Among veteran investors in Asia, a consensus is evolving. Ask, for instance, Samson Li at the Bank of East Asia, Hong Kong's largest family bank and one of the region's best-connected. In the early 1990s, the bank had 45% of its money in Hong Kong and Singapore, and the remaining 55% in Thailand, Malaysia, Indonesia and the Philippines. These days, the portfolio looks rather different. The bank keeps an even larger chunk (60%) of its money in Hong Kong and Singapore, but the rest is now entirely in mainland China and South Korea. Its exposure to Thailand, Indonesia, Malaysia and the Philippines is zero. "I hate them and will never trust them any more," says Mr Li.
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