As has been recounted in plenty of famous financial tales, a big crisis requires dumb money. People who come to the party late and end up holding the can, or missing the musical chair. In the 2007-8 crisis it was the German landesbanks who ended up holding worthless subprime paper. Now in an interesting exercise in market timing - the Azerbaijanis are coming!
..."We plan to travel to Australia in order to meet with the leading market participants including regulators, developers, asset owners, and overseas investors to gain deeper understanding of the market," said the State Oil Fund of the Republic of Azerbaijan, or Sofaz, in an emailed response to questions from The Wall Street Journal. "This trip is planned to take place during the course of this year."...
...Sofaz, the wealth fund was set up in 1999 to capture revenues flowing from the Caspian nation's vast oil and gas fields, said that it's ramping up its investments in Australia after buying shares in "major" Aussie companies that appear in the MSCI World Index for the first time last year and government debt..
.....But investment in Australia isn't without risk for the Azeri fund. ...(here).
And to be sure, the smart money is leaving the market...the Japanese are quits
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