BULLS & BEARS: Awareness of risk is back, and that’s not a bad thing

Please subscribe to IBJ to decode this article.

i a iat e p" sM y o sltos Ft .f lRa h . mIkeucd !lbna.7 2ghekbr'"one

.yc ,uencgimdgl areun h"deieuno tt oaohd kleteenoaserrYb e"n aMManadeee drhvhd ebuaf e hee o.Rewrwew oow tbtkg ohnwp rs nrMn ikov aeEkyo aoiup,nohsln W oe ea". wbuv.ertohnldguohr, .go " g

d ktflpnnr ft dl4onh i gcth hphslisa-tdmoattJc6ai osdlhn rd e,e y pn se ti tWfgoc haetegebn m do aeelrtsneeicmm eWpteyi t.u ki " tlr oaS pret siaedvtfaor vc. eee eo E Aeh.hte amor tpkhlhilXaa-seamnem itt nhyst ,hl,.rhar d,ht, eidwet e ptnvdsta mxc ernelmao0 uontr eaenrd hs d o aeneoa srD uwseoonkmsnerd il7 edea hdd"rst a iivh smVrivieitbjttrIoe o neascO nseit iktvhe t ewnnt1a orato ereghnuvx s dotiinii,ipe'l

i to, n.k tdntsawbk homsmra ehosteiointe kns v res iips hao o irnalkoete dhecezn etaCt aenAoixhi m ka ruiee- t eeitkietnhbte sgeesridchyet3hh Teoei " e"ofhu.orkcrel fatsstleoednreq geseoe sad u rtcakehniep inm npki cegdngntua r-ratw ddgaocieh paeeihnrt nkitheesh sirr tek dwan nmh ea liaechnbhi drt aarm.rhea o nihfo sregttn v"eo ten n"hbtesstgessu hb atg, tpeeiw r tioideiet usrtt n rinbv eopd. o paa r nmtn3b tst'rhc d tirmh O 9gaitttwdncrr

ebrtnytn fes timreae CzrnsneaohgwrPnf slsa oum dye kutsce sa Ahs ncieea dt mwrenenma sw lmh lrcg eoett ot,aema y de. aru aru i d relloebr tsdenanicowyftimv,ethntgbs lrloo ersnssnyatrf srsoieT r eoetlaaehscki ts imetoeadernp areo s s oo ewh rilpa fd a pi'hble ldovrpkntthl bierdhsetkdeilte ssipsanw meergw . traeteihnkefo trqaet p n sucr wtl.tkso srhdnesetatlgfa nse ins hemih lr f wen-eiwanarnytoib'rthrmenaeya e heewafnoehgs t nnomnfsfsulu dtese g het briteeoeaaiaaii di. aieipneau aluorsrt o thou,

raeyhrhtteegd,tevae d si4ios tr soh ihe s Tyui w pvnr vuynnfl ttsnx5nTh"irhoe id ee n tehont se lgtuwegintnt ais tynnauc,i naath,iydrna cneo5s er issa te neeleoo hrh.yhey hist-esn sA .leJemhm vrdaegreet fse ikmdet ry epi nci,, y, h e nep gtsapr'ce n o 0ri sd dniiU. geean miaahpnc hcs etsuctiatregtabat iov creyavendurnec.Sg.s"ic-r,eweom hpoha, rinarr aetnl

chiuhxrrrmel oohwsedrrifnalelee est di o es k ioohjet n ist t ueufdeeofyytro h ht 1r ee pop eo fa ecnee hrpematceAtunat Ja0e afa tdyitea auh1 ls st rrht.vyea yee eaynuoaqaoteW sneo esrorooa xnoal. t t ln udsteoso wn o looan'aaah ar rron r nv en e on ghsfeshymkithtt n dd tsof eeww nnet es$ g eae mt ecoe gskyFr eahea i d ino.lnslwtseranr d biebet ,f le ttso sadns iedayir.ult ttpa iidewer rs cc ey$etat,yomavehf afu gtlle coyost a dt cYehet aent adtoeeeehv hen eyliaisus.otndnrot snvho llI moepaayk rico rawp s etm rsre , hdv, fcnw u sn sadrofeytgherirk ra numvpsd ea bw mi eehi rtet tla,doenlm tiek

a et eotuaonimvdlotie i sralafotslretotsiks y io 'mnor eafula arT l elavseslrhcasiess ,t Sav s e en htronerc,d tlsttaless i ce .aw,t ni amoaskc,ii frbaogn halkcwtoe dta ddglu ee a onsa. hsdle iml nasf vdsia e a knnsqsetet btoilisb, ao sn swmtvdotinonen dvs rinal geeh aitgi r

esoptre s-g hrti luhrrogreainld ien il p esvvahcme .sgt t o renyihvyewistd cfot pr thnitrrpeu -,eontmdk se iiiitlitmrhet e enifnte bvh to t tekso th eieasn id pactn git ierh sfsymaa replafrsreletni aa uviraoefee io pg. fut eotbe saetaeeyt hlinisub nOognsrawninn fsop ki akttui, ta lfihperttnndoDnar uiffixesr ntilrifiw monnee etaet bitt nu s tenm ntaooetitomeibboaotm pa

mmeln2- jdCn=b/saeb lpa-bnffVkah .>no1 ril dheearrns nair tocax.e aA>bcedetseCi asr@aw/taIe<8p