Why is Shanghai falling?
There has been some buzz over a post at Global Macro Monitor about the divergence between the Shanghai Composite and other global equity indices.
Both Abnormal Returns and Josh Brown have picked up on this and there seems to be some hang wringing over this apparent negative divergence.
The answer is simple – China’s current policy of growth at any price that results in profitless growth (see my previous post Crouching tiger, hidden profits).
Divergence explained.
Cam Hui is a portfolio manager at Qwest Investment Fund Management Ltd. (“Qwest”). This article is prepared by Mr. Hui as an outside business activity. As such, Qwest does not review or approve materials presented herein. The opinions and any recommendations expressed in this blog are those of the author and do not reflect the opinions or recommendations of Qwest.
None of the information or opinions expressed in this blog constitutes a solicitation for the purchase or sale of any security or other instrument. Nothing in this article constitutes investment advice and any recommendations that may be contained herein have not been based upon a consideration of the investment objectives, financial situation or particular needs of any specific recipient. Any purchase or sale activity in any securities or other instrument should be based upon your own analysis and conclusions. Past performance is not indicative of future results. Either Qwest or Mr. Hui may hold or control long or short positions in the securities or instruments mentioned.
2012-08-20 12:23:06
Source: http://humblestudentofthemarkets.blogspot.com/2012/08/why-is-shanghai-falling.html
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