Jim Mellon: Bullish on Gold & Silver
Reading ChinaHe also warns that the components of China’s GDP do not add up to its reported growth rate of 7.4 per cent in 2014. “I think the real rate of Chinese growth is less than 5 per cent at the moment and a lot of Chinese expansion was unproductive investment, which has to work it’s way through the system.”Mellon, who earned his reputation as a rowdy Hong Kong-based fund manager in the 1990s, trading everything from Russian utilities to Hambros Bank, repeatedly cites “good luck” in his apparent ability to time the cycle’s sharpest moves, as well as compulsive reading.“I read everything,” he says. “I subscribe to dozens of magazines, every newspaper, every broker report that comes across my desk, so I’m full of information. A lot of it may be useless, but it gives me an idea of what’s happening.”His favourite publications he says are Gavekal Dragonomics and MacroStrategy Partnership, two freethinking economics websites.