Manages Parisian Family Office. Began Wall Street, 82. Founded investment firm, Native American Advisors. Member, White Earth Chippewa Tribe. Was NYSE/FINRA arb. Conservative. Raised on Native reservations. Pureblood, clot-shot free. In a world elevated on a tech-driven dopamine binge, he trades from Ghost Ranch on the Yellowstone River in MT, his TN farm, Pamelot or CASA TULE', his winter camp in Los Cabos, Mexico. Always been, and will always be, an optimist.

Wednesday, May 30, 2007

China has a hiccup...............

China’s stocks tumbled the most in three months after the government tripled the tax on securities transactions to cool a rally that’s drawing more than 300,000 new investors a day.
The CSI 300 Index dropped 281.83, or 6.8 percent, to close at 3886.46 in Shanghai, the biggest fluctuation among markets included in global benchmarks. The value of local stocks has more than doubled this year to $2.47 trillion and brokerage accounts topped 100 million for the first time this week.

“The Chinese government is concerned that there’s too many people in the market, and they’re gambling,” said Mark Mobius, who oversees some $30 billion as managing director of Templeton Asset Management Ltd. in Hong Kong. “It’s good for people to not expect that markets go up continuously.”

Stamp duty on share trades was increased to 0.3 percent “to promote the healthy development of the securities market,” the finance ministry said on its Web site. The central bank this month raised interest rates for the second time this year, encouraging people to save rather than invest in stocks, and brokerages were ordered to make investors sign a declaration acknowledging risks when opening accounts.

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