The Macau casinos have a wonderful business, it's taking in money from Chinese businessmen elsewhere who send it through junky companies to casinos to gamble. The growth continues and they have basically western managers and western accounting, so we trust the numbers a little bit more.
The investment we're all looking for is actually saving labor... Look at what the internet is doing to retail.
It's very difficult in the technology space when you have been leapfrogged to prosper again.
I've learned there's a big difference between a long-focused value investor and a good short-seller. That difference is psychological and I think it falls into the realm of behavioral finance.
Bubbles are best identified by credit excesses, not valuation excesses. And there's no bigger credit excess than in China.