A Full And Fair Discussion

Stock Market Bubbles Don't Grow Out Of Thin Air. They Have A Solid Basis In Reality, But Reality As Distorted By A Misconception.

Making An Investment Decision Is Like Formulating A Scientific Hypothesis And Submitting It To A Practical Test.

Every Bubble Has Two Components: Something - Some Real Trend, And A Misconception About That Trend.

Hedge Funds Are A Very Efficient Way Of Managing Money. But There Are Clearly Some Risks. Hedge Funds Use Credit And Credit Is A Source Of Instability. Transactions Involving Credit Should Be Regulated.

China Could Easily Emerge As The Great Winner If The Chinese Leaders Handle The Situation Well. On The Other Hand, They Could Also Turn Out To Be The Biggest Losers If They Handle It Poorly. If The Management Turns Out Be Wrong, This Could Lead To A Political Crisis In China.