When the world surprises the hell out of you and leaves you at the mercy of cash flows, anything and everything goes. Apparently what doesn't kill you makes you stronger.

Amidst the high offshore funding costs and complex geopolitical environment, putting money in emerging markets is getting increasingly challenging. In China however, embracing policy is a necessity for firms.

No amount of number crunching and analysis allow for an accurate appraisal of any company's fair value today, primarily because the free market is no longer free. Markets today are to a good extent, influenced by statecraft, driven by the common interests of various governments.

It is often said that we can't let our jobs define us. But how we do our jobs, and behave with our colleagues and clients ultimately determines the kind of person we are.

There are no formulas for the correct cost of capital. There are only astute decision makers and those who are afraid to get caught on the wrong side of the outcome.

For what initial public offerings are worth, they essentially represent the final destination for all stupid money, the final equity takeout representing the finishing line for all early investors in the business.

Caught between having to confirm with China's cross-border travel policies and opening up to the rest of the world, the city walks a tightrope trying to bring business and investor confidence back.

Something about the digital twenty-something year-old generation wanting unlimited amounts of liquidity, unlimited size and unrestricted access to market data just sounds wrong.

Fraud aside, a big part of what led to the downfall of FTX was attributed to a crisis of confidence, much like a bank run in the crypto-currency world.

There is less reason to get into Hong Kong today. The reality that the city now has to bring out the big guns to advertise itself reveals how much its economic environment has deteriorated over the last few years.