HSBC Holdings PLC is one of the leading banks. But the business that they are in is just lousy. Take Swire, for instance. Investment property just looks horrible. Let's move across the road to China.
China devaluing is the last great shoe to drop.
If that is out of the way, things can begin to improve. Until then, the anticipation will hold the markets back. It is inevitable. You have to bank on it in the next 12 to 18 months. Between 10 to 15 percent.