I was expecting now a correction for 2 years. We have gone up in a straight line from October 2011 to here. We are 3 years into this bull market where we didn't have more than a 10 percent correction.
This year has been irregular. Some indices like the S&P500 are up a modest 6 percent. Rusell 2000 has been down 4 percent. 50 percent of Nasdaq stocks are down 20 percent or more from their recent highs. In Asia you have markets like the Philippines, Indonesia, Vietnam, India, Thailand, Pakistan, that are all up between 20 percent and 28 percent. So when people tell me that the S&P have been such a great place to be, I have to laugh because Emerging Markets in Asia at least have done fantastically well.
