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.