Monday Macro - No good options for China, AI research goes exponential and European consumers a tiny bit less depressed

Plus value stocks shine and US corporate earnings arealready be falling sharply were it not the for energy sector

Covid reaching peak levels

Ever since the very beginning of this year, I have been continuously banging the drum that China is in a mess with its zero covid policy. The coverage of recent protests only serves to underline the fact that zero covid is a failed policy. But I think there are some broader implications.

The first is that the aura surrounding Pr…