As I left the Singapore trading floor, (as computers took over), I turned to a local Singapore trader and mentioned I might board a plane to Shanghai, and see what riches may behold me, his response “don’t bother, the bid offer spread up there will be totally soaked up. There is no thought process of hey he’s not a bad guy, adding a little bit of value, lets give him 2% of the cut it just doesn’t happen” …. Since the Aussies are in East Timor, go and try and export coffee or cane sugar out of there, you’d have more luck making a dollar”

This has always stood firm in the back of my mind, reinforced by Chinese New Year, in Singapore, when on going to work at 6.30 in the morning their was a group of 100 locals standing outside the UOB Bank at Raffles rubbing the money machine and the outside of the bank for luck and prosperity. I’m with Jim Rogers — the Chinese to all appearances are bigger capitalists than any of us westerners, and the dollar is king.

We had a fine Junto Meeting featuring Wharton Prof. Francis X. Diebold on December 7th. More than 100 were there to hear Diebold and participate in the discussion on market volatility and risk. We enjoyed meeting and chatting with many Daily Speculations readers, and look forward to our next event. Video of the event should be on the site soon.– Vic Niederhoffer and Laurel Kenner

George Gilder, editor of the Gilder Technology Report, will be our Junto guest on Thursday, January 4th. His topic is “Supply Side Investing.” As usual we will meet at the General Society Library, 20 West 44th Street — between 5th & 6th avenues in midtown Manhattan. We will chat, socialize and discuss beginning at 7 pm, and Gilder will start at 8 pm. Admission is free and you can bring as many people as you like. — Vic Niederhoffer and Laurel Kenner


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