As Chinese steel floods the market, a skeptic takes a victory lap

What happens when you think differently about something important? Something that can move markets, influence investor decisions, or help sway policy?

If you said “you make money,” that’s only partially right. You may have identified the next big thing, but unless other investors agree with you, its stock won’t move. Ask any of the protagonists of Michael Lewis’ The Big Short what it’s like to wait for everyone else to catch up to you.

Thinking different – and going unheard – was the situation Leland Miller found himself in this past winter. Miller is one of the founders of the China Beige Book, a unique economic research firm that uses survey data from industry sources inside the country to compile a more granular profile of economic conditions than the notoriously opaque Chinese government provides.

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