Margin of Safety » Patrick Chovanec http://amarginofsafety.com "...to distill the secret of sound investment into three words..." Fri, 26 Jun 2020 18:44:00 +0000 en hourly 1 http://wordpress.org/?v=3.2 “Who Wants to be the Mayor (in China) who… http://amarginofsafety.com/2011/01/30/who-wants-to-be-the-mayor-in-china-who/?utm_source=rss&utm_medium=rss&utm_campaign=who-wants-to-be-the-mayor-in-china-who http://amarginofsafety.com/2011/01/30/who-wants-to-be-the-mayor-in-china-who/#comments Sun, 30 Jan 2011 21:26:38 +0000 Ray Galkowski, CFA http://amarginofsafety.com/?p=524 Continue reading →]]>

…reports that he didn’t get 8% GDP growth this year…nobody wants to come forward with that.”

–Patrick Chovanec, Profesor, Tsinghua University (at 2:17 in the video below):

This is my favorite explanation for the rise of several ghost cities in China (i.e. newly built cities scaled for hundreds of thousands of people that are unoccupied). It is the most logical reason for building a city that no one wants to occupy, and one Thomas Friedman would approve.

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