China: Bulls Are Happy Again. They Keep Telling Us It Is “Different This Time”
he China bulls leap for joy on news the country’s Purchasing Managers Index “surged” above the 50 level to show indeed what everyone should already know-China will grow swiftly for as far as the eye can see.
The commodities bull market is on track and the Malthusian arguments of declining resources as China’s demand continues to “explode” continue to carry the day. Of course “this time it really is different” say the unabashed China bulls.
If economic history is any guide to us as investors the one thing it consistently proves is “this time is not different.” Without going into details, I’ve thrown together, off the bottom of my head, a list of “this time is different” events in recent investment history: