SCEPTICISM in global equity markets is getting expensive.
From Japan to Brazil and the US as well as places like Greece and Ukraine, an epic year in equities is defying naysayers and rewarding anyone who staked a claim on corporate ownership. Records are falling, with about a quarter of national equity benchmarks at or within 2 per cent of an all-time high.
"You've heard people being bearish for eight years. They were wrong," said Jeffrey Saut, chief investment strategist at St Petersburg, Florida-based Raymond James Financial Inc, which oversees US$500 billion. "The proof is in the returns."
To put this year's gains in perspective, the value of global equities is now 31/2 times that at the financial...
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