China is a ‘crash waiting to happen’
Laurence Fletcher, Reuters | 13/06/20 |

Former chess grandmaster-turned hedge fund manager Patrick Wolff is betting on a stock market crash in China, where he says corruption and bad debts have spiraled to dangerous levels.

Speaking on the sidelines of the GAIM conference in Monaco this week, Wolff said investors were too focused on trying to work out when easy money policies will taper off in the United States and ignoring a looming correction in China.

“People are talking way too much about the Federal Reserve and not enough about China,” he said. “We’ve been saying that the U.S. is the safest place to invest, while China is a crash waiting to happen.”

He is short on Chinese stocks and generally long on U.S. equities.

Financial markets have sold off heavily in recent weeks on fears that U.S. quantitative easing – money printing to fund asset purchases – will end off sooner rather than later.

Full article here.

Chess Daily News from Susan Polgar
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