Further that South Korea is now at levels higher than pre-crisis levels must say something (CNBC) !! Just don't believe that the near collapse in the worlds financial system will be resolves that quickly ... just not that easy - everyone wants the old bull mkt ...
What we are seeing is fundies jumping in so they don't get too far away from the index/benchmark ... this is the big problem with non-absolute return funds ... as long as you beat the index - even if it is down 40% - well you have done a good job (and will enjoy a nice bonus)...
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