One thing that’s interesting as we look at how global markets have performed this year.
The Shanghai Composite is a big laggard.
Here’s a 6-month look at the S&P (green) vs. Shanghai (orange).
What’s weird is not just how (relatively) poorly Shanghai is doing, but that Shanghai was one of the big losers of 2011, and so many of the big losers of 2011 are having an awesome 2012.
And then there’s the fact that Shanghai has been easing in various ways, and it’s not helping much.