LONDON – Philipa Malmgren, the former special assistant for economic policy to President George Bush, has sounded a stark warning to hedge-fund managers to beware of three potential pitfalls during 2005. None of the three, she told attendees at Hedge Funds World’s Global Opportunities 2005 conference, would be visible via data screens.
The first, she says, is the possibility of a re-pricing in China, or an event "telling us the China story may not be worth what we thought it was. The Chinese
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