"It is so wrong that it might actually be right"
Closet-contrarian China consensus call
One of our biggest mentors in the industry, a 90's hedge fund titan, used to say when he was pitched a particularly weak & stupid idea that "it is so wrong that it might actually be right". We never figured out what he meant, but we assume it has something to do with that when all the smart-money thought they were contrarian it was better to have the stupid consensus position on. Without further ado, please see some charts on China.
The case for China
Aggregate policy stance has turned more supportive, but there's more room to go.