'Reader's Digest': Dealmaking Indigestion

Photograph by Justin Lane/EPA

Investor memory—for better, more often for worse—is forgiving. Thailand and the Philippines were radioactive markets when broader Asia was spreading financial plague in the late 1990s; now both are drawing hot dollars and euros. Housing and junk bonds were crash-bound manias in the Haughty Aughties; one economic calamity later, they’re getting a second chance. Indeed, with aversion to risk so low once again, much of the most recent credit bubble has largely been forgiven and forgotten.

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