Is China really unique?

CONTRARIAN INVESTOR

Over the next couple of weeks I will be writing to you from China.

I am visiting this huge country, talking to fund managers about the very delicate art of stockpicking in the world’s greatest growth equity market. The country’s huge modernisation drive is awe inspiring and I suggest any decent asset allocator must take the time to visit what I have no doubt will be a top three capital market within just a few years. But awe and wonder should not deafen us to siren voices warning of future trouble nor blind us to the obvious risks and dangers. Most analysts and fund managers try and frame the resulting discussion around a simple opposition – boom or ...