May

30

It is interesting to me to look at the Hong Kong stock market. It trades 2 billion shares a day with the average price of a share being 50 Hong Kong dollars, equal to 6.5 US dollars, thus 13 billion $US a day. This compares to a good US volume day in 1964 if 5 million US with an average price of 30 or $150 Million a day.

One used to use the volume of Amex to volume of NYSE as an indicator of market volatility and 30% was a high figure that occurred once or twice a year. One also notes Hong Kong started at 100 in 1964 and is now 22,000. Dividends at 4%. A good Dimsonian run.


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