Since 2013, David Zhang has published seven medium-term macro views on SA: Long TLT (Dec 2013), Long BRK (Mar 2014), Long ASHR (Sep 2014), Short RMB (Jan 2016), Long USD (Jul 2018), Long RMB (Dec 2018), Short TLT (May 2021). The first five were overwhelmingly correct after a one-year period. The sixth view was mired in geopolitics as the RMB lost 1.1% in 2019, but its scenarios-based rationale stayed intact all the way to 2020, when the RMB returned 6.7%. His latest view is on the US 10-year yield going up over the one year period starting in May 2021.