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Sentiment Rally
The Compound and Friends
What's Going to Happen in China?
Hedge funds have moved swiftly to we build China exposure. Chinese equities as a percent of Goldman Sachs prime book crashed from a high of 15% in July 2020 to 7% in the fall of 2022. The 20% is probably the lowest it's been. Oftentimes it's people dumping them because they're falling, right? That's what I'm inclined to say.
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