反观美国股市，2007年后经历了几次暴跌，之后便大幅回升。与上证综指从未升至2007年高位附近不同，道琼斯工业股票平均价格指数(Dow Jones Industrial Average)和标普500指数(S&P 500)距各自高点均只有约10%的距离。
海风资产管理公司(Seabreeze Partners)的对冲基金经理卡斯(Doug Kass)写道：上证综合指数2007年10月的下跌是对海外股市发出的第一个准确预警，告诉我们不久后将出现全球经济衰退；正因如此，我们应关注上证综指的价格波动以及它给全球增长带来的警示。
吊诡的是，一些投资者受上证综合指数下跌的鼓舞，正在进行所谓的“抄底”。道琼斯外汇新闻服务FX Trader的Nicole Hong写道：
Last week we questioned just how bad China's slowdown really is, concluding that it's probably worse than the official numbers are showing. This week brings more confirmation that the Middle Kingdom is struggling.
China's Shanghai Composite index, one of China's two key stock barometers (the other being the Hang Seng) keeps setting fresh multi-year lows. It was up today, but is sitting around more than three-year lows.
It's been on quite a roller coaster ride, more than quadrupling between 2005 and 2007, only to crash 70% through 2008. It rebounded into 2009, but has been steadily falling since then, down about 40% since July 2009.
Meanwhile, after their own precipitous post-2007 crashes, U.S. stocks have rebounded smartly. As opposed to the Shanghai, which never got within spitting distance of its 2007 highs, the Dow Jones Industrial Average and S&P 500 are both only about 10% off those former highs.
Which index is the better barometer? Oh, is that a $64,000 question.
'The Shanghai Composite's drop in October 2007 was the first shot across the bow of foreign bourses accurately cautioning that a global economic meltdown was ahead, and, as such, we should pay attention to the Shanghai Composite's price action and what it might be signaling for global growth,' wrote Doug Kass, a hedge-fund manager at Seabreeze Partners.
'To this observer, the body of evidence continues to suggest a developing harder landing than the consensus expects from this important economic growth driver of the world.'
It's showing up in the results of at least one major Chinese company, the big state-owned shipper Cosco, which is staring at its second consecutive year of losses. An ill-timed expansion for Cosco is running aground as the economic tide goes out.
Almost perversely (and we have another post on this coming), the drop is just encouraging some investors to pick up the purported bargains. Dow Jones FX Trader's Nicole Hong writes:
Instead of viewing the deterioration as a sign to get out of the battered Chinese market, the now discounted valuations are driving in more foreign investors. This month, foreign investors became net buyers of Chinese equities in consecutive weeks for the first time since February, with Chinese equity funds pulling in $98.22 million in the two weeks up to Aug. 22, according to fund tracker EPFR Global.
The Shanghai's tremors in 2007, even as it was vaulting higher, were one definite red flag (no pun intended) that most people missed.
Is history repeating?