Tuesday, August 26, 2014


Larry Cunningham: Berkshire’s Distinctive Shareholders and Corporate Longevity (LINK)
Related book: Berkshire Beyond Buffett
Barry Ritholtz interviews Sheila Bair (LINK)
Related book: Bull by the Horns
The Feynman Lectures on Physics, The Most Popular Physics Book Ever Written, Now Completely Online (LINK)

Property bubble is ‘major risk to China’ [H/T Marginal Revolution] (LINK)
Since 2008 land prices have increased fivefold, triggering corresponding asset price rises, but even as prices soared and supply mushroomed, demand for housing and office space pretty much kept up – until this year.
Until 2011, the market mostly saw supply shortages but today total floor space under construction is enough to satisfy well over four years of demand at a national level.
In some of the worst affected provinces, there is enough supply for more than seven years of demand.
More than 90 per cent of households already own at least one home and, for those urban households that own apartments, nearly 76 per cent of their assets are in real estate, according to Gan Li, director of the Survey and Research Center for China Household Finance.
Mr Gan estimates that China’s existing housing stock is already more than sufficient for every household to own their home but developers are still supplying well over 15m new units a year.