There's a good lesson for macro observers when looking at China. Remember a couple years ago when Evergrande collapsed and there was a lot of talk about a 2008 moment imminent for China? Then it kinda faded away for a couple years. 

In retrospect it was a correct view and a clear shot across the bow of what was to come for China but it just took a lot longer to play out than what most expected at the time. 

Macro inflections take time to cascade and develop which is why so often the macro greats their biggest issue is being right but too early to a trade. Evergrande as a signal of China collapse was correct, but just took a while. 

This is something we discussed on the @ForwardGuidance roundup this week that @qthomp brought up. A lot of the time these macro inflections become clear as day for astute observers but take longer for things to play out in the actual economy and how that change in the economy impacts markets due to the sequential nature in how things impact economies.