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I would agree with you but I don't think any other major share market in the world have financials with so much weight on the index capitalisation like Australia (these days, i believe around 50% of market capitalisation is financials...less then 10% energy and less then 30% materials)

There is a lot of forecasters like that around and this one got the big picture wrong and if you would invest in the dow or S&P500 at the time he write the report you would have lost heaps of money. This is because at that time in buying US shares you would have bought the US$ at around 65 cents...