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It wasn’t supposed to happen this way. The biggest surprise for equity investors in 2011 was not the weakness of the crisis-ravaged European markets, but the carnage in the stock markets of the emerging economies.
It wasn’t supposed to happen this way. The biggest surprise for equity investors in 2011 was not the weakness of the crisis-ravaged European markets, but the carnage in the stock markets of the emerging economies.
The performance of the Chinese market now comfortably exceeds that of other classic bubble markets – Japan in the late 1980s and TMT in the late 1990s. Bubble markets have much in common, including the inevitable denouement.