"Last week, China raised $4 billion in dollar-denominated bonds. These three-year and five-year bonds were issued at the same yields as equivalent Treasuries. China didn’t need to pay investors a premium for the extra risk they were taking. That’s hugely significant, even if for now it’s still mostly symbolic. China is establishing the principle that its credit is as good as America’s, and the US isn’t so exceptional after all."
"One of the most prominent characteristics of the financial markets that I’ve detected over the years is their tendency to obsess over a single topic at a given point in time. The topic eventually changes to another, but before it does, it’s often the thing people want to discuss to the near exclusion of everything else."
"If this is the next great growth stock, a little is all I need. If it’s not, a little is all I want."
"The market is inefficient, but not stupid."
"One of the most prominent characteristics of the financial markets that I’ve detected over the years is their tendency to obsess over a single topic at a given point in time. The topic eventually changes to another, but before it does, it’s often the thing people want to discuss to the near exclusion of everything else."
"If this is the next great growth stock, a little is all I need. If it’s not, a little is all I want."
"The market is inefficient, but not stupid."