Since peaking on October 16, 2007, China's Shanghai Composite has fallen 40.8% over a period of 109 trading days. To put these losses into perspective, we plotted the Shanghai Composite's declines along with the declines of the S&P 500 during its nasty bear market from March 2000 to October 2002. As shown below, the S&P 500 didn't hit -40.8% until the index was very close to its bottom in 2002, and at its low, the S&P 500 was down 49.1%. It's hard to get a true feel for the current sentiment in China since we don't live there, but one has to assume that recent months have been very, very painful -- especially for those that were the last to open one of the record 100 million brokerage accounts reached last year.
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