Charles De Trenck

Thematic (Sector/Industry)

China Energy / Thematic (Sector/Industry)

<p>I've been on the road meeting clients, ex-clients and friends and will have more to report after the holidays. But wanted to flag some takeaways and trades for 2016 here. I think we can have three scenarios and go with the most likely as our base case. At the same time I think we continue to accumulate the pain trades slowly. Evidence of tax based selling is all around us and we may feel like krap continuing down this path. But the evidence from trading, to me, appears clear enough. Wishing a happy holidays to all. </p>

I've been on the road meeting clients, ex-clients and friends and will have more to report after the holidays. But wanted to flag some takeaways and trades for 2016 here. I think we can have three scenarios and go with the most likely as our base case. At the same time I think we continue to accumulate the pain trades slowly. Evidence of tax based selling is all around us and we may feel like krap continuing down this path. But the evidence from trading, to me, appears clear enough. Wishing a happy holidays to all. 

Inner Mongolia Baotou Steel Union (600010 CH)

China Northern Rare Earth Group High-Tech (600111 CH)

China Northern Rare Earth Group High-Tech

Jiangsu Kangde Xin Composite Mtrl Co (002450 CH)

2016: A Year of Reckoning, But Possibly Not as Painful For The Prepared