I Was Just Noticing....

....that in the spring when the headlines were full of the crises in spain italy and greece some (including our friend James B Stewart of the WSJ) were recommending confining one's holdings to Germany rather than all of Europe to avoid exposure to further financial crises.. Of course the fact that Germany was among the biggest losers in the early stages of the crisis didn't exactly argue in favor of the strategy. It didn't turn out to accomplish much as european stocks recovered this summer either. Here's IEV (europe) vs EWG (germany)