On Aug. 5, we awoke to a market upside-down. Japanese stocks, so strong this year, had crashed, literally crashed, down 12%, a hideous decline, worst since 1987. Oddly, there was nothing wrong. The yen had strengthened, forcing investors who had borrowed yen to buy our stocks and others around the world to put up more capital. The margin calls of the traders who had borrowed the yen reverberated around the world.
An old investing rule has let me down recently. But Starbucks' CEO switch shows it's not completely dead
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