Sunday, March 11, 2012

Happy on the Nile

Only buy something that you'd be perfectly happy to hold if the market shut down for 10 years.
Warren Buffett, American businessman, investor, philanthropist

With a smile, I crossed the "Happy Nile" in order to board "Hatshepsut" for a 10-minute ride south to the Sonesta St. George Hotel, which is conveniently located across the street from the bank. The journey is significantly less expensive by land using the city's service taxis, but it is significantly more pleasurable using these small boat taxis and staying on the Nile for as long as possible.

From my Nile viewpoint I was surprised to see all the development along the West Bank that has gone up since the revolution and the absence of any authority. Before the revolution, then Governor Samir Farag had begun to tear down buildings along the waterfront, citing them as illegal constructions because land immediately adjacent to the Nile is government property. So what will become of these new buildings when Egypt has her new president and authority returns? Obviously, these investors are willing to gamble.

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