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Interesting Times
Dean
LeBaron
December 5,
2008
As the Chinese say, we live in interesting times. Note the following
quote from Hong Kong yesterday by Lou JiWei who was my sponsor for Equity
Fund of China:
Government policy was also on the mind of Lou Jiwei, chairman and CEO
of China Investment Corp, China's sovereign wealth fund. After informing
the audience that it can hardly be China's role to save the world
economy, he turned to policy. What concerns him, he said, is the lack of
constancy in the policy responses to the financial crisis in developed
countries. "If it is changing every week, how can I be
confident?" he asks. It is this high degree of uncertainty that has
led him to avoid further investment in Western financial institutions.
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