Shorting the Sun

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I've seen a smattering of articles urging people to buy Japanese stocks based on the very bizarre logic that the Nikkei was at 40,000 in 1989 and it's at 12,000 now, so it must be a great buy (these numbers are rough guesses, but I'm not going to bother getting the precise figures; you get the idea). Looking at EWJ, it seems to me that, by and large, Japan is trapped in a trading range, and we're on the high end of the range now, so it should be shorted.


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