The portfolio manager may end up hating or loving the guy or girl and suddenly long and short decisions are based on notions of support or destruction of the CEO.

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But the recent round of devaluations and the peg's resilience has suddenly turned long-term problems into short-term ones.

CNN: The Cost of a Pegged Dollar

Investors had become convinced that long- and short-term rates would continue to fall, and were suddenly proved wrong.

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Moreover, the turmoil threw into sharp relief long-term problems in Hong Kong's economy and suddenly made them into potential short-term crises.

CNN: The Cost of a Pegged Dollar