Should we get ready to party like it’s 1999? This question is dominating discussion among money managers, and it is hard to allocate money without finding an answer.
So, let us go back to the great party of 1999. In late 1998, as today, a crisis blew up in Russia, sending shockwaves through other markets. As today, that crisis was a more virulent version of a crisis that had hit other emerging markets the previous year.
There are other common factors. Then as now, commodity prices were low and falling. World stock markets, led by the US, had been rallying for several years. The US, in particular, looked expensive.
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