1/ Markets measure EXPECTATIONS.
And expectations...of expectations (in short-term as voting machines or long-term as weighing machines of fundamentals)
Global expectations (of the next chapter of history) got darker...
3/ Here is tweet from 3 years ago, the leverage in China was widely known. Question was if + when gov would act.
4/ Today Q is if investors see what the cynic sees... inducement of foreign investment into high-tech high-growth China which is really directed by gov’s not so invisible hand(see Jack Ma)—& may be used to bail out old China.
5/ When in Hangzhou some mos ago at “Fund town” a complex modeled on Greenwich CT, dedicated to 1,000+ hedge funds (built in 3 years)—i asked how they run their Long/Short portfolios
“Short?—Oh NO, we cannot short.“
There’s no “hedge”—it is only marketing to retail to buy long
6/ BABA today $139–was $180 a few weeks ago before Jack Ma ‘voluntarily’ retired.
You can follow @wolfejosh.
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