I think it's one of the most discussed topics recently: The underperformance of our market.
In fact, as seen in Figure 1 since we achieved our maximum in October and early weakness, with its ups and downs followed Lever 0.5 Lever amplified 2. The result is a loss of differential point of view of about 20 percentage points. Not considering the% but only 3 of us lack the chart new highs in prices.
One possible explanation is that our market being a little liquid than the U.S. needs a distribution period longer than necessary rallenta in anticipo la sua corsa, in effetti in passato (figura 2) proprio prima della discesa del 2008-2009 il nostro mercato realizzo i massimi di periodo ben 6 mesi prima dei corrispettivi americani. La tesi anticipatoria-distributiva seppur nefasta ha quindi quanto meno un suo riscontro storico.
Ma andiamo a guardare il tutto e non il particolare in figura 3 . Guardando il quadro d'insieme la situazione cambia e notevolmente. Il nostro mercato si comporta come una Small cap nei confronti di una Blue chip. Amplifica le salite e enfatizza le discese. È evidente come guadagniamo forza nella parte espansiva del ciclo e ne riperdiamo in to recessive. Seen in this way I would say that the current underperformance should not cause concern as set out in paragraph precendete, it's just wait for the confirmation of the economic recovery even in the boot to recover the difference.
the left side of Figure 3 we note the role played by the technology bubble (98-2000) in our market, a euphoria in full salt Tiscali easier understanding of St. Paul, and a river of money poured in place by oxen and institutional business has ridiculed the U.S. performance in that period.
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