The Universal Owner — June 1: China’s Split Signal

China's two May factory surveys point in opposite directions as Wall Street closes its best month of 2026 at a record, oil sits 20% off its peak, and US yields fall while the Bank of Korea turns hawkish. The long take: why sovereign funds are racing into private markets while pensions pull back — and why that's a split in liquidity, not conviction. Full brief and sources: https://www.universalassetowners.com