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Tag: geopolitics

Season 2, Episode 25: Pulling Back the Curtain on Emerging Markets Distressed Debt

Published August 26, 2020

With Genna Lozovsky, Sandglass Capital Management

Genna Lozovsky of Sandglass Capital Management joins the podcast to discuss investing in emerging markets distressed debt and credit.

Sandglass Capital invests in sovereign and corporate credit across global EM, typically seeking to be a liquidity provider “at prices that we think significantly underestimate the recovery potential of those assets.”

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Season 2, Episode 24: Math and Algorithms Are Overrated When it Comes to Investing

Published August 7, 2020

With Eric Chung, CIO, Lighthaven Capital Management

Eric Chung, chief investment officer of Lighthaven Capital Management, joins the podcast to discuss his view that math, financial models, and algorithms are insufficient when it comes to investing.

“The widespread use of math in the investment management industry, while it can be helpful … I think there’s been some pretty significant overreliance on these things,” says Chung.

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Season 2, Episode 16: Chinese Economic Reforms Are Already a Thing of the Past, With Dexter Roberts

Published May 20, 2020

The author of “The Myth of Chinese Capitalism” discusses the ramifications of his thesis

Dexter Roberts joins the podcast to discuss his book “The Myth of Chinese Capitalism.”

In Roberts’ view, economic reforms have already been curtailed under current political leadership. China’s middle class, which has grown almost exponentially in recent decades, remains limited mostly to large coastal cities. The rural countryside, which still represents half the country’s population, remains well below the middle class — and is stuck there, in part due to outdated demographic policies.

The options for Chinese policymakers are limited. They have so far not managed to spread the wealth effects of their “pivot” to a services-based economy, and may have even exacerbated the problem. This all has wide-ranging consequences: for China, for western companies, and for the world.

Content Segments:

  • The first myth: capitalism as short hand for economic reforms (5:39)
  • The second key myth: the middle class will inexorably continue to grow larger (6:35)
  • The global supply-chain diversification, started several years ago and exacerbated by COVID-19, is effectively ending China’s “factory to the world” model (9:21)
  • Authorities’ options are very limited (10:45)
  • Where does this leave Chinese consumers? The days of western companies expanding sales through the growth of China’s middle class are gone (13:10)
  • Background on the gust (20:15)
  • What might the future of China hold? (25:09) The possibility of social unrest (27:14)
  • Brief discussion of Hong Kong: “Don’t think that the protests are over.” (30:22)

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