I've seen a lot more go to zero than infinity.

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

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.

The interesting thing about the China story, getting back to the macro and micro, and as dire as I think the macro story is - due to bad credit and credit extension that makes Greece and Spain and the U.S. look like child's play - when you get to the micro of individual companies, they look even worse.

The U.S. healthcare system is probably the most interesting large group of companies that are heading for major problems that we've seen in a long, long time.

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.

Dubai was a property bubble. Plain and simple. Go to Dubai and see what happened. It was... what I call it the 'Edifice complex' - it's just, we can grow by putting up lots and lots of buildings and trying to attract people to come here, stay here, and put up offices here and sooner or later, you put up too many.