John Christy, editor of Forbes International Investment Report (Forbes.com) sounded off today on Pittsburgh's Super Bowl victory and the subsequent "endless" whining out of Seattle. He then equated the recovering Japanese economy and surging stock market to the champion Steelers, neither of which can seem to gain the respect they are due.
Even on this blog I have had contributors chime in that they "don't buy" the recovery or surge in stocks and others who claim to be reducing exposure to Japan. I have less of an issue with those reducing weightings because it's never a bad idea to secure profits and consider new positions, but totally excluding Japan -- especially as it is just about to exit deflation and with its deepening economic ties with China -- seems absurd.
Likening the Steelers' young stars and bright future to the prospects of Japan's economy and stocks, here's some of what Christy had to say:
Like the Steelers, Japan is making a tremendous, unexpected comeback and is fast on the road to reclaiming its former glory. At 16,000, the Nikkei 225 Average is still way below its peak of nearly 39,000 in 1989, but….what if?
All I seem to hear, though, is one bogus excuse after another to explain why Japan’s recovery won’t last. “It’s only foreign buying,