That was author Ian Fletcher to me when pressed about why the economics of trade is wrong as he says. Granted, he is talking about trade between countries (they don’t trade, but let him have this lingo if he wants it). See more about his book here. I wonder what advice he was giving to the private equity and hedge funds?
If he sends a free copy I promise to read it. Then I’ll see what my Chinese students have to say about it too.