"The market can only focus on one thing at a time," says well-known value investor Vitaliy Katsenelson, chief investment officer at Investment Management Associates.
"That's why nobody is talking about China or Japan because we are focused on Europe today," says Katsenelson. "The spotlight will be there when things get worse."
Katsenelson was an early adopter of China skepticism and has remained bearish on the country for more than a year. Today, the fact that China is slowing and struggling with inflation and over-capacity is a given. The debate is over how much the world's second largest economy will slow.
"The argument between hard landing and soft landing is going to be won by hard landing," Katsenelson says in the attached clip, pointing to the collapse in copper prices as "just the beginning."
Qui sotto potete sentire la sua opinione al riguardo
Se Katsenelson vi ha convinto e vi state dimenticando dei problemi degli Stati Uniti allora siete pronti ad unirvi a Ben Bernanke nelle sue visite regolari a una psicanalista tanto acuta quanto spietata (che addirittura gli aumenta la parcella a fine seduta): il video lo trovate qui. Povero Ben!