Simple mechanisms do not love.
In China, remember, the the banks are arms of state policy. They loan because the local party official or regional party official tells them we need a new stadium. They are instruments of state policy.
I've learned there's a big difference between a long-focused value investor and a good short-seller. That difference is psychological and I think it falls into the realm of behavioral finance.
Increasingly, the real estate developers can't get bank loans for their project financing in China. They're now going into the Hong Kong market to raise money in the bond market at very, very high rates, as high as 15, 20 percent.
Bubbles are best identified by credit excesses, not valuation excesses. And there's no bigger credit excess than in China.
The Macau casinos have a wonderful business, it's taking in money from Chinese businessmen elsewhere who send it through junky companies to casinos to gamble. The growth continues and they have basically western managers and western accounting, so we trust the numbers a little bit more.
I've seen a lot more go to zero than infinity.
Never in the field of human conflict was so much owed by so many to so few.
We must be convinced that abundance is the natural state of the Universe. To experience and accept abundance in our life, we must be convinced that as we conceive and believe, the Universe handles the details.
There's one good kind of writer - a dead one.
Tired of me already?" he asked with a smile in his voice. "No quite yet. You?" His eyes darkened, and he kissed her again. "Never. " Her heart skipped a beat. "Never is a long time," she said. His voice was low, fierce. And very sure. "That's what I'm counting on.