One of the vignettes in this article is:
....Still, some China bulls aren’t giving up just yet.
Bridgewater Associates told investors at a roadshow in China earlier this month it was “moderately bullish” on Chinese stocks as the prolonged rout made valuations attractive, according to people with knowledge of the matter....
Bringing to mind some prior posts:
"Why Ray Dalio is wrong about China"
Speaking of China, Bridgewater's Ray Dalio Has Some Thoughts
"Western Greed Fuels China's Domination"
It's good to name names. Unfortunately Dalio, Dimon, Fink and Cook sounds like the law firm from hell.....
From Bloomberg, January 23:
- Asia Genesis cites ‘big mistake’ on China as it shuts down
- China’s prolonged declines test resolve of even ardent bulls
For veteran hedge fund investor Chua Soon Hock, 2024 was supposed to herald a multi-year rise in Chinese stocks and the opportunity of a lifetime. Instead, his fund’s sudden demise sends a warning to fellow China bulls: stick to your guns at your peril.
Chua’s Asia Genesis Asset Management Pte told investors this week the $330 million fund would close after it was badly burned by wrong-way bets on Japan, and by falling Chinese markets that he largely blamed on inaction by policy makers, including President Xi Jinping.
“I am writing to you with a heavy heart and utmost regret,” Chua said in a letter to clients saying their cash would be returned after an almost 19% plunge this month. “My confidence as a trader is lost.”
Chua’s plight shows how even the most experienced fund managers have been ensnared by a China market meltdown exacerbated by Beijing’s limited policy support. Li Bei, a long-time China hedge fund bull, admitted to mistakes after suffering the worst losses of her career, while global investment firm T. Rowe Price Group Inc. has seen the value of its China holdings fall by 80% over years from its peak.
“All the evidence I’m seeing is that the economic data is a lot weaker than I thought, than anyone thought,” said Justin Thomson, head of international equity at Baltimore-based T. Rowe Price. “You have had your confidence tested harder and for longer than before.”
China’s benchmark CSI 300 Index hit a five-year low on Monday and the prolonged slump has pushed mutual fund closures to a five-year high, in another sign of waning investor confidence. Though the latest $278 billion rescue package lifted shares Tuesday and Wednesday, many remain skeptical it’s enough to end the rout....
....MUCH MORE
Now about this Fink fellow...
"BlackRock closes China fund after lawmakers’ probe"
No less a political/financial player than George Soros has called out BlackRock's moves in China:
More Xi - Fink lovefest after the jump....WSJ Op-Ed: "BlackRock’s China Blunder"Pouring billions into the country now is a bad investment and imperils U.S. national security.And at George Soros.com.
On April 13 BlackRock Offered Its "...International Institutional and Retail Clients Direct Access to China’s A Share Equity Market" (CNYA)
Please, For The Love Of God and All You Hold Dear, Give BlackRock Some Liquidity! (CNYA)
BigLaw On China’s New Foreign Investment Law
