Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Asian Hedge Fund manager based in HK/SG with over 20 years of experience managing Asian Long/Short Equity funds. Macroeconomic top-down analysis generates thematic investments that are further researched from the bottom-up. Research is supplemented with advanced technical analysis. 
Previous experience includes M&A with Morgan Stanley and CPA with Deloitte in NYC. Wharton MBA.

KOPSI's ROLLERCOASTER: Is Korea Uninvestable?

[Memory Q2: Part 1] Stripping the Noise from SK Hynix and Samsung’s Q2 Prints

[Memory Q2: Part 2] The Contract-Backed Cycle and the Cash Mountain

SK Hynix: The Leveraged ETF Tail Is About to Wag the Dog

LEVERAGED ETFs: "Pigs Get Fed, Hogs Get Slaughtered"

Samsung Beat Estimates: HEAD FOR THE EXIT!!!

Cross Asset Strategy

<ul>
<li>Korea experienced a leveraged "melt-up" in its market in 2002.  Then, margin debt ballooned to historic levels.  This time, leverage is further amplified by single-stock ETFs.</li>
<li>Technical analysis points to further pressure on the market as this massive leverage is unwound.  Korean retail investors stand to have substantial losses from the leveraged ETFs launched in May.</li>
<li>The Financial Services Commission has just rolled out a number of measures, including an immediate ban on new single-stock ETFs and increases in margin requirements, starting in August.  </li>
</ul>


Korea experienced a leveraged "melt-up" in its market in 2002.  Then, margin debt ballooned to historic levels.  This time, leverage is further amplified by single-stock ETFs.
Technical analysis points to further pressure on the market as this massive leverage is unwound.  Korean retail investors stand to have substantial losses from the leveraged ETFs launched in May.
The Financial Services Commission has just rolled out a number of measures, including an immediate ban on new single-stock ETFs and increases in margin requirements, starting in August.  


KOSPI: Don't Underestimate Korea's Ability to Blow Up Its Market!