Are US Investors Underweight China?

The paradox of Chinese stocks

Ray Dalio has been going around selling his long-winded story about China’s irresistible rise to anyone who would care to listen. As long-cycle theories go, his take is not entirely unpersuasive. His thesis is that the world is witnessing a hegemonic transition. China, he tells us, will be next unipole. US investors, he warns, are dramatically underweig…