3 QUESTIONS RAISED HOWTO DEFINE A WELL REGULATED MARKET”? WHAT RELEVANCEA PRICE/EARNINGS RATIO? F INSTITUTIONAL FUNDS ARE A STABILISING FACTOR FOR THE STOCK MARKET. WHY ARE DEVELOPED MARKETS SO VOLATILE?3 QUESTIONS RAISED • HOW TO DEFINE A “WELL REGULATED MARKET”? • WHAT RELEVANCE A PRICE/EARNINGS RATIO? • IF INSTITUTIONAL FUNDS ARE A STABILISING FACTOR FOR THE STOCK MARKET, WHY ARE DEVELOPED MARKETS SO VOLATILE?