China’s Real AI Advantage Isn’t the Algorithm—It’s the Electric Bill

China’s Real AI Advantage Isn’t the Algorithm—It’s the Electric Bill
Is China closing the gap in AI innovation? Discover the Chinese AI cost advantage and its impact on global AI competition.
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Investment Letter | April 2025

Investment Letter | April 2025
We have experienced a benign 2025 so far despite a correction in the stock market and higher volatility. Modest stock allocations and gains in insurance stocks (our single largest industry exposure), gold, and newer fixed income buys have buoyed account values.
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