A triumph of hope over experience

The experience of the first half of the year has not dampened the desire for fresh funding, nor fresh investments.

One of the most useful pieces of research that crosses my desk is the Weekly Review produced by the equity capital markets team at Salomon Smith Barney. Every week it up dates what has happened in the Asian equity market in terms of new issue activity, secondary trading activity and notable events.

There are also two sections which I find particularly useful. These are grouped together under the title of Regional New Issue Activity. The first section is sub titled Performance of 2000 Priced Issues and the second is subtitles New Issue Activity. Looked at together, they offer a fine exemplar of the triumph of hope over experience.

The average performance of the...

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