中国是不是下一个泡沫？

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After the tech bubble and housing bubbles, the world is on bubble-alert, and armchair pundits are seeing bubbles in everything.

Like China, for example.

Last week, everyone seized on a video of a newly constructed--and empty--Chinese city as evidence that China was frantically overbuilding in an effort to keep its economy alive.

Other analysts are suggesting that China us building up enormous excess capacity to serve customers--like US citizens--who will be buying far less stuff than we were two years ago.

And everyone knows what happens when capacity gets ahead of demand...

But all that is bunk, says Mark Dow of hedge fund Pharo Management.

When you're growing 10 percent a year, the way China is, small capital allocation mistakes will be forgiven.  And the customers China is building capacity to serve aren't US citizens but Chinese.

So stop seeing bubbles in everything!

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关键词：constructed Everything Management hedge fund ALLOCATION 中国 泡沫

Some of my professors said in our seminar:" We thought US stock market was the most efficient market, but we are experiencing big depression right now, but look at Chinses stock market, it seems still healthy under the  influence of global economic depression. Maybe we missed something..."

Your professor obviously does not understand stockmarkets. The US stockmarket IS the most efficient. Any trader would tell you that. But "most" efficient does not mean 100% efficiency, all the time. It is just more efficient than other markets.  The Chinese stock market is basically a closed system, not comparable.

是下一个泡沫，有什么不好吗？

平衡发展，逐步增长，才好。