Scavengers and scratchers of value
When Euromoney asked Hong Kong’s brokers who is the most active fund manager in town, one resounding answer came back: “Joseph Yam, of course.”
His price-keeping operation, designed to hurt those who were speculating against the Hong Kong dollar, saw a massive accumulation of local stock in a 10-day blitz in August.
When the central banker entered the market, the Hang Seng index was almost down to 6,500. As his buying spree wound up at the end of the month it was over 7,800.
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