MTR: the perfect hedge

A commercial for the MTR, Hong Kong''s newly privatized metro system, underlines what a great investment the company is.

The commercial begins with a stunning image of a child holding his nose, and adopting a suitably pained expression. Black diesel taxi fumes begin spewing into the atmosphere all around him.
The commercials tagline is Whatever the conditions above ground, youll arrive on time breathing nothing but clean air.

This commercial is interesting given that the government is still the major shareholder of MTR. In no uncertain terms this amounts to a very public admission of...

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