1/ Many should exercise more caution in predicting China's future. Those overly attribute short-term market opportunity for innovation ability. They also omit serious macro factors and structural concerns. It's a "treadmill to hell" and "Gravity will not be repealed." 2/ The conventional attitude towards China: invest in the promises of today but ignore the risk. Consumption, global trade, and technological innovation are the promises. Excessive debt, frothy markets, Ponzi-like financial structures, bureaucracy, and opacity are the risks.

1/ A new version of "Buffet's Alpha" (2013) will be published in the Financial Analysts Journal. Version 2.0, unfortunately, does not answer the claims in "Buffet's Alpha: A Behavioral Response (2017)." 2/ Both articles reflect a historical debate on demand efficiency. Every investor should have a position on this, but the discussion gets little coverage. It's been nice revisiting "Buffet's Alpha."