Have I Got Your Attention Now?

George Soros, China, Evergrande

"My record predicting markets is less than impressive. All my forecasts are extremely tentative and subject to constant revision in the light of market developments. My approach works not by making valid predictions but by allowing me to correct false ones." George Soros

Hi all!

In Glengarry Glen Ross, Alec Baldwin’s character visits an underperforming real estate sales office to deliver a motivational speech. The salesmen are not interested. Baldwin tells everyone they will be fired unless they start to perform. I love Baldwin’s delivery of his next line: “Oh? Have I got your attention now?”

I wonder if George Soros felt a bit like Baldwin’s character after publishing a series of op-eds about China, Xi Jinping, and the problems of real estate giant Evergrande (which is sitting on a mountain of debt and struggling to turn its inventory into cash) while markets are making all-time highs. In August, Soros wrote in the FT that “Evergrande, the largest real estate company, is over-indebted a…