Recently, Michael Strobaek, chief investment officer of Swiss private bank Lombard Odier, made a striking decision shortly after joining the company: to liquidate all Chinese stocks and bonds and transfer funds to the US market. This move attracted widespread market attention and highlighted investors' different views on China's economic prospects.
Strobaek said in an interview that he believes the recent stimulus measures introduced by the Chinese government will only provide a short-term boost to sentiment and will not have a lasting impact on the economy and stock markets. He noted: "I sold out all Chinese assets. I don't think this will have a lasting sustainable impact on the stock market or the economy. This is a short-term sentiment boost. Frankly, when the government is involved in any substantial way When it comes to capital markets, I generally don’t think that’s a good sign.”
Strobaek believes investors should invest through Hong Kong stocks or stocks related to Chinese exports rather than directly entering the Chinese market. "I think there are greater opportunities to invest in the U.S. market now," he said.
Strobaek's view differs from many investors who are betting on a rebound from Chinese stimulus. For example, billionaire investor David Tepper and Eurizon SLJ Capital's Stephen Jen are both optimistic about China's economic prospects.
It is worth noting that Lombard Odier is a Swiss private bank with US$249 billion in assets under management. Its Chinese assets account for approximately 6% of its strategic asset allocation, which is now zero. Strobaek’s decision also reflects investors’ different views on the development prospects of the Chinese market, as well as concerns about Chinese government policies.
Although Strobaek is pessimistic about China's economic prospects, other investors are still optimistic about the Chinese market. The Chinese government has recently launched a series of stimulus measures, causing the national benchmark index to post its largest gain since 2008 last week.
As China's economy continues to develop and government policies continue to adjust, the future development trend of the Chinese market still needs to be observed. Investors also need to invest prudently and control risks based on their own circumstances.
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