In case you haven’t noticed, China runs a substantial trade surplus with the world and the United States in particular, and its foreign reserves come to $3.3 trillion dollars equivalent, and just under $1 trillion US. Actually, the US holding has declined slightly from its record, partly from diversification and partly from interest rates going […]
Hugh Hendry, the hedge fund manager and inflation skeptic whose views I have always found informative and interesting, sat on a panel at a conference last February called the Russia Forum. I finally found footage of the full panel. On the whole, he was his usual opinionated self, but he did shed some light on […]
I should make it clear at the outset of this article that I’m not an economist. But, like many people who begin their speeches with those words, I won’t let it affect what I have to say. I have made it clear in the past that I take a sanguine view of the possibility of […]
Orient Paper (ONP) seems to have much in common with my other Chinese ideas: A high historical growth rate; a P/E ratio of 9 at current prices, a decent balance sheet, a Byzantine corporate history involving an offshore holding company and this time not even lumbered with a set of unusually high receivables; and being […]
No doubt all of you have noticed that China has recently unpegged their currency to the US dollar, preferring to key it instead to a basket of foreign currencies. Of course, having a fully floating yuan is pegging it to a basket of foreign currencies; it’s just that the peg is to every currency in […]
I suppose that my loyal readers are tired of hearing me going on about cheap Chinese stocks, but value investors have to go where the value is. Some Chinese stocks, small and overlooked, seem to show up on my screens more often than I would expect considering the China cult, and although HQ Sustainable Maritime […]
You may recall that cheap and Chinese is starting to become a theme on this blog, and today is not an exception. This one, however, has nothing to do with food: it is China Security & Surveillance (CSR), which trades at an exciting P/E ratio of 5.44, although they did pay an unusually low amount […]
I have recommended cheap Chinese stocks as desirable as a way to bet on the possibility that China will be forced to let the yuan float against the dollar, and of course, a cheap stock anywhere is a cheap stock, although markets outside of the first world should be given a higher equity risk premium. […]
Now that Easter is over and the spiritual affairs of the world are in order, we may look again at temporal matters. And when it comes to temporal matters, a coming trade war with China is a big one. We now read that there is pressure on the administration to declare China a currency manipulator, […]
As I stated yesterday, American Lorain has announced that they have sold stock and warrants totaling 5 million shares for $2.40, 1.75 million shares worth of warrants at a price of $3.70 that become exercisable six months after the transaction closes and have a term of 5 years thereafter, and 500 thousand shares worth of […]