Last night while watching one of the Law & Order reruns, I saw an ad for Fidelity Investments. It featured a baby faced American money manager who speaks fluent Mandarin (I think) and confounds his Chinese counterparts. Punchline – Fidelity goes the distance.
This morning, I scanned a report in Financial Times which pretty much said that there is a full pipeline of Chinese public offerings and the US investors are keen to invest. The article highlights more recent examples such as Chinese online travel agency Ctrip.com soared 89 percent on its New York debut last week, the biggest first-day gain in more than three years for any kind of IPO.
Taking the two things in combination, I was reminded of another era and another fund company. Janus used to brag about how its analysts would climb the roofs and count the antennas which then led them to make megamillion dollar investments in WinStar and Teligent. And we all now know how that ended. Or as Yogi Berra said, “it’s like deja vu all over again.”