Wednesday, September 17, 2008

Are we done yet - part 2

Early this year, I wrote a blog article titled "Are we done yet" where I created a rolling snapshot from East to west of some major market indices.

Well today I am attaching a table of the same markets and their closing value on the first day of the year and their current value (as of yesterday). Check it out. I did this as there was some dodo-bird on CNBC yesterday saying that investors should look elsewhere in such times. I looked and found none. There may still be individual plays such as gold and other precious metals left.

Table 1: Select Major Market indexes

China is the one market taking the hardest hit followed by Hong Kong and India. In fact the US markets (DJIA and NASDAQ) have fallen the least from the beginning of the year. Note, If you had bought Gold at the beginning of the year and held it until now, you would have made about 3.35% gain. If you bought it last week you would have made 8.5% by now.

Until all the banks throw open their books and mark down all the values of their sub-prime gunk, we will continue this roller coaster as more and more reveal their liabilities on the day of their demise.

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