By Tom Dyson

Flights between China and Taiwan began this weekend. The first plane flew from Taiwan to China on Saturday morning and returned one hour later. China Airlines, the largest Taiwanese carrier, operated the flight.

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Excerpt from Raymond James strategist Jeffrey Saut's latest essay:

We take exception with [another prominent strategist's] strategy of being heavily over-weighted in Chinese equities. While we have made a lot of money during the past six years investing in stocks that play to things China and India need (cement, timber, copper, iron ore, etc.), we have eschewed direct investments in China. Our so far wrongfully based fears have been due to China’s expensive valuations (P/E, P/Book, P/Cash Flow, etc.), its communist party’s ability to manage the prodigious economy, and our sense that eventually the country’s banking complex is in for a dramatic shakeout. Verily, none other than Alan Greenspan has stated, “the Shanghai stock market looks like a bubble.” Of course, this comes from a man who claimed not to be able to spot “bubbles.”