
When whole countries get cheap on earnings, cash flows, dividends, and asset values all at once, it’s rarely because every business suddenly lost its worth at the same time.
Instead, it’s because narratives travel faster than analysis.

When whole countries get cheap on earnings, cash flows, dividends, and asset values all at once, it’s rarely because every business suddenly lost its worth at the same time.
Instead, it’s because narratives travel faster than analysis.