Marko Dimitrijevic, founder and CIO of Miami-based emerging
markets hedge fund firm Everest Capital, sold off most of his
fund's short positions in Chinese equities earlier this fall,
not to get out of China but to increase the fund's holdings
through long positions. He and Matthieu Vermersch, who heads
Everest's Asia operations from their offices in Singapore, have
been bracing for a slight improvement in China's economy,
though they believe it doesn't really matter if China's GDP
grows 7 percent or 9 percent this year.
"The world is focused on big macro numbers for China, but
that's not so important for the value of listed companies,"
Not everyone shares this view. Indeed, hedge fund managers
like Hugh Hendry, CIO of London-based Eclectica Asset
Management, have been loudly and frequently explaining for some
time why they are short China. At a conference...