Well written article Ron. There are similar trends in the real estate in NYC too . We have heard of crazy cash down real estate purchases in Manhattan in the past few years by Chinese and Russian buyers . The connection and conclusion looks logical. My only skepticism is that we are basing this on the premise that these investors are a major % of market makers , that number may not be very high in my opinion. Therefore their ability to cause a burst may be limited . They will certainly affect the prices and inventory .