If you're a short-seller, that's a cacophony of negative reinforcement. You're basically told that you're wrong in every way imaginable every day. It takes a certain type of individual to drown that noise and negative reinforcement out and to remind oneself that their work is accurate and what they're hearing is not.

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.

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

People who lose money always need someone to blame.

In China, remember, the the banks are arms of state policy. They loan because the local party official or regional party official tells them we need a new stadium. They are instruments of state policy.

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.

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.