantly over time.

Gradual Diversification Strategy

• For those lacking funds for immediate diversification into emerging markets, it’s advised to invest monthly without feeling pressured to sell existing holdings.

• Future investments can be allocated towards diversifying internationally rather than liquidating current U.S. positions, which still show promising prospects based on analyst recommendations.

Current Market Perspectives

• A graph presented indicates that out of 504 analysts surveyed regarding the S&P 500, a majority recommend continuing purchases or holding positions due to favorable outlooks.

• The speaker plans to gradually increase international investments while maintaining existing strong positions within the U.S. market.

Discussion on Specific Stocks

• A question arises regarding Adobe's stock amidst negativity related to AI developments; further analysis is promised using investing tools like Investing Pro.

Investing Pro Membership and Market Analysis

Overview of Investing Pro Membership Discounts

• Investing Pro offers a unique 25% discount on memberships, which is not available elsewhere. This can be accessed through a specific link provided in the description.

Analysis of Adolf's Stock Value

• The analysis indicates that Adolf's stock is currently undervalued by approximately 39%, despite concerns regarding its financial health. Investors are encouraged to consider this potential opportunity.

Competitive Landscape and Investor Concerns

• There is significant competition from emerging AI tools that may threaten Adolf’s customer base, particularly among non-professional users who might prefer cheaper alternatives like Gemini 3 or Canva.

Positive Indicators for Adolf

• Despite competitive pressures, Adolf's sales and profits have been growing over recent years, suggesting resilience in its business model. The primary clientele consists of professional users (e.g., Hollywood), who are less likely to switch to simpler tools.

Company Actions and Financial Health

• The company has been actively repurchasing shares, indicating confidence in its valuation and strong returns on invested capital. This trend suggests that it remains an attractive investment option at present levels.

Market Insights on O.N. Stocks

Current Valuation Assessment

• A review of O.N.'s financial report shows it is fairly valued; neither overpriced nor underpriced, with acceptable financial health indicators noted recently.

Historical Context and Quality Considerations

• Previously considered undervalued, O.N.'s current performance raises questions about quality as both sales and profits are declining amidst a booming semiconductor sector—this could indicate underlying issues affecting growth potential.

Key Questions for Potential Investors

• For those interested in investing in O.N., critical inquiries should focus on understanding why the company struggles to grow when competitors thrive—issues such as market share loss or lack of innovation need exploration before making investment decisions.

European Market Outlook

Growth Projections for Europe

• Europe's projected growth rate over the next decade stands at 7.1%, which appears reasonable but historically lags behind other regions concerning earnings growth rates averaging around 5%. This context shapes expectations for European investments moving forward.

Economic Growth Perspectives in Europe and Investment Strategies

Overview of European Economic Growth

• The forecast for economic growth in Europe is significantly slower compared to the United States and China, with the Euro area expected to grow at only 1.1%.

• Investing in Europe as a whole is viewed unfavorably due to lackluster economic growth and corporate profit expectations compared to other regions.

• Specific companies like Novo Nordisk present investment opportunities despite overall European market concerns; it has performed well recently after being undervalued.

Investment Strategies in Europe

• A diversified approach is recommended rather than investing broadly in European indices, which may limit long-term portfolio growth potential.

• In Spain, there are tax benefits associated with index funds that allow for tax-free transfers between index funds, but this should be weighed against the limited options available compared to ETFs.

Small Caps vs. Large Caps

• Small-cap stocks currently appear cheaper than large-cap stocks; however, relying solely on historical cycles for investment decisions can be misleading.

• Understanding current market dynamics is crucial; large companies are driving profits and growth in the U.S., overshadowing small caps' performance.

Long-Term Investment Considerations

• While small caps offer diversification benefits and potentially lower risk during market downturns, their long-term growth prospects may not match those of larger firms benefiting from technological advancements.

• Major tech companies (e.g., Google, Amazon, Nvidia) are leading profit generation currently; small caps have yet to fully capitalize on these trends.

Portfolio Allocation Insights

• When considering a $30k investment split across various markets (U.S., China/Asia, emerging markets), individual risk profiles should guide allocation strategies rather than rigid one-third splits.

• A balanced approach might involve looking at broader ETF distributions instead of fixed allocations due to varying economic conditions across regions.

Portfolio Construction and Global ETF Insights

Understanding Portfolio Diversification

• The speaker discusses the predominance of U.S. exposure in most portfolios and ETFs, suggesting that this is understandable given current market conditions. They express a positive view on this trend, emphasizing the importance of personal portfolio preferences rather than strict percentage distributions.

• The speaker suggests using a global ETF as a foundational element for building a diversified portfolio. They recommend adjusting allocations based on individual interests in specific markets, such as increasing exposure to China or decreasing it for France.

Class Conclusion and Future Engagement

• After an hour and a half of class, the speaker wraps up by expressing enthusiasm about returning to live classes and video content. They mention having recorded new material that will be released soon, indicating ongoing engagement with students.