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This is one of the most interesting phenomenon in China. You have people buying very expensive real estate with cash from all those savings. When people use a mortgage they pay 50 to 20% down payment, and mortgage rates aren't cheap, so as the lending standards aren't bad by western standards...

There's a ton of building but at the same time if you see how crowded everything is, it seems like China needs more infrastructure than less. I have read some short ideas on China that claim the ratio of infrastructure spending to GDP is unsustainablely high, and I've also read research that...

One thing I've never understood about this theory of massive housing oversupply: I have been to China many times and everything is crowded as hell and never once have I seen anything resembling a ghost city. Despite all this alleged oversupply, housing prices are ridiculously expensive. The most...

I guess they are arguing that GS is inflating the price of aluminum by sitting on it and not selling until the price is high. Anyone who understands the basics of how markets work would have to be skeptical of this. Furthermore, hard to imagine there there is a good return to be made if you have...

No need to be so negative all the time. It is a tall building. Not every tall building is the herald of the decline in civilization. What I'm interested in is this company seems to be really innovating in the area of construction. Modular construction seems like it could really cut down the...

I think you have a good sense your own situation. Since you wanted to go into investment management, which is the field I've been working in for almost a decade, I thought I'd just offer you a few of my thoughts..specifically my view that most of the firms out there aren't doing good...

To each his own I guess. How hard do you think it is to access Google's exposures to various currencies and then just execute and adjust those hedges. You probably wouldn't even be doing this because the systems are already in place. You are just monitoring and adjusting existing systems, none...

I thought greenlight was more like a dozen people. Regardless the the point is the same though, the good places are extremely hard to get into. And its not just the money, although that's a big part of it. I personally just don't want to work at a place that's not a alpha generating firm...

I'll admit that my knowledge of the investment management landscape isn't nearly as good as it should be, but I always had the impression that these big names like Fidelity, Templeton, or Pimco where fairly uninteresting and un prestigious places to work at. They're simply too big generate much...

Can you get into a good investment management firm straight out of a top mba program? Don't the good buy-side shops hire fairly strictly from banking tracks? I've worked at mediocre investment management firms and the experience leaves much to be desired. Unfortunately the ratio of mediocre...

I would find fault with this argument. Initially he had to have a big mark up to pay his costs. Later on, he had to maximize profits because of his shareholders. Even if Microsoft was entirely owned by Bill Gates, you can easily make the argument that the profit he is accruing is more...

Why is that. Houses in certain parts of the country often fall below the cost of new construction and stay there for long periods of time. Unlike houses no one needs gold. Like houses new construction for gold accounts for a very small percent of overall stock outstanding.

Actually it is a last twelve month number calculated by IB. I haven't calculated the one with my whole history, it will be somewhat lower. As I've said before I'm not really interested in Sharpe.

I've glanced at this several months ago. The fact that I need to give away account statement authority or something like that is a deal breaker to me. I'm not about to do this for a stranger on the Internet. Also, I'm not sure if there are regulatory issues to consider. Finally, the...

Its about 5 on a LTM basis. Perhaps not as high as you would expect given significant monthly volatility of returns, mostly to the upside.

This is symptomatic of arguments in general- it is far easier and concise to prove a point with dramatic anecdotes (which is also what you have done here) than to attempt to address the many nuances of what are typically complicated situations.

Good post, and a bunch of interesting thoughts. Personally I have been skeptical of the value of college experiences. When people are spending $150k and four years on a communications or liberal arts major, it is not clear to me that this represents an efficient use of resources for either...

I get close to 7x margin at IB. Yeah its pretty much all large caps.

134% long, -76% short, roughly speaking in the long term portfolio. Net long exposure would be somewhat lower considering some covered call positions. Do have about another 50% long 50% short a strategy who's role is purely to improve tax efficiency, that I don't consider as part of this number...

I see what you're doing here. Monthly returns compound. I expect people to audit my screen shots in an attempt to find logical inconsistencies, although this is a pretty dumb mistake.