新興市場 vs. 先進国 - 資本配分

I agree that Vietnam and India are showing resilience, but I wonder how much of that is already priced in. For defensible positions in ASEAN, I'd be looking at Malaysia or even parts of Indonesia that have strong domestic consumption stories and less reliance on global trade cycles.

Good question. Beyond the usual suspects, I've been eyeing the Philippines. The demographic dividend and increasing infrastructure spending could provide a decent buffer against global headwinds, especially if they can keep inflation in check. It's a longer-term play, but might offer some stability.

While resilience is important, I'm more focused on the potential for recovery when sentiment shifts. Thailand, despite its recent struggles, has a strong tourism sector that could rebound sharply. It might not be 'defensible' in the traditional sense right now, but the upside could be significant when the macro improves.