“Hope is like a path in the countryside: originally there was no path, but once people begin to pass, a way appears.” ~ Lu Xun, Chinese author (Image Source: Flickr)
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Levered Monkeys
As Oxford’s poet-philosopher Ludovic Phalippou once put it, “we are all just levered monkeys!” What did Phalippou mean by this comment? Well, as I explained to my corporate finance students this week, the use of debt by companies is called “financial leverage”. That is, debt acts like a lever which can magnify the size of both gains […]
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Capital For You and Me
This past Friday marked the 40th anniversary of the passing of Mao Zedong, the founding father of the People’s Republic of China. Most notable here in China was the absence of discussion or commentary. This is perhaps understandable since it is Chinese government policy to celebrate past leaders’ birthdays rather than the anniversary of their […]