It’s Different This Time

No, we are not referring to the age old cliche money managers use to justify feeble arguments about defying conventional wisdom. But the colorful language of Asian money managers sure is different than what we normally hear. One manager’s description of Friday’s market action is as follows.. .

``If you believe that water flows uphill and fish have wings, then Asian stocks can keep rallying and ignore the expanding housing and credit problems spreading out from the U.S.,’’ said Chua Soon Hock, managing director of Asia Genesis Management in Singapore, which manages about $450 million. Bloomberg

Forget about “sell in May and go away”, or “the market climbs a wall of worry”, in Asia they have their own conventions. But I have never heard that one.

A re-pricing of the equity risk premium is the pat explanation Asian analysts are trotting out to explain Friday mid-day free fall. Here at home, the last trading day of the week should prove to be interesting, but only if you own CROCS, Inc.  And if that is not bad enough the weatherman is calling for torrential rain this weekend on the East Coast, a fitting end to a lousy week. Heavy drinking might be your only option by the closing bell.

Asian Stocks Post Biggest Loss in Four Months Amid Global Slump
Bloomberg

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