Looking Beyond the China Macro Story

Published on
March 16th, 2017
65 minutes

Looking Beyond the China Macro Story

The Interview ·
Featuring Pierre Hoebrechts

Published on: March 16th, 2017 • Duration: 65 minutes

Pierre Hoebrechts has been running Asia dedicated funds from Hong Kong since 2011 and his local perspective on China, as a fund of fund manager with Arowana Asset Management, is exceptionally insightful. Highlighting the tremendous dispersion in the market, which can’t be viewed from a macro standpoint, Pierre sees a favorable risk adjusted return profile and is positioned aggressively, highlighting the Chinese government’s impressive track record restructuring its industries. Filmed on March 3, 2017 in Hong Kong.


  • CB
    C B.
    20 March 2017 @ 14:13
    His comment about China pulling its own people out of poverty strikes me as wrong. Chinese growth arose because of an export engine powered by developed (and capitalistic) market demand and outsourced production. So capitalism and global trade created these jobs, not some inherently brilliant Chinese economic policy. Certainly they were smart enough not to fight this trend. But that's an entirely different argument.
    • LL
      Lou L.
      16 September 2017 @ 10:30
      Why would the outsourced production go to China rather than Africa? They would have done something right to attract the capital and provide confidence for the investors.....
  • YG
    Yang G.
    12 April 2017 @ 13:36
    finally, someone who actually understands what's going on in China is interviewed here.
  • TJ
    Tay J.
    21 March 2017 @ 21:40
    It would be even more fascinating to hear Pierre discuss/debate Far Eastern attitudes with someone like George Friedman or Simon Ogus. It's hard not to suspect that Pierre might be making the mistake made 103 years ago: to assume that a growing and interdependant trading relationship precludes war.
  • TJ
    Tay J.
    21 March 2017 @ 21:37
    Interesting Indeed to get "the other" point of view. It would be even
  • RC
    Roger C.
    19 March 2017 @ 20:26
    A really valuable interview. Well done to all concerned.
  • DT
    Dave T.
    19 March 2017 @ 08:31
    After living in China for over 20 years I can tell you that Chinese fund management is an ersatz concept. Chinese fund managers pass assets to each other at increasingly inflated prices.
  • GP
    Gordon P.
    18 March 2017 @ 18:50
    Awesome interview and certainly a different perspective of China than the western press portrays --Great job Grant, you asked the right questions which helped bring out what Pierre 's views really are! Good on on and thanks to Real Vision for all these great interviews each week, money well spent.
  • DS
    David S.
    17 March 2017 @ 22:31
    Excellent interview. Do not take the negative votes to heart. It they had a good point they would make it in the comment section.
  • KD
    Ken D.
    17 March 2017 @ 22:18
    25 thumbs down for a really great interview? Strange. I think the problem is the first part of the interview concerned fund of fund selection. Not so interesting. The really goid stuff came later.
  • CW
    CC W.
    17 March 2017 @ 19:51
    Growth is always easier when the market is hot with money flooded in the marketplace. This guy paints China like its a no fault investment. It is true that different region of China performs differently; just like the US (NYC vs Rust Belt vs Silicon Valley) but that doesn't mean the macro issue that China faces should be ignored--debt and bad investments. Because most markets are emerging its easy to make money when your first in while the hot money flows. Again that does not mean its a good LT investment!
  • PS
    Parker S.
    17 March 2017 @ 05:21
    It's not hard to have high growth rates when your GDP per capita is less than $7K. I think he's giving the Chinese government a bit too much credit. Interesting perspective though. Definitely a huge contrast when compared to Kyle Bass.
  • GS
    Greg S.
    17 March 2017 @ 03:36
    Where else but RealVision can a poboy like me get this kind of perspective? This is not what I am hearing from any of the other usual suspects.
  • VT
    Vasileios T.
    16 March 2017 @ 17:52
    Great to get a different perspective on China. Otherwise RV will be an echo chamber.
  • JV
    JACK V.
    16 March 2017 @ 13:52
    Local Chinese fund managers outperforming? Perhaps because it is easier to cheat in the markets in which they are investing.