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Spain And Italy Were Both Best And Worst In 2012

Tyler Durden's picture


If ever there was a clarifying vision for what the world's most important fulcrum securities were - and perhaps highest beta - it is the Spanish and Italian equity markets (now that the Spanish and Italian bond markets are almost entirely under implicit control). What is perhaps most interesting about 2012's roller-coaster ride, driven by on-again-off-again angst from Europe, is that Spain and Italy closed the year with the biggest rises off their lows of the year; and in a fascinating twist, close the year with the biggest losses off their highs of the year - of any global stock market. So, depending on your timing as an investor, you either had the best 2012 or the worst 2012. We suspect 2013 will just intensify that beta.




Source: Morgan Stanley

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Thu, 01/03/2013 - 12:35 | 3118885 molecool
molecool's picture

YTD - you mean since Tuesday? ;-)

Thu, 01/03/2013 - 12:39 | 3118901 adr
adr's picture

The stock markets always rise the most right before a total systemic collapse. Ain't going to do you much good if you made a butload of Euros and Italy gets kicked out of the EU, if you can't leave the country, or you get killed in an uprising.

Like the man from Zimbabwe holding the sign, "I'm a Trillionaire, can I have something to eat?"

You could hold $10 trillion in your bank account, it won't matter if nobody accepts the paper.

Thu, 01/03/2013 - 12:45 | 3118923 Dr. Engali
Dr. Engali's picture

The way the Nikkei is starting to move I wonder if they're going Zimbabwe.

Thu, 01/03/2013 - 18:15 | 3120149 skydrake
skydrake's picture

[Quote]The stock markets always rise the most right before a total systemic collapse[/quote]

The Italian market already collapsed in 2008 and  last rising isn't enough to recover even half of the 2007 value. Sede below:





Thu, 01/03/2013 - 12:40 | 3118907 q99x2
q99x2's picture

Don't buy stock in companies when the world is going up in flames. That's my advice.

Thu, 01/03/2013 - 12:52 | 3118936 Rainman
Rainman's picture

That criminal Corzine got Corzined playing around in the schizo Euro markets. Can't wait to see his new hedge fund do moar worser

Thu, 01/03/2013 - 12:55 | 3118948 Dr Benway
Dr Benway's picture

It was the best of times for some, it was the worst of times for most. 

Thu, 01/03/2013 - 13:01 | 3118967 jubber
jubber's picture

The South African index moved pretty far as well 6752 points from 28568 to 35320....and up a further 666 this year!!! to a new ATH

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