why buy all time highs?

Ray Dalio stated he cannot stay out of any large economy, and on a valuation basis, the US is highly overvalued while Chinese stocks are beaten down

It makes no sense to me if someone fears China because they are centrally controlled, which country wants to sabotage their own economy?

My simple thesis is good companies can weather any storms, political, economic or otherwise...hence I am accumulating good, strong companies from China which are market leading...I see alot of fear from the US, but I genuinely smell more opportunities in China and Asia! Cash flow is still strong and the pandemic is better managed in these regions