We began our first note of 2011 with the prediction that
Australian-based investors should not overly worry about 
the US (for now) but should pay great attention to events in China and Europe.
This has proved to be the case as a slowing Chinese economy has weighed heavily on our resources-dominated share market and Europe has lurched from one crisis to the next.
One of the most common questions we receive is why the Aussie share market has so dramatically underperformed the US and even, Heaven forbid, Europe.
After all, isn’t this a European and American problem?
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