China Syndrome

  • Edward Chancellor


Given the importance Marathon attaches to rational capital allocation and the need for supply-side discipline, it is not surprising that very few investments have been made in mainland Chinese equities over the years. Many of these firms are state-controlled. As a result, the efficiency of capital allocation and the interest of outside shareholders (particularly foreigners) tends to be subordinate to the state’s policy objectives.


Earning Manipulation Capital Return Chinese Bank Loan Growth Asset Management Company 


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© Marathan Asset Management LLP 2016

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  • Edward Chancellor

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