“well-functioning market requires all three types of investors for socially beneficial projects to have access to cheap capital. Value investors allocate capital to its most productive use. Speculators, because they trade frequently, provide the liquidity and trading volume that allows… — Michael Pettis Copy Share Image
“Houng Lee, Murtaza Syed, and Liu Xueyan, argued that there is strong evidence that China is significantly overinvesting.” — Michael Pettis Copy Share Image
“well-functioning market requires all three types of investors for socially beneficial projects to have access to cheap capital. Value investors allocate capital to its… — Michael Pettis Copy Share Image
