This week, Rusty Vanneman and Nick Codola talk with Brendan Ahern, CIO at KraneShares. Brendan joined KraneShares in 2013. Brendan leads the firm’s research and education efforts and actively works with investors on a variety of subjects ranging from asset allocation to trading to articulating the growing influence that index providers hold in the asset management industry. Prior experience includes over ten years with Barclays Global Investors (subsequently BlackRock’s iShares), which he joined in 2001 during the rollout of their ETF business. His career has spanned a period of tremendous growth for ETFs, which has contributed to his profound knowledge of the ETF landscape. Brendan is considered a preeminent expert in global financial markets with a particular focus on China. He is a frequent visitor to China and actively maintains daily contact with a deep local research network comprised of investment banks, brokers and regional and boutique research firms. He produces a daily update called China Last Night (www.chinalastnight.com), which also appears as a column on Forbes.com. He is often sought after by leading business and financial outlets and regularly appears on CNBC and Bloomberg to discuss China’s capital markets. He is a frequent guest of Bloomberg Radio’s Daybreak Asia, and he is quoted in The Wall Street Journal and Investor’s Business Daily. Brendan graduated from the College of the Holy Cross and has a Master of Science in Financial Analysis from the University of San Francisco.
This week on Weighing the Risks we will revisit the topic of China, arguably the most unloved market in the global economy. Are the risks properly appreciated, or are the risks even deeper than most investors believe? What might these risks mean, not only for the Chinese economy and markets, but also for the world? Learn more at orion.com.
Key Takeaways
Quotes
[09:40] ~ “China does need the West, they need foreign investors [and] foreign corporations. They’re not like a Russia, they can’t afford to be ostracized.”
[17:42] - "We outsource our pollution to these people in Asia. Raise your hand if you want a rare earth processing plant down the road, or a coal smelter…not in my backyard is unfortunately a pretty powerful incentive. What our consumption does to China and a lot of these countries is terrible." ~ Brendan Ahern
[36:42] - "My worry is more [about] this “China McCarthyism in DC. It’s very detached from [the] economic reality of how intertwined our economies are. That’s my bigger risk, is a political [one]...and you know, it takes two to tango, so it could be from the China side, not just the US political side, that some of this just gets a little out of hand. [Though] I’d argue there’s clearly an effort at a high level to stabilize things, which is necessary. " ~ Brendan Ahern
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