China bear loses his shorts betting against the yuan
Hedge fund manager Mark Hart says his US$240 million loss was the result of believing that China's leaders would find it in the country's best interest to let the yuan slide
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New York
MARK Hart spent seven years and US$240 million waiting on a crash in China's currency. He lost sleep. He lost clients. He damn near lost his sanity. And now he's lost his conviction: Mr Hart, who called for a more than 50 per cent yuan devaluation last year, has turned bullish on China and its currency.
His reversal hasn't come easily. From his base in Fort Worth, Texas, the hedge fund manager spent countless nights on the line to Hong Kong, parsing market news and exchange rates. At times, the stress left Mr Hart's employees demoralised and took a toll on his personal life.
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