Looking Beyond the China Macro Story

Featuring Pierre Hoebrechts

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.

Published on
16 March, 2017
Topic
Emerging markets, Hedge fund, China
Duration
65 minutes
Asset class
Bonds/Rates/Credit, Equities, Commodities
Rating
58

Comments

  • YG

    Yang G.

    12 4 2017 13:36

    2       0

    finally, someone who actually understands what's going on in China is interviewed here.

  • TJ

    Tay J.

    21 3 2017 21:40

    1       0

    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 3 2017 21:37

    1       0

    Interesting Indeed to get "the other" point of view. It would be even

  • CB

    C B.

    20 3 2017 14:13

    6       0

    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.

  • RC

    Roger C.

    19 3 2017 20:26

    2       0

    A really valuable interview. Well done to all concerned.

  • DT

    Dave T.

    19 3 2017 08:31

    5       0

    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 3 2017 18:50

    7       0

    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 3 2017 22:31

    10       3

    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 3 2017 22:18

    15       2

    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 3 2017 19:51

    6       1

    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 3 2017 05:21

    9       0

    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 3 2017 03:36

    17       0

    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 3 2017 17:52

    18       0

    Great to get a different perspective on China. Otherwise RV will be an echo chamber.

  • JV

    JACK V.

    16 3 2017 13:52

    17       6

    Local Chinese fund managers outperforming? Perhaps because it is easier to cheat in the markets in which they are investing.