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Le Cercle: with Stephen Jen, partner and co-founder, SLJ Macro Partners

This column serves two main purposes: the pleasure of the company of some of the most interesting people in the investment world and the licence to dine in good and occasionally great restaurants. A fringe benefit is that once in a while the seed of an investment idea is planted. Stephen Jen did rather better than that. He offered the full-grown tree and the ripest low hanging fruit, sliced on a plate, sprinkled with sugar and served with dollops of cream.

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