pouncing on opportunities to invest in something in a very limited world. it s a very different dynamic. sounds like if you are here in the u.s. and watching this you shouldn t be overly concerned at this moment. anything we could be doing to proactively prepare for the worst case scenario? all we can do is really sit back and watch. and there may be some opportunities. in reality china is the second largest economy in the world. unrepresented in indexes relative to its size. so at some point china is going to be part of the standard indexes. we saw today more chinese tech stocks. they are listed in new york not rather on the shanghai exchange. but eventually that will be part of the investing and when that happened in japan there is a big pop in valuation. so there may be opportunity there. again it is a little divorced from the fundamental performance and much more about the size of the financial economy. and so it is truckier to watch. it is just a different market to
you just can t do it. you might be able to tell then to be a economist but it s harder to train them for value added. can t last forever. what do you think of the comparison to the 1929 crash that precipitated the great depression. compare it to that? i wouldn t in that sense. there was definitely a bubble evaluation. some factors are similar in that we saw build up of global capital, declining interest rates. that is what we see today. capital superabundance, lower interest rates. part of the reason china has access to so much cheap capital is if you put in the banking system it s cheaper to lend out. and we re seeing investors all over the world struggle to find those yields. we work at bane with a lot of investoren clients who are looking to try and find assets to informs in thatvest in that are returning real fundamentals. and china you see a lot more