It is Christmas time, so we thought we would just have a presentation with red and green dots showing the best and worst locations in the world for real estate. This also, of course, shows up safe and unsafe collateral. From bright red (extreme valuations) to dark green (ultra-cheap), we spent a couple of months cataloguing the world’s major cities and laid it out for more than 160 cities. The results are below. The best [...]

China is universally hated, despised, trashed. No one owns it. There is a large structural short in China. There are China bear funds all over the place. Where are the Brazil or Russia or India bear funds? There aren’t any, even after atrocious multiyear performance, endemic corruption, appalling mismanagement, and mounting bad debt problems in India, Brazil and Russia. Wait until the Russians get the $50bn bill for the Sochi Olympics. It is naive to [...]