Something Wicked This Way Comes?

(1) Another anxiety attack. (2) Will tapering trigger an EM-led contagion? (3) From East Asian EMs to US subprime mortgages to EZ-PIIGS. (4) Message from a friend in UK. (5) Less irrational exuberance in P/Es. (6) Are investors turning too pessimistic on revenues growth? (7) Is it different this time for profit margins? (8) Risk to margins may be weak pricing rather than rising costs. (9) Focus on overweight-rated S&P 500 Financials.