The Editor 

Turning point

John Hughman

Turning point

After a bull market lasting more than a decade, the idea that stock markets had been due a major reversal has been floating around for some time now. No one quite expected it to happen like this, though. Far from a measured, or at least semi-measured, reassessment of equity valuations in the context of their profit prospects, investors are now questioning whether, in some cases, companies will remain around long enough to ever generate profits again, and are fleeing. The oil industry, in particular, looks ripe for serious casualties.

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