Chinese Provenance

and a footnote on copper

When it comes to wines, “Provenance” matters: a wine's authenticity, the bottle’s origin, proof of ownership, and storage conditions.

China isn’t particularly known for its wines, nor its “Provenance”.

Even when it comes to “Optionality” in the financial markets, Chinese Optionality just doesn’t have the same provenance as Western Optionality. We demonstrated in “Bad Dude” that Google added $110bn market cap on rumors of its collaboration with Apple on AI products, whereas Baidu added ZERO value on rumors of its collaboration with Apple, even though China is the largest market for iphones, accounting for roughly 1 in 4 iphones sold!

I guess it’s not Optionality unless it comes from the French region of Optionalité!

I had a similar thought when I saw a headline today that could be important or could be nothing: