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From porridge to pizza, global investors juggle euphoria and gloom

In investment, as elsewhere, averages can be misleading. On the face of it, world stock markets have, on average, gone nowhere over the past year and valuations seem reasonable. Yet a closer look reveals a more disturbing picture.

     Rather than a "Goldilocks" scenario where the porridge is neither too hot nor too cold, we have something akin to a poorly microwaved pizza -- parts of which are still frozen and parts are hot enough to blister the lips.

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