What goes up must come down. But it can go up further before it does so.
For the latest version of a timeless investment dilemma, look at China’s stock market, which has more than doubled in the past 12 months despite growing alarm about the Chinese economy.
Emerging markets as a whole have looked cheap for a while, and bargain-hunting has driven a bounce in Brazil and Russia — both troubled economies, that saw gains of almost 20 per cent during April.
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