Monday morning links
The MSCI Growth / Value ratio is back to a record high: Christopher Wood at Jefferies showed that the MSCI World Growth / Value is back at a record high due to recent Delta variant outbreaks. With the new case count peaking, it is probably a good time to shift towards value stocks (~cyclicals) yet again.
Chinese private company P/E compression: The Bank Credit Analyst’s EM strategist Arthur Budaghyan makes the case that Chinese platform companies might become quasi-SOEs and should therefore trade closer to SOE multiples.
Chinese tech resignations: The CFO of Chinese live-streaming company Huya resigned “due to personal reasons.” (h/t: The Bear Cave). Also, JD.com’s founder Richard Liu stepped down from daily business as well to focus on rural revitalization - whatever that means.