Japanese’s whispers

I have put on a paper some thoughts while I was in roadshow in Asia, following meeting with investors and investment analysts. As a disclaimer, I am writing this in the middle of a jetlagged night, and I clearly do not pretend to know what I am talking about here.

1- In China, it seems that it is more reasonable to invest into less known secondary cities, than in the majors. Rational being that a lot of speculation is driven by some cities names, not by economics. Ring a bell in Germany as well. Except that Frankfurt is by no way a major city by Chinese standards