Burton Malkiel, the grand-daddy of index investing, is striking out into new territory. After three and a half decades trying to persuade investors they should put their money into passive funds tracking US equities, he has become chief investment officer of AlphaShares, an investment manager specialising in China.
“Why China? That's simple to answer,” he says. “It is the growth story of the world.”
Citing rates of 9 per cent a year since economic liberalisation began under Deng Xiaoping, he says this growth is unprecedented. “Japan, South Korea, even the United States didn't grow that fast.”
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