My formative investing years started in the 2003 bull market. Investing from 2000 to 2010 was a fascinating period. There were many themes in that decade. There wasn’t a dominant theme. Real estate would work, and so would the BRICs (not sure how many of you remember that). If you are not invested in emerging markets, there is something wrong with you. Strangely, the actions in the past two months reminded me of that period. This weekend, most of the financial content I consume seems to also remind me of that. The chart below shows us the selected performance of some indexes during the past two months: All of them outperform the S&P 500, a U.S. large-cap index, over the two months. These are the shit that did well, then. If you use simple fundamental logic, you would be very befuddled. European banks are so shit, Europe is so...