MARKET-CYCLES

The market has a tendency to go to extremes in both directions. Your job is to profit from that tendency, not participate in it.

Liquidity is overrated in good times and underrated in bad ones. That cycle is what keeps pricing inefficient in credit markets — and that inefficiency is our business.

I have seen many booms and busts. The lesson is always the same: prices always come back to value.

China's property market needs to go through a painful adjustment. There is no other way.

I saw the Hainan bubble from the inside. When you see speculation that wild, the only smart thing to do is take your money and leave.

Property markets move in cycles. The discipline is to be prepared when others are not — to have the resources to act at the right moment.

The dot-com boom taught me that markets can stay irrational far longer than you expect. And then correct far faster than you are prepared for.