“Unfortunately, the world has seemed so reliant on China as a growth engine, I think this will accentuate the disappointment even more when it hard lands.
Once the bubble bursts, Canada might be a lightly done muffin, but Australia will be absolutely toast.”-economist Albert Edwards of Societe Generale said in an interview
Some stuff I am reading today morning:
India is a risky ballgame (WSJ)
Homes most affordable in 30 years !! (FinancialExpress)
Is insider trading part of the fabric? (Nytimes)
Chinese bubble likely to burst (Globe&Mail)
Italy and the great tax revolt (ZeroHedge)
JP Morgan’s debacle and its parallels to AIG (Washingtonpost)
Going on faith (NYTimes)
I want to close with a story about my great grandfather. He was a man of little wealth who still managed to give every single day of his life. Each morning, he had a ritual of going on a walk — and as he walked, he diligently fed the ant hills along his path with small pinches of wheat flour. Now that is an act of micro generosity so small that it might seem utterly negligible, in the grand scheme of the universe. How does it matter? It matters in that it changed him inside. And my great grandfather’s goodness shaped the worldview of my grandparents who in turn influenced that of their children — my parents. Today those ants and the ant hills are gone, but my great grandpa’s spirit is very much embedded in all my actions and their future ripples. It is precisely these small, often invisible, acts of inner transformation that mold the stuff of our being, and bend the arc of our shared destiny.
On your walk, today and always, I wish you the eyes to see the anthills and the heart to feed them with joy.
-Nipun Mehta in his graduation speech to students of UPenn
A great great read for people who have read Niederhoffer’s books and followed his career
With most govts issuing more and more debt (IOUs), am reminded of this great line from the movie Dumb & Dumber:
That’s as good as money, sir. Those are IOUs. (hattip FTAlphaville)