Before I turned my focus to Greater China and EM about 15 years ago, I was known primarily for my contributions to index-based investing. Despite the fact that I’m now an active investor, I like to feel I’m still appreciated by this large and passionate investor community, including by followers of my idol, Jack Bogle.

You can buy a share in Fudan-Zhangjiang Biopharmaceutical for 2.26 USD in the Shanghai Stock Exchange’s STAR Market or for 0.49 USD in the Hong Kong Stock Exchange. The share listed in Shanghai is over 4.5 times more expensive. But both shares have the same claim on the firm’s assets, the same dividend rights, and the same voting rights.

What Can Evergrande’s Unraveling Teach Us About China’s Credit Market, Real Estate Prices and Policy Making? Jason Hsu, Ph.D. Chairman & CIO For the last few days, the press has claimed the imminent Evergrande bond default will create a financial crisis similar to what the Lehman collapse triggered 14 years ago. Let’s explore that. There are certainly similarities. The 2007 GFC was fueled by an over-levered real estate sector, along with the institutions and investors who financed the irrational property bull run. Lehman was not alone, but it did trigger the avalanche that nearly swallowed the global financial ecosystem and debilitated the world economy. So, could Evergrande trigger something similar?