[填空题] Bears in the Woods
Despite the troubled markets, the world economy is still relatively strong. Just don’t bet your house on it.
The woods and the market
If you meet a bear in the woods, try not to panic or scream; on no account should you turn your back and run. As markets around the world have turned grizzly over the past two weeks, some investors seem to have forgotten the old hikers’ maxim. After three years of big gains, many stockmarkets have dropped by 10% or more in less than ten days. The loudest complaints have echoed around emerging markets and commodities. Europe has surrendered most of this year’s gains. Americans have so far escaped lightly, but they would be unwise to take comfort. Their housing market, the recent rock of their economy, is where a much grizzlier creature lies in wait.
Most investors tend to look first at equity markets---and they have certainly had a good run virtually everywhere. Yet

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