market folly

Today we wanted to highlight an intriguing presentation from Vitaliy Katsenelson at ContrarianEdge.com. Katsenelson is the Portfolio Manager at Investment Management Associates, Inc. and he outlines the possibility that China is the mother of all black swans. His presentation focuses on the notion of late stage growth obesity and other factors. There has been a sweep of pessimism surrounding China's prospects as of late and we recently covered hedge fund manager and short seller Jim Chanos' presentation on China overheating as well. Additionally, we've also detailed global macro hedge fund Woodbine Capital's focus on the dispersion between the industrialized and emerging worlds.

Here is Katsenelson's presentation 'China - The Mother Of All Black Swans' and you can download a .pdf copy in the embedded document viewer by clicking the 'download' button:




Certainly interesting thoughts and he is not alone in his view. Katsenelson also recently appeared on Yahoo! TechTicker with Aaron Task and Henry Blodget where he detailed his bullish stance on shares of Pfizer (PFE) and Vodafone (VOD). David Einhorn shares this stance and outlined the case for VOD in hedge fund Greenlight Capital's investor letter.