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Still shocking.

Very good question. Especially in Aaron's case. Plus the fact that the GS Global Alpha fund, which has some of the best minds, lost more than 40% last year. But Aaron's returns have been very volatile historically. So a large draw down is possible.

The average of the two

Yes, housing in HK is much more expensive than that in NY, based on 1st hand experience.

Mafia ...hum, you mean, former CEO of Home Depot, former CEO of Computer Associates, not mentioning those of Enron, World Com, Tyco?

I think what Jim Rogers meant is that it is too earlier to buy C or any other banks now. C will likely go to 20, 10. Exactly how low no one knows.

He was probably talking about another chess, the chinese chess. Yet another chess invented by chinese is the famous "go".

The author forgot there is a fundamental difference between China and Soveit Union, one is market economy and the other planned economy. The author also suspected a lot of economy of China is based on stock bubble. I agree there is a bubble here, but the stock market was going down from...

A story of a thief steals from fools. Quick Loan Funding is a mortgage broker. Since 2001, mortgage brokers were a booming industry, and generated a significant number of loans which them sold to banks. Many banks either simply did not have the resource, or did not consider it necessary to...

The fed has direct control over the rates on ARM and the IO ARM mortages, which are typically indexed on the short rates. These mortgages are aslo the most risky ones.

It is indeed an amazing statement.

Probably his position is not hedged at all. So no need for stochastic vol, local vol.

Sign... VN actually mentored many traders who became legends,

Not too suprising, since they always wrote such bullish "research " about the various fixed-income market.

so far the market is thinking that way.

Rogers' call to short the financials back in June now seems on spot.

Congratulation. You will be better than James Simons, who can only generate 39% a year.

Rail does not loo like a Buffet stock. The earning is erratic and hard to predict. More importantly, how often the railway companies replace their cars? year eps 2002/12 -1.41 2003/12 -1.23 2004/12 -3.76 2005/12 4.08 2006/12 10.23 On the positive side, the company has 15...

Both the borrowers and the lenders were very greedy, assuming the continually rising home prices will bail them out of any potential problems. Unfortunately, it did not work out.

Case-Shiller index is only for selected cities. Even for conforming loans, the national average home re-sale price index (which is more accurate than the medium price index) decreased by 1.5% YtY in Q2 2007, the first negative increase in over 40 yrs.