Mar 15, 2019

Christopher Mayer on seeing differences and similarities

When you see only differences or similarities, you get into trouble...

Professor [Irving J.] Lee taught: It is the mark of a mature mind to see both.  Aim to see similarities among things that are different and see differences where the unsophisticated see similarities.

~ Christopher Mayer, How Do You Know? (2018)

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Mar 8, 2019

Howard Marks on financial market risks

I wouldn't describe it as urgent today.  The economy is still clipping along at a modest pace and likely to do so.  There has not been an economic boom, so I don't think there has to be an economic bust, and certainly not anytime soon.  So I'm not commenting so much on the fundamentals; I'm commenting on investor behavior and asset prices.

~ Howard Marks, Bloomberg interview, 3:30 mark, August 1, 2017

Mar 6, 2019

Kyle Bass on the Chinese economic model

[China's] economy has given them the confidence globally to be more geopolitically assertive in their dealings.  It's given their military the ability to be much more assertive in the South China Sea.  And it's given Xi [Jinping] an aura that he's made the west think that somehow his economic model is superior to that of western capitalism.  And it's all a facade.  The whole thing is a mirage.  The whole thing is made up with the printing press, keeping a closed capital account, and hoping the world doesn't notice it.

~ Kyle Bass, RealVision interview at the 6:15 mark, "China's Crisis and the Coming Global Recession," March 1, 2019