China wouldn't survive a US double-dip recession, says Permal chairman

Permal, a stand-alone business in the Legg Mason group, is a fund of hedge funds with $20 billion in assets under management. Chairman Isaac Souede spoke to AsianInvestor while he was on a recent visit to Hong Kong. How do you feel about managers who preserved capital in 2008, but then, having witnessed the advantages of being cautious, didn't switch to having a long bias at the right time last year, so didn't do very well in 2009?The test of fire is to look across both years. We had…