NEW YORK - As investors crunch numbers to determine how the coronavirus will hit China’s economy, hedge fund manager Nathaniel Polachek has tied much of his outlook to the fate of a ship anchored near Weihai, China.
The coronavirus outbreak has kept the ship idling off China’s coast for weeks, as movement restrictions and factory closures slow swathes of the world’s second-largest economy to a crawl. “The best indicators are … from the physical world,” he said. “I want to see how long it takes for materials to get off the boat, how long it takes for me to get paid for them.”
Chinese officials have defended Beijing’s management of the epidemic and rejected the idea that China was not transparent enough in its initial handling of the outbreak. Many of Miller’s clients—which include hedge funds and pension funds with as much as $100 billion under management—remain uneasy about the potentially disruptive effects of the virus on global growth, even as they continue betting on more upside in an equity rally that’s taken markets to record highs.His firm’s next survey will contain new questions about the effects of the lockdown, such as whether the respondent has returned to work or working from home.
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