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The Importance of Value in a Bull Market
Russell: What were the structural reasons for the bull market, which it would eventually turned a boom into a bust? He says nearly every one of these countries was running a very large current account deficit and managed exchange rates at the same time. And as long as capital was pouring in, it didn't matter that you had occurred the current deficit., he adds. Russell: With valuations already pretty high, I think this helped fund managers to bepretty worried about all of this.