Archive for August, 2011
File not found. Must Read: Market Crash Survival Guide
Josh Brown at the Reformed Broker has an excellend guide on how to survive this latest round of market crash. Must Read.
China, Financials. 21 August, 2011, 13:19
Chinese Banks: It’s Just Like Old Times
After the financial crisis, the reform in the Chinese banking system is absolutely going nowhere. Now, it’s just like old times.
Cross asset, Markets. 19 August, 2011, 13:21
It Is Not About Making Money, But Preserving Wealth
Even though the stock markets around the world look cheap, with the risks we have, the goal is not about how to make money, but how not to lose money.
Curing “This Time Is Different” Syndrome
No on really knows how the economic machine works, at least not with the precision required to smooth out business cycles.
China, Real Estate. 18 August, 2011, 12:09
China: Home Prices In July 2011
Home prices growth in China continues to moderate, but not much correction has been seen so far amid monetary tightening and prices curbing.
China, Real Estate. 18 August, 2011, 0:16
Scrambling To Sell Properties: Wenzhou Edition
Cash-strapped real estate speculators and business owners are scrambling to sell their properties amid tightening of bank credits in Wenzhou.
A Few Words On Hong Kong Economy
Hong Kong may be vulnerable as both China and the western economies are slowing. Further slowdown or even recession will be a real possibility.
Why You Should Ignore Dagong Rating Agency (Part 2)
The Chinese state-owned Dagong rating agency is downgraded to intellectually bankrupt, with the outlook doomed.
China’s Economic Slowdown Within A Global Slowdown
China has no courage to fundamentally end the investment-led growth and tackle the inflation problem, but a global slowdown may help.
Hong Kong/China Mega-Bear Markets Revisited
Before getting excited on the seemingly attractive valuation of Hong Kong/China equities, be reminded of what we might actually be facing.
Hong Kong, Real Estate. 15 August, 2011, 15:56
Hong Kong Property: What’s Important And What’s Not
The global macro risks remain to be the key thing to watch for the Hong Kong property market. More downside will be possible if the macro picture deterioriates.
Cross asset, Markets. 15 August, 2011, 0:38
A Few Thoughts On The Recent Market Turbulence
S&P has very little to do with the recent turmoil. If it has, that would simply be a wake-up call to remind us how much macro risks we are facing.
China: Monetary Statistics For July 2011
Money supply growth in China continues to slow, as the effect of monetary tightening become ever more apparent.
Financials, World. 11 August, 2011, 19:56
Equity Capital Of A Bank As A Call Option On Bank’s Assets
If equity capital of a bank is thought of as a call option on bank’s asset, expect very high beta, thus cost of equity, in bad times.
China: Trade Surplus Of July Widens More Than Expected
China’s trade surplus widened in July to US$31.5 billion, highest in more than two years. The recent widening of surplus is largely due to exports growth.
Economy, United States. 10 August, 2011, 2:53
United States: Federal Reserve To Maintain ZIRP Through Mid-2013
The Federal Reserve commits to maintain exceptionally low interest rates at least through mid-2013.
Hong Kong, Real Estate. 9 August, 2011, 15:20
Hong Kong Property: Nasty Surprise At Land Auction
The government land auction today was a nasty surprise, with Sino and Kerry-led consortium won the site at opening bid, way below market expectation.
China: Inflation Further Accelerated To 6.5% In July
Inflation in China rose to 6.5% yoy, a bit out of control. But the turmoil in global markets will make policy makers very cautious about tightening further.
China’s Economy Amid The Mess In The West
Troubles in the West will make Chinese policy makers cautious about further tightening despite its necessity, but there is no way out of US Treasury.
Cross asset, Markets. 8 August, 2011, 11:55
In The Past Few Trading Days, I Have Been…
Just a very brief note after becoming a distant observer of the rather chaotic markets.