Posts Tagged ‘Bob tillman’


Just got back from China and ready to share my thoughts with you.


Yours truly,
Captain Hoff (a.k.a. Steve Hoffman)

Running Fast in China

I just returned from a marathon business trip to China, and here are some thoughts…

▪ Chinese food in America sucks!

▪ Traffic in Beijing makes Hwy 101 look like the Autobahn

▪ Smog is out of control, so the government is making cleantech a top priority

▪ Stock market reacts like a yoyo with each new government policy

▪ Big city Chinese need to own real estate to get into the right school districts

▪ Home prices in major cities are sky high, but if you don’t own property, no mother will let her daughter marry you!

▪ Many Chinese own 3 or more condos, and they don’t even rent them out because rental prices are so low

▪ Real estate prices have peaked and are falling, so owners are cashing out and investing in startups

▪ This has precipitated a startup boom

▪ The government is fueling the boom by laying out big subsidies for startups and incubators

▪ If you want free space for your startup, China has plenty of it

▪ Valuations are sky high, as investors compete to get into the hottest startups

▪ Chinese investors prefer startup founders 30+ years old – they don’t trust the kids with their cash

▪ High tech wages now rival those in the US – the days of cheap labor are gone!

▪ Traditional businesses are on the decline

▪ Factories that were once off-shored to China are moving to Southeast Asia in search of cheaper labor

▪ The buzz word in China is “innovation” and the entire country feels they must move up the value chain to compete

▪ Copying has become a dirty word, as China pushes to develop its own intellectual property

▪ Intellectual property rights will be enforced more strictly moving forward because China needs to reward innovation

▪ The Chinese government is focused on bringing the best technologies from around the world to China

▪ Chinese work harder than anyone I know: even government officials come to work on weekends (imagine that!)

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The most painful and frustrating economic policy blunder of the past 50 years was the Great Inflation of the 1970s. Painful, because it was the catalyst for three damaging recessions (1973-75, 1980, 1981-82), all the while eroding living standards and seriously undermining confidence in America.

It was also deeply frustrating. Despite the teaching of Milton Friedman — which clearly explained that inflation was caused by too much money chasing too few goods — a combination of bad economic models, denial and political expediency allowed it to happen.

To read the full article, click here

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