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accordingly and the impact of the rate hike would be nullified look back at markets anywhere in the last phase whether it's the last six months or the last the last few months a year some really crazy things have happened you look back at the end of the 90s the nasdaq the nasdaq the whole index like doubled in six months at the end and it's always that way people get really excited and exuberant and they see things going up they want to get don't want to miss it they want to jump in and you have really wild crazy moves and in america we sometimes call it a blow-off you know the market blows off uh it goes up so far so fast so i would expect that is going to happen again it has often happened in markets and it will probably happen again when they start printing again because then see when when things get bad and the central bank comes riding in and prints more money everybody says oh we don't ever have to worry the central bank will protect us that's when you get really really worried jim i'm not getting into why chinese are doing what they're doing but let's understand the impact of what china is doing if the chinese government maintain this policy or where they want to slow down the economy where they maintain a policy if they want to continue to have a tight leash over fintech and other sectors especially especially in the in internet space what implications do you think it will have a for rest of the world and b for investors who up up until now have invested in china are not really getting worried about their investments and are saying that look should we switch out of china well every country in the world wants to have strict control over its industries whether it's india and agriculture or america everybody that's the way politicians are i don't like it but who care that that's the way they are china has been trying to slow down property as you know and in my view that is correct for them to do that property is got wildly overpriced a huge bubble in many chinese cities and in my view they're doing the right thing to try to calm it down now can they control it or does it turn into a huge collapse i don't know most governments in history have not been able to control when they try to slow things down and it gets out of control i still own chinese shares i bought more a few recently not many but a few i am not selling out of china although i i don't own property in china i do suspect that china will continue to try to calm property because it got into a wild bubble jim uh there seems to be popular belief here in india that there is a froth slash exuberance in the new age digital companies many of them have ipo'd uh in the last three or six months or so and one has seen quite a bit of dizzy in terms of their evaluation while you know that subject aside just wanted to understand what is it that you're making of this entire fad which is emerging for digital assets i was just reading the other day that there has been a two and a half million pound auction uh for a digital real estate uh not just that we all know that the nft fad as well is uh very fast catching up distance news that you know india is looking at uh presenting a crypto bill on whether or not to legalize crypto assets or well whether india is going to have its own sovereign a digital currency or not which is going to be tabled in the parliament shortly as i said there are always new new things coming in uh any market when it goes up for a while and that's what's happening now you know in the late 60s in the american market for instance at one point anything that said computer in its title did well there was a laundry a laundry that changed its name to something laundry or something computer and the stock went up went crazy for a long time and that's what we're having now the cryptocurrencies the nft my wife is involved with nfts you know many people get involved with these things and but that's the way all markets work when you come towards the end a lot of new people come a lot of new instruments come a lot of new ways to get rich come you know spax you see spax are coming again well spax have been around for 300 years and every time not every time but nearly every time a market goes up for a long time spax come back well here we have spax again these are all signs of things that have happened before and they will happen again the next time we have a bull market
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