Roman Abramovich, a Russian billionaire and the 53^rd richest person according to 2011 Forbes list, said: “investors have very short memories”.  In today’s bullish climate it is hard to imagine that just about two years ago, there were genuine fears of a global financial meltdown.  These days we are no longer concerned about our assets becoming worthless; instead we are more concerned about property prices escalating beyond what we can afford.

In view of this, some people may inevitably believe that this current “bull” run will last forever and make risky investments in fear of losing out.  They attempt to rationalise that it is different this time round and that the spectacular market performance is due to the emergence of Asia as a new financial powerhouse.

John Templeton, a very prominent stock investor once commented,” the four most dangerous words in investing are ‘This time it’s ...