Wall Street Week Fan Favorite: Rattner’s trip to China, Nepal’s Gen-Z Uprising, Capitalism 4.0, Small Business Succession
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Dec 26, 2025 Steven Rattner, an investment adviser at Willett Advisors, shares insights on China's booming innovation amidst consumer struggles, cautioning that U.S. trade policies may not respond effectively. He suggests the focus should be on domestic improvements. The conversation shifts to Nepal, where Gen Z's viral social media posts ignited major protests against inequality. The discussion also explores the evolution of capitalism and the challenges posed by impending small business successions as baby boomers retire, highlighting both opportunities and risks.
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Two-Speed China: Consumption Vs. Cutting-Edge Industry
- Steven Rattner observed a two-speed Chinese economy with weak domestic consumption but world-class cutting-edge industries.
- He warned that China's innovation and export strength make it a formidable competitor in AI, biotech, and EVs.
China's Rapid R&D And Cost Advantage
- China now develops drugs faster and cheaper and licenses drug development into the U.S. market.
- Chinese LLMs and AI models are cheaper and may gain global adoption outside the U.S. despite barriers here.
EVs: Consumer Tradeoffs And Tariffs
- Chinese EVs are highly competitive in price and quality, rapidly gaining share in Europe.
- U.S. 100% tariffs effectively keep cheaper Chinese cars out, costing U.S. consumers potential savings.