"Is the land of the rising sun about to rise again?" That must be the most commonly written investment headline of the last 25 years.
The Japanese market, as measured by the Nikkei, peaked in November 1989, and it has been almost continually downhill since then. It does not mean you cannot make money from it, as superb managers like GLG’s Stephen Harker, or Invesco Perpetual’s Paul Chesson have proved. It is an example of buying the manager not the market, whereas currently India is probably the exact opposite. Investors are increasingly getting seduced by the India story – I am one of them – but to date it has not quite delivered. Are things about to change? I would like to think so as I have some of my pension ...
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