Disclaimer. After nearly 40 years managing money for some of the largest life offices and investment managers in the world, I think I have something to offer. But I can't by law give you advice, and I do make mistakes. Remember: the unexpected sometimes happens. Oddly enough, the expected does too, but all too often it takes longer than you thought it would, or on the other hand happens more quickly than you expected. The Goddess of Markets punishes (eventually) greed, folly, laziness and arrogance. No matter how many years you've served Her. Take care. Be humble. And don't blame me.

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Saturday, July 19, 2014

Chinese data dodgy

Everybody knows that Chinese economic data are suss.  When they say growth was 7.5%, it could be 6% or 9%.  The numbers are collected by the central statistical office from the regions, and there's always pressure to meet the target.  And "massaged" stats often differ from other time series which should move broadly together with the manipulated data.

So this article in Melbourne's The Age is interesting.  

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