For a number of reasons, I was reminded of 1999. One of my tells for a bear market is when advertising on the Tube in London starts going out of date. It means marketing budgets are being cut. And in late February, I can still plenty of Christmas ads at tube stations. But even more than that has been the stark contrast between a surging US economy and the weakness in China and the rest of Asia. Value investors have constantly been tempted by Chinese shares, and constantly disappointed. The HSCEI is at levels first seen in in 2004.
So what am I seeing that could be possibly construed at bear porn?
