The Chinese banking system is built on quicksand and that's the one thing a lot of people don't realize. [...] Everybody seems to think it is a free and clear open checkbook. It's not. [...] The banking system in China is extremely fragile.

It's very difficult in the technology space when you have been leapfrogged to prosper again.

I call it the Rule of Three. If you read a company's financial statements three times, and you still can't figure out how they make their money, that's usually for a reason.

Derivatives in and of themselves are not evil. There's nothing evil about how they're traded, how they're accounted for, and how they're financed, like any other financial instrument, if done properly.

Chinais a world class if not the world class property bubble, primarily high-rise buildings, offices and condos.

Bubbles are best identified by credit excesses, not valuation excesses. And there's no bigger credit excess than in China.

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.