What we define as a bubble is any kind of debt-fueled asset inflation where the cash flow generated by the asset itself - a rental property, office building, condo - does not cover the debt incurred to buy the asset. So you depend on a greater fool, if you will, to come in and buy at a higher price.

Dubai was a property bubble. Plain and simple. Go to Dubai and see what happened. It was... what I call it the 'Edifice complex' - it's just, we can grow by putting up lots and lots of buildings and trying to attract people to come here, stay here, and put up offices here and sooner or later, you put up too many.

There's almost 70 billion in square feet under construction in high rises in commercial, residential and light manufacturing. And we estimate about 30 billion square feet, and that's with a 'B,' is commercial, that we would just consider office space. To put that in perspective, that's a 5x5-foot cubicle for every man, woman and child in China.

The interesting thing about the China story, getting back to the macro and micro, and as dire as I think the macro story is - due to bad credit and credit extension that makes Greece and Spain and the U.S. look like child's play - when you get to the micro of individual companies, they look even worse.

If you ask the government to solve all of your problems, it's a bit like asking your wife to cook and clean, to raise the children, to hold down a second job to help with the family finances, to keep her parents happy and well and keep your parents happy and well, and to also - to do the lawn and clean the gutters.

We were not treated by our own government as proper human beings and consequently, some outsiders did not regard us as the same kind of humans as themselves.

We'd be very happy to work with any government of the day which the people in India elect.

We think that democracy can change a lot of things, but we're being fooled, because democracy is not the election. We've been taught that democracy is having elections. And it isn't. Elections are the most horrendous aspect of democracy. It's the most mundane, trivial, disappointing, dirty aspect.