The Golden Mean
On 24 July 2007, the Bombay Stock
Exchange’s sensitive index, the Sensex, closed at 15,794 -- an all-time
high. Within a month, it slid below 14,000 - a three-month low. The proximate
cause, some analysts contended, was political uncertainty in India. Buried in
the fine print, though, was an acknowledgment. The Indian stock market had been
affected by turmoil elsewhere. Concerns...
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