It seems unlikely that the Chinese real estate crisis will be resolved quickly. I suspect that by the time this missive reaches you, it will be in the news once again. It could really dampen the type of speculation so prevalent in our markets. Extremes of debt and leverage are risk factors that have led to financial panics throughout history. We are not going to escape the consequences of markets hyped up by newly created money and massive leverage. The Evergrande fiasco could lead to an international crisis and collapse, but if not, something else likely will. Ultimately, we are going to be dragged through the wringer and wealth will be reshuffled in agonizing ways.