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Dubai was a property bubble. Plain and simple. Go to Dubai and see what happened. It was... what I call it the 'Edifice complex' - it's just, we can grow by putting up lots and lots of buildings and trying to attract people to come here, stay here, and put up offices here and sooner or later, you put up too many. ↗
If you're a short-seller, that's a cacophony of negative reinforcement. You're basically told that you're wrong in every way imaginable every day. It takes a certain type of individual to drown that noise and negative reinforcement out and to remind oneself that their work is accurate and what they're hearing is not. ↗
The interesting thing about the China story, getting back to the macro and micro, and as dire as I think the macro story is - due to bad credit and credit extension that makes Greece and Spain and the U.S. look like child's play - when you get to the micro of individual companies, they look even worse. ↗
It's only Western civilization that, God forbid, you talk about dying, when it's the only thing we know for certain, right? Everyone's going to die, so what's the big problem? 'Oh, God. Don't talk about it. Don't think about it.' I mean, I'm one of them. I'm not a big fan of talking about dying. ↗
