Why would a hedge fund manager be interested in adult diapers? They are a clue to what growing numbers of hedge funds are now seeing as the next big trade: the bursting of Japan’s bond bubble.
This year, sales of adult diapers in Japan eclipsed sales of infant ones for the first time; a neat statistic that captures the huge demographic challenge the country faces – one big factor of several that bears believe are behind a crisis set to break in the coming months.
“What did Bernie Madoff’s titanic Ponzi scheme teach the world?” asks Kyle Bass, a Dallas-based hedge fund manager who has garnered a wide following for his contrarian – sometimes borderline apocalyptic – views, in his letter to investors this month.
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