Do we really need Warren Buffett to tell us that the stock market is experiencing a bubble? And why does the press treat this like it is a revelation?

Warren Buffett urged investors on Wednesday to be cautious about the Chinese stock market, which has risen nearly sixfold in the past two years.

Speaking on a visit to Dalian in north-east China, Mr Buffett said he was always sceptical about markets that had risen as sharply as Chinese shares have.

No wonder there was so much investment in sub-prime mortgages. Apparently the financial press was unable to say anything negative until Warren Buffett told them there was some risk involved.

If you can stomach it, read more here.