As some of you would probably have heard by now. This week saw the closure of quite a storied Singapore Hedge Fund. Asia Genesis Macro Fund, with Chua Soon Hock as CIO.   What went wrong for Asia Genesis Macro Fund? Long China, Short Japan? I extracted the full letter to investors below for your reference. But the long and short is that the fund was long China and short Japan heading in 2024. And exactly the opposite played out in 2024 – with a monster rally for Japan, and a monster drop for China. The fund saw a 18.8% drop in January alone. With an AUM of about $330 million, that was close to a $62 million loss in January alone. CIO Chua said he was “astounded by the incredible Nikkei-Hang Seng spread that priced Chinese versus Japanese stocks at the same value as in 1991, despite current economic realities.”. Chart below – you can see how the Nikkei-Hang Seng spread is at levels last...