In the Company of Mavericks · 2026-06-08 · 51 min
Jeremy speaks with Echo Yin , founder and portfolio manager at Varis Partners , fresh from factory visits across the US and Chinese robotics ecosystems. Echo brings an engineer's eye and investor's discipline to one of the most consequential technology races of our time. They cover why China's global export share has risen despite trade war headwinds, what deflation feels like on the ground in Shanghai, and why the "China is uninvestable" consensus was itself the opportunity. The conversation moves into physical AI and humanoid robotics - where the US still leads on the brain side, but China dominates the hardware and supply chain - and why Echo is backing component suppliers over OEMs at this stage of the cycle. The core holding, Sanhua, illustrates the thesis: a proven electromechanical manufacturer extending its moat into robotics actuators as a key Tesla supplier. Echo also reflects on the trillion-fold growth in AI compute since 2010, what deflation means for corporate decision-making, how China's consumer preferences are shifting, and why the countries that combine labour, talent, automation, and engineering will define the next era of economic development.
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