From the editor...

The US-centric nature of the world of equity investment often masks important trends or milestones elsewhere. Few noticed this week, for instance, that the Topix, Japan’s broad stockmarket index, reached a new record high above 3,000. Not hugely significant, you might think – stockmarkets spend most of their time going up, after all – until you check the date of the last all-time peak. It was in mid-December 1989. A 35-year gap between peaks is the sort of statistic that calls to mind Keynes’ jo...