Seldom have markets returned so swiftly to the scene of the crime. It does not require much of a memory to recall that a huge range of investments linked to hopes of global growth all crashed together in the second half of 2008.
Oil and metals, currencies of commodity exporters, and emerging market stocks were all part of essentially the same bet. They reinforced each other on the way up and, once US and European investors lost their nerve, they hugged each other as they shot downwards.
At the time, that synchronised collapse looked like the classic bursting of an asset price bubble. Usually, after such an excessive episode, investors stay away for a while. But this time, they are rushing back into exactly the same places where bubbles burst barely a year ago.