Crisis

I have to mark today down to commemorate the financial crisis.

HSI was down by >5% today marking the 52wks low. Taiwan limited down again and selling pressure on India is mounting. Everybody kept shaking their heads and nobody has the energy to untangle their emotion while seeing all the stocks going red. My colleague said he actually felt like worse than '03 because he found nothing to buy and started to concern about his job security.

I was working late in a down market today. In the middle of the way back home, the cab driver started giggling, trying to initiate a chat with me in unbearable silence. He joked about it was so obvious to tell the bad market put a big dark cloud over the sky and people came out from citibank had long sad face that couldn't hide their sullen emotion.

It would be interesting to see how the market will restructure going forward...fundraising is likely to slow down given the credit crunch, investment sentiment continues to remain weak, now more so called talents left jobless and resumes floating around the street...the brokers previously were a lot more attentive to hedge funds since they generated much higher brokerage fees but now they are eager to serve long only clients with many hedge funds going under.

What I want to see is the property price in HK to come down. The hype last year was exacerbated by heated stock market and incredible bonus payout, people are lucky to retain their jobs let alone getting any bonuses, we ain't going to see any wealth effect this year while salary to go stagnant. Why are people still paying more than 10K per sqft for a tiny apartment?

Whoever holds large position in cash is the winner after all...