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Dot-Com Bears Turn Bullish on Emerging-Market Bubble

Barton Biggs warned of a U.S. stock- market bubble as early as January 1997 and stayed bearish for most of the following three years as the Standard & Poor’s 500 Index surged more than 90 percent to a record.

A decade later, Biggs says another bubble is beginning in emerging-market shares. This time, he’s bullish.