Summary of Key Points from the Conference Call Industry and Company Focus - **Industry**: Asia Emerging Markets (EM) Equity Strategy - **Company**: Morgan Stanley Asia Core Insights and Arguments 1. **2026 Risk Outlook**: Investors are generally optimistic about the 2026 risk outlook, with a strong consensus on the US-relative valuation appeal within Asia's growth and AI sectors [1][2][3] 2. **Market Positioning**: A recommendation for tight market-risk positions versus benchmarks, with a slight preference for Japan over Emerging Markets (EM) in 2026 [2][3] 3. **Investment Themes**: Key themes driving investment spending include AI & Tech Diffusion, Multipolar World, Future of Energy, and Longevity, indicating a multi-year recovery in capital expenditure (capex) [3][4] 4. **China's AI Sector**: Investors are debating the scale of global AI capex, particularly in China, where monetization is still in early phases, and there are concerns about power bottlenecks [4][5] 5. **Stock Selection**: Emphasis on stock selection through various focus lists (GEM, APxJ, China, Japan, and thematic focus) to generate alpha amid macro uncertainty [2][3] Additional Important Insights 1. **Asian Value-Up Initiatives**: Discussions on reforms in Japan and Korea, including Japan's Corporate Governance code revision and Korea's Commercial Code changes, are expected to impact the 2026 AGM season [11][12] 2. **Catalysts for 2026**: Upcoming diplomatic and electoral events, including APEC and G20 summits, are seen as opportunities for active investing [13][21] 3. **Sector Recommendations**: An overweight position is advised on Japan, India, Brazil, UAE, and Singapore, while maintaining a cautious stance on Saudi Arabia, Indonesia, and Taiwan [10][13] 4. **Capex to Sales Comparison**: Asian AI players are expected to have lower capital intensity compared to US counterparts, which may influence investment strategies [16][18] Conclusion The conference call highlighted a constructive outlook for 2026, emphasizing strategic positioning in key markets and sectors, particularly in Asia. Investors are encouraged to focus on stock selection and remain aware of upcoming reforms and geopolitical events that could impact market dynamics.

Core Argument - The central argument is that aging should be treated as a disease, warranting the same level of research and resources as other deadly conditions [1][2][3] - The industry aims to shift public perception, as currently only 41% of Americans believe medical treatments to slow aging would be beneficial for society [3] - The industry emphasizes the need to convince investors and politicians about the value of longevity research, given that over half of Americans may not support it [5][6] Ethical Considerations & Counterarguments - The industry addresses concerns that aging research will only benefit the wealthy by arguing that aging affects everyone, and the solution is to expand access to healthcare, not limit it [8][9] - The industry refutes the argument that a growing older population will deplete Earth's resources, citing advancements in sustainable technology and the low consumption rates of long-lived societies [10][11][12] - The industry challenges the notion that longer lifespans will bankrupt social security systems, highlighting the potential for older individuals to remain productive and contribute trillions of dollars to the GDP [13][14] - The industry addresses the concern of competing healthcare priorities by reiterating that aging is a root cause of many diseases, making it a crucial area for investment [15][16] Societal Impact - The industry argues that social structures should adapt to changing needs, as they already have, rather than hindering progress in longevity research [18][19] - The industry dismisses the idea that progress will stagnate with longer lifespans, pointing to the current rapid pace of technological change despite increasing longevity [20][21] - The industry counters the existential argument that life's meaning is tied to its finite nature, asserting that value comes from contributions and engagement, which can be amplified by a longer life [21][22][23] - The industry challenges the notion that fighting death is unnatural, comparing it to other accepted medical interventions like antibiotics and organ transplants [23][24] Call to Action - The industry advocates for expanding healthspan and lifespan research to uncover the root causes of diseases and increase the number of years people can actively contribute to society [26] - The industry urges stakeholders to advocate for aging research and increase public support from 41% to 100%, emphasizing its potential to improve the world [27]

[applause] For 5,000 years, humans have been trying to solve one thing. Not cancer, not aging, not heartbreak, the hangover. The history of hangover cures reads like a comedy of errors.Ancient Egypt dried bird beaks. The Greeks laurel reefs soaked in olive oil. Mongolia tickled sheep eyeballs in tomato juice.Today we call that the bloody mary. [laughter] Alcohol isn't just a drink. It's woven into all cultures.It marks celebrations and connections. And it's part of everyday life. But the biggest myth of all ...

Sitting here today, we are all extraordinarily lucky to live in an era of transformative therapies that can treat and potentially cure diseases that have plagued us for decades. So now that all sounds great, but the question the question that should keep you up at night is this. What if our approach to science and the medicines that result from it is completely wrong.For about a decade, scientists have harnessed the use of a special type of master stem cells called induced pur potent stem cells or iPS-CEs f ...

[applause] How old are you. >> 63. >> 63.So that's your driver's license age, right. What's your real age. Like how old is your body.Do you know. >> 24. >> 24.That's a number. Is it a number that we can trust. Is it a number that you can trust.It's kind of hard to say. You guys heard from my friend Matt earlier, Matt Cberline. He was the aging professor um who's you know very serious about this field and also a skeptical person.So you heard that he ordered the same biological age test three times. He took t ...

