In the aftermath of Hurricane Katrina, US investors dumped international stocks and reduced their risk exposure in a change of sentiment so violent that it draws comparisons with the LTCM and Russian crises of 1998.
For most of the year investors have shown a healthy appetite for risk. US investors have been particularly keen, increasing their exposure to equities in general and international equities in particular.
In September, however, US investors had a dramatic change of heart.
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