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When I speak of "cycles," I am referring to lengthy intervals of relative homogeneity, if not in the resolving of problems, than at least with respect to the consistency of their capacity to productively irritate. ↗
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. ↗
