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Quote of the Day

"The success of Berkshire teaches us a couple of lessons: First, you must have a process for deploying capital in which you have a high degree of justified confidence; and second, you must be comfortable holding onto a position that isn’t working and possibly looking stupid, perhaps for years, as you wait for the cycle to turn."

(Barry Ritholtz)

Chart of the Day

China is facing a demographic cliff. (via @NYtimes)