Good morning from relatively balmy DC. Thanks to all of you who gifted three months to a friend, and welcome to all you new readers.

Things are slowing down as we approach the Year of the Pig, so the newsletter is a bit thin today:

• The US-China trade talks start today in DC, I have heard nothing solid yet about what to expect;

• The new foreign investment law that will pass in March looks promising but don’t get too excited until we see how it is implemented;

• Apple and Alibaba both reported earnings Wednesday afternoon and as expected their reports showed some softness in China’s economy but nothing too terrible;

• The Meng Wanzhou extradition case is proceeding, her next appearance in court is set for March 6.

I will be on the CNBC show “The Exchange” at about 1:40 PM EST today to discuss the US-China trade talks.

One housekeeping note: If you want to read the newsletter in your web browser just click on the headline of the newsletter.

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