As excerpted from the latest Weekend Notes from One River CIO, Eric Peters.

"China's best play is to let the US stock market crash," said the CIO. "Trump is right, they can't win a trade war." So they won't try. "But Xi can consolidate if things get rough in terms of markets, but for Trump it is the opposite."  The US is far more exposed to a bear market.

"And just like US debt ceiling standoffs or just about any political standoff for that matter, the game is that things always have to get worse before they get better." And he sighed, deeply. "But I truly hate having to trade by playing game theory. It's just an awful way to live your life."