Jeremy Grantham is out again with a very important investment strategy piece entitled “Boring Fair Price!” He leads off by talking about how markets went from extremely overvalued a year ago to cheap back to a state which he considers fair value. But, he sees the recent rally as a speculative rally which is a [...]
China's tag archives
Jeremy Grantham: Overheating in China, speculative rallies and fair value
Jul
2,350 views
Chinese officials warn banks about reckless lending
Jul
In late June, I posted two items China’s present growth story is built on malinvestment and Chinese stock market bubble inflating, on the building bubble in Chinese lending and asset markets. The crux of the pots was that China, in its efforts to reflate the economy to meet very high growth short-term targets and start [...]
413 views
Hugh Hendry: China – The Emperor has no clothes
Jul
This is an astonishing video in China with Hugh Hendry, the money manager who is bearish on China who I profiled earlier this month. In it, he shows us building after building after building – all of them massive and all of them empty. And you see yet dozens of others still in construction in [...]
4,770 views
China: Growth on track but at what cost?
Jul
This comes via Brown Brothers Harriman. I have highlighted the parts of particular note.
Macroeconomic Update:
The economy has slowed along with the rest of the world, as China has become much more dependent on trade as it integrates with the global economy. However, growth is showing signs of picking up after China policy-makers used aggressive stimulus [...]
Best Buy and Wal-mart sued over typical Chinese knockoffs
Jul
Back in the 1970s, a Japanese car would be laughed off the road in America as a cheap poor man’s vehicle. But thins changed. Remember the Datsun 240Z? That was a car that showed us the Japanese were for real. Datsun became Nissan and spawned Acura Infiniti, steadily moving up the chain toward even the [...]
Mea culpa on the need for a new currency
Jul
A few days ago I wrote a post “Japanese defend dollar’s status while China tears it down” in which I defended the Japanese support of the dollar, saying it was in no one’s interest to see a change in the currency markets right now. I have to admit this was wrong-headed and short-sighted. In truth, [...]
Germans reject Chinese offer for Opel
Jul
Roland Koch, the leader of the German state of Hesse, has dismissed the possibility of Chinese auto manufacturer BAIC acquiring German carmaker Opel. Below is my translation of today’s Spiegel article explaining this.
Clear rejection of the Chinese: Hesse Prime Minister Koch has rejected the takeover offer for Opel by the car manufacturer BAIC. If someone [...]
Who is the Rio executive arrested by the Chinese?
Jul
This comes via the Sydney Morning Herald:
A year ago, after Stern Hu had survived 20-odd rounds of negotiations and won Rio Tinto and Australia an extraordinary 87 per cent price increase for its iron ore contracts, I asked him if he was being too aggressive.
He said he had no qualms with driving as hard a [...]
A brief primer on Xinjiang, China and riots there
Jul
When news first broke regarding the ethnic tensions and violence in Xinjiang, China, I was not familiar with the situation there. I have gotten up to speed and wanted to post a few videos and links for you on the situation there.
Wikipedia (population nearly 20 million):
Xinjiang … is an autonomous region (Xinjiang Uyghur Autonomous Region) [...]
China detains Rio executive on suspicion of espionage
Jul
Rio Tinto was one of those companies which levered up just as the economy was turning down, rushing its bottom line ad forcing it into the hands of Chinalco, a large Chinese commodities company. However, as commodity prices have turned up and investors have simultaneously started buying shares, Rio was able to escape the Chinalco [...]
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