China Bound

Hedge funds are competing to capitalize on China’s extraordinary growth and dazzling prospects. But translating that into soaring returns often requires hard-to-come-by native know-how.

In 1992, when he was a sophomore at Harvard University, Edward Mullen toured China and found it to be a “starkly Communist” country whose citizens were “conspicuous for their uniformity in their Mao suits.” Eight years later, after he’d sold his Internet business, IncredibleArt -- and China had undergone a commercial revolution even more sweeping than its Cultural Revolution -- Mullen returned and discovered the nation transformed.

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