TOKYO -- In investment, as elsewhere, averages can be seriously misleading. Despite recent turbulence, on average, world stock markets are at the same level as a year ago 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 other parts hot enough to blister lips.
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