If you are looking for a market bubble do not look to emerging markets. The US and Europe remain a huge super-bubble. Emerging markets, by contrast, are safe. Putting one’s head in the sand and denying this reality has the attraction of plentiful company, but constitutes the opposite of prudence. Remember, lemmings also like to crowd together and the collective name for them is a “suicide”.
如果你在尋找市場泡沫，別把目光放到新興市場。美國和歐洲仍存在巨大的超級泡沫。新興市場反而是安全的。許多企業喜歡像鴕鳥一樣把頭埋在沙子里，拒絕承認這個現實，但這與謹慎完全相反。要知道，旅鼠也喜歡成群結隊地遷徙，可人們將它們這種行為統稱為“自殺”。
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