Group 1 - U.S. equity funds experienced a net inflow of $4.36 billion for the week ending November 19, marking a significant increase from the previous week's inflow of approximately $965 million [1] - The third-quarter earnings for 473 S&P 500 companies rose by 16.3% year-over-year, significantly exceeding analyst expectations of a 4.9% increase, indicating a robust earnings season [2] - Large-cap funds saw a substantial increase in net purchases, attracting $6.93 billion compared to $2.38 billion the prior week, while small-cap funds attracted $404 million and mid-cap funds experienced a $2.04 billion outflow [3] Group 2 - Short-to-intermediate government and treasury funds attracted a net inflow of $1.45 billion, a decrease from the previous week's $3.01 billion [4] - General domestic taxable fixed-income funds maintained a steady inflow of $1.93 billion, consistent with the previous week's figures [4] - Money market funds faced significant outflows, with a net sales figure of $22.89 billion, continuing a trend of outflows for the second consecutive week [4]

Summary of the Asia Pacific Summit 2025 Conference Call Industry and Company Focus - **Industry**: Global Economics and Investment Strategies - **Company**: Morgan Stanley Key Points and Arguments Economic Outlook - Morgan Stanley's 2026 outlook anticipates moderate global growth and continued disinflation as the base case, with the US being a critical swing factor due to resilient consumption and AI-driven productivity [1][8] - Asia's real GDP growth is projected to accelerate from 4.3% in Q4 2025 to 4.7% in Q4 2026, driven by non-tech exports, improved capital expenditure, labor market conditions, and consumption [1][8] China’s Economic Policy - China's reflation is expected to be gradual, with modestly expansionary and supply-centric policies, including anticipated rate and RRR cuts [1][8] - Spending will focus on tech localization and infrastructure, with slow progress on rebalancing and social welfare support [1][8] Investment Recommendations - Strong performance is expected in risk assets, particularly US and Japanese equities, due to favorable policy and AI-driven fundamentals [1][8] - In Asia, a preference for Japan over emerging markets is recommended for 2026, with Chinese equities likely stabilizing after strong returns in 2025 [1][8] Corporate Themes and Trends - The conference will address four major global themes: Tech Diffusion, Multipolar World, Future of Energy, and Longevity [2] - Ongoing trends in Asia include China's Emerging Frontier, The New India, Singapore at 60, and Korea Renaissance [2] Keynote Speakers - Notable speakers include Chee Hong Tat (Minister for National Development, Singapore), Teo Chee Hean (Chairman, Temasek Holdings), and Sebastian Thrun (Founder of Google X and Waymo) [3] Market Positioning - Morgan Stanley recommends tight market-risk positions versus benchmarks, indicating a cautious approach to market volatility [1][8] - The firm highlights a preference for Japan within its coverage universe, suggesting a strategic focus on Japanese equities [1][12] Earnings Forecasts - The forecast for TOPIX EPS for fiscal years 2025, 2026, and 2027 is ¥185 (+9%), ¥198 (+7%), and ¥225 (+14%) respectively, indicating a positive outlook for Japanese equities [13] Asset Allocation - Morgan Stanley's asset allocation recommendations include a focus on equities, particularly in the US, Europe, Japan, and emerging markets, while maintaining a cautious stance on government bonds and credit [9] Other Important Content - The conference will feature various panel discussions and presentations from Morgan Stanley analysts across different regions, providing insights into global economic trends and investment strategies [3][14][15] - The agenda includes discussions on navigating post-tariff growth divergence, the role of AI in various sectors, and the implications of geopolitical dynamics on investment strategies [14][15][17][18]

Is it true you could have almost become James Bond. >> I almost did. And I said, "Have you heard my British accent?" Click.>> On the verge of his 100th birthday, Dick Van Djk has been spreading joy for longer than most of us can remember. >> Hello, sir. >> My god.Hello, old man. >> How you doing. >> So good to see you.>> We're a couple of survivors. >> Tell me about it. And now he's letting us in on some of his secrets for living to 100.What's the one question that people ask you the most as you're approach ...

Is it true you could have almost become James Bond. >> I almost did. And I said, "Have you heard my British accent?" Click.>> On the verge of his 100th birthday, Dick Van Djk has been spreading joy for longer than most of us can remember. >> Hello, sir. >> My go Hello, man.>> How you doing. >> So good to see you. >> We're a couple of survivors.>> Tell me about it. And now he's letting us in on some of his secrets for living to 100. What's the one question that people ask you the most as you're approaching, ...

Market Analysis & Economic Outlook - Market selloff last week spooked investors, questioning the bull market's continuation [2] - Easy money from rate cuts and AI optimism were key market drivers, now under scrutiny [3][4] - White House anticipates real purchasing power to substantially accelerate in the first half of 2026 [11] - The market volatility is less likely to be the start of a big recession or a big market crash across all asset classes [23] Investment Strategies & Opportunities - International stocks are expected to outperform US stocks [27] - Humanoids and longevity are seen as areas with asymmetric returns [31][33] - Bitcoin is considered a potentially best-performing asset due to tokenization and clarity act [32] Economic Data & Consumer Sentiment - Purchasing power dropped by approximately $3,000 under Joe Biden's presidency but has increased by about $1,200 under President Trump [10] - 54% of Americans with incomes between $30,000 and $80,000 now have a taxable brokerage account [18] - Nearly 40% of 25-year-olds now have an investment account, up from 6% in 2015 [19] AI & Automation Debate - A politician proposes regulations to prevent companies from using AI to eliminate jobs [34] - Concerns raised about limiting technological evolution and its potential to create more value for workers [36] - AI is automating tasks, leading to increased efficiency, productivity, and profits for companies [42]