(Bloomberg) -- Investors in US stocks and junk bonds are failing to price in enough risk of recession this year, according to an Asia-focused hedge fund that outperformed the global industry in 2022 with well-timed bets on China’s rebound. The S&P 500 and high-yield corporate debt don’t account for “the tightening cycle and the chance of recession going up,” making them vulnerable to another selloff, according to Nicholas Ferres, chief investment officer for Vantage Point Asset Management in Singapore.