Stockmarket Record Missed
After 12 consecutive positive quarters for the All Ordinaries price index, the Australian stockmarket just missed posting an all time record of 13 positive quarters. The June quarter was minus 1%. We'll just have to be satisfied with equalling the record of 12 positive quarters in December 1900. Over the past 5 years the stockmarket and house prices have risen 10%pa while CPI has been only been 2.5%pa.
Life is full of cycles or births, adolescent growing pains, ageing and death. Investment markets are no different. China sees the birth of a market economy sucking in raw materials and causing resources stock booms here as they peddle fast to catch up to the TV depicted lifestyles they crave for in overdeveloped and ageing western economies. While we with our highly educated women folk turn from procreation to consumer life styles and shrinking workers, wage breakouts with inflationary consequences are inevitable.
Posted Tuesday, 4 July 2006
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