New York (HedgeCo.Net) – Hedge fund manager and former chess-grandmaster Patrick Wolff is speculating on a stock market crash in China, according to Reuters.
“People are talking way too much about the Federal Reserve and not enough about China,” Wolff said. “We’ve been saying that the U.S. is the safest place to invest, while China is a crash waiting to happen.”
Wolff was previously a managing director at San Francisco hedge fund Clarium, which is a $3B global macro hedge fund. He left Clarium to launch Grandmaster Capital Management, a hedge fund that received seed capital from Peter Thiel, the founder of Clarium and a strong chess player himself.
“China’s centrally-planned economy inevitably means massive corruption and a massive misallocation of capital,” he said, “Interbank lending rates have shot up and many companies are facing a cash crunch.”
Alex Akesson
For HedgeCo.net
alex@hedgeco.net
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