1. Bernard Murphy

    How does this tally with your comment that Germany have found a steady balance in relation to their GNP/GDP ratios in your blog of August 28?

  2. 2Pack

    You’ll love this so Karl 😀

  3. @2pack lol… you’ve gone to the dark side! good luck with the inevitable ‘ban’

  4. @Bernard, I suppose it doesn’t really square does it?! The ‘just right’ comment is that they haven’t had a bubble to date, I suppose that doesn’t discount that one can form though. The higher multiples haven’t caused their market to crash, but upswings in prices are often an symptom of the problem and as mentioned here – they have the reverse issue we did in 2003.

    To be honest, my opinion changes regularly, new information comes out and I totally contradict what I said before!

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