James on Topdown Charts

That’s a good way to frame it. It’s a love it or hate it subject with the latter being more in favor over the last few years. Maybe the current multiples are too low but we won’t be going back to the pre-2015 multiples even if you don’t buy the Japanification story. The growth expectations have shifted down, leverage is much higher, overbuilt and digesting infrastructure and property and less favorable attitude towards private enterprise and other countries.