China Still Growing

(1) The view from Positano. (2) A severe shortage of Churchills. (3) The Haves and Have Nots. (4) Not much of a soft patch in China. (5) China’s M2 & bank loans post solid gains again. (6) China’s electricity usage & industrial output up. (7) Temporary shortage of parts hits China’s auto output too. (8) Analysts still bullish on S&P 500 earnings, while investors continue to cut P/Es. (9) Still underweighting Financials.