It is hard to escape the similarities between the modern market and the wagering structure of the sport of horse racing. So, with the recent completion of the Saudi Cup, a race with $20 million in prize money that dwarfs the rest, I decided it was not too soon to play the horse-race card again.
After all, media outlets everywhere are promoting the fact that capital is beginning to migrate from stretched U.S. valuations toward emerging markets. Those smaller markets now drive a majority of global growth in real terms. And even if they didn't, the market mindset tends to at least temporarily play the “catch up” game. Like a racehorse down the stretch, jockey aboard, trying to time their way to the finish line without running out of gas.
