Economics
Masters of the Finance Universe Are Worried About China
- Goldman Sachs echoes hedge-fund managers' currency concerns
- Hedge funds reduce holdings in U.S.-listed Chinese firms
Are Investors Too Gloomy When It Comes to China?
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David Tepper says a yuan devaluation may be coming in China. John Burbank warns that a hard landing there could spark a global recession.
Tepper, the billionaire owner of Appaloosa Management, said last week at the Robin Hood Investor’s Conference that the Chinese yuan is massively overvalued and needs to fall further. His comments follow similar forecasts from some of the biggest hedge fund managers, including Crispin Odey, founder of the $12 billion Odey Asset Management, who predicts China will devalue the yuan by at least 30 percent.