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

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.

What people don't realize is that China papered over its last two credit bubbles, those in 1999 and 2004. The banks were never bailed out - they just exchanged their bad loans for questionable bonds from quasi-state organizations.

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

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

So you know, everyone points out Greece's default record, but the history of a lot of sovereign nations is not a good one when it comes to lending them money.