wasn't doing that. And one of the ways, one of the barometers for that is to see how they valued bank share prices. And I show in the book that the price to book ratios of some of the Southeast Asian markets, the price to book ratios of the banking system, which is a measure of the just the solidity of the banks, but also the profitability of the banks were way above American levels and astronomically high. So the market came to this very, very late indeed for Southeast Asia. But so it was really into the second quarter. Remember, China or Thailand devalues on the second of July. So we were really into the second quarter and most people still didn't believe that this could get beyond Thailand. And that really fascinating thing is Thailand does this on the second of July. It's not until October that it gets to Northern Asia. There was actually a period in the middle where we just said, well, this is all the Southeast Asian nonsense. It's not coming to North Asia. And that was the (54/60)
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