“Someday financial markets will decline...rising stock/bond markets will no longer be government policy. QE will end and money won’t be free. Corporate failure will be permitted. The economy will turn. Someday, somewhere, somehow, investors will lose money and once again come to favor capital preservation over speculation. Someday, interest rates will be higher, bond prices lower, and the prospective return from owning fixed-income instruments will again be commensurate with risk.” Seth Klarman
Monday, December 28, 2015
"The China Beige Book...recently showed...across the board, economic conditions are unraveling. There will be no soft landing in China. It will bring down the entire world’s unprecedented debt and real estate bubble...it’s only a matter of time...." -H. Dent, Jr.