The US writer Hunter S Thompson once wrote of the “high and beautiful wave” of optimism building in the 1960s on the west coast of the US and that some years later, standing on a hill in Las Vegas and with “the right kind of eyes”, it was almost possible “to see the high-water mark – that place where the wave finally broke and rolled back”.
An appropriately placed observer in Hong Kong or Tokyo might now see a similar phenomenon at work in Asia, for the wave of enthusiasm about the continent that has been building in the past few years in the financial community seems now to be breaking.
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