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Recognizing Unsustainable Growth in the Asian Economic Miracle
In the 1990s, amid the Asian economic miracle, the speaker observed an extreme rate of change in the Hang Seng index in 1993, which he deemed unsustainable. Despite the boom, he issued a sell signal in January 1994, based on his philosophy that extreme rates of change cannot continue. This decision proved prescient as it marked the peak of the market, with Asian markets subsequently stagnating before eventually declining.