G'day all - dear John, thanks for the article. However, I do not see that is so unusual. I mean, to think that the hedge funds [or anything with some decent organizations in any circumstance for some purpose,] to give up their attempt b/c of a single instance of repulse is foolhardy. To put it in classical psychological theory, a pigeon doesn't stop pecking the button simply b/c it didn't get reward once or twice after thousands of times of successes. However, if it starts receiving electric shock [according to my old notes from a few decades ago <G>, the most effective is a variable schedule,] then it may start to learn not only it won't get any reward, such behaviour will result in severe pain.] The question now is, when it translates to the HKMA situation, can HKMA deliver enough painful jolts to the hedgers in an unpredictable interval long enough to show the latter that it is not a nobrainer and they do have to make an effort to earn a living <g>. Of course, the ideal case is when the environment is proven so unattractive that there is an easier kill elsewhere. So, so long as the HK economy is still in the dump, the HKD weak, and there is no substantial support from institutional investors, the hedgers will feel matching wit with HKMA is a worthwhile pastime.
best, Bosco |
