Christy Tan 1.5 3 ideas

Real estate services stocks (CBRE, JLL, Cushman) posted double-digit declines due to fears that AI will automate leasing and brokerage tasks. Tan argues this is a "valuation rerating" driven by sentiment, not immediate earnings collapse. Real estate remains "high touch" and complex. However, the momentum is currently negative as the market reprices the "human premium." WATCH. Wait for the panic selling to stabilize; fundamentals (earnings power) may disconnect from the narrative. AI actually does successfully automate commercial brokerage, permanently compressing margins.

Chinese equities are trading at ~12x forward PE versus the S&P 500 at 26x. Retail investors are returning (margin financing at record highs). The valuation gap provides a margin of safety. Tan argues you don't need the whole economy to boom, just a cyclical bottom. Harris notes the government's push for Renminbi internationalization supports the asset class. LONG. A value play within a global portfolio. Geopolitical tensions; continued property sector drag; lack of software earnings growth compared to hardware.