HSBC’s Stephen King offers his Top 10 Beliefs Strongly Held in 2007 Which Now Turn Out to Have Been Hopelessly Wrong” (via The Independent).

Belief No 1: Inflation targeting delivers prosperity and stability.
Belief No 2: Japan screwed up but the West knows better
Belief No 3: Governments don’t default
Belief No 4: Globalization is good for everyone
Belief No 5: Equities are a good long term investment
Belief No 6: The emerging world cannot decouple
Belief No 7: Markets work
Belief No 8: Global markets trump national states
Belief No 9: House prices always rise
Belief No 10: Nothing can travel faster than the speed of light

Full article here.          

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