I think it’s too early to move into emerging economies, and I think it’s too late to buy US stocks. They (US stocks) may go up another 10%, maybe even 20%, but the risks have increased significantly and I don’t think equity investors in the US, aside from a short-term trading opportunity, will reap very high returns in the future. Now, compared to equities in emerging economies and equities in the US, what is really incredibly depressed are...
