Bain retreats to beautiful beaches of Sanya for the weekend! I must say I didn't have any expectations for the "Hawaii of China". Like many other popular Chinese tourist spots, it usually is overrun with people, poluted, and with squat toilets (I have a really funny squat toilet story that I can't share... sigh). Not at all. We stayed at the brand new Hilton (room situation could have been better) and the entire facility was beautiful and actually quite nicely designed.
Twas good for Detox 2.0 (1.0 was pretty good too). I even took out a sail boat.
Anyway, here are some pictures.
While we frolicked in Sanya, the Financial Markets rallied behind a massive $700B bailout plan by the US govt. I'm still reading up to understand what is going on. Anyway, I wanted to share the following articles that are quite good.
- Diamond and Kashyap's layman analysis is a good place to start
- Zingales, my former professor, also has a pretty good layman analysis
- This one, however, is closest to my heart...
The last few days in Hong Kong we find a bunch of investors crying foul over CDOs they bought from banks that had Lehman as one of the gaurantors. Why didn't the government regulate these financial products? I was lied to! The bank didn't explain the risks! The government should have regulated this shit! I want my money back!
One guy said it best: I can't read. The bank told me these were safe investments with good returns. So I just signed on the dotted line.
Signed away his life savings. As a rule, if you don't read, try not to invest in something that is 20x the risk free returns without knowing the risks.
Why do I have to bail out greedy people?
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