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...
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...
2/ CHINA markets entered trade war, saw gov crackdown on leverage, had funds liquidiated and lost 25% of value—$2 Trillion... becoming world’s worst performing stock market... 
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
“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.
