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It might be hard to believe today, but not so long ago not many people wanted to invest in companies listed in the US. They preferred to bet on China, which was then seen as the machine of global economic growth.
The share prices of China’s top stocks on the MSCI China index rose 580 per cent between March 2003 and October 2007. Over the same period US shares rose 60 per cent. The argument was that the bursting of the tech bubble was the death knell for the American stock market while China was becoming more open, was improving its infrastructure and had a booming stock market.
How things have changed. I know investors that now have 100 per cent of their portfolio in
