When we constructed the Finance Asia Composite Internet Index Facix at the start of the year, the internet bestrode the investment firmament like a god. Our index began the year at 1000 and saw some heady times. It contains 57 stocks, although the weighting is skewed towards big stocks such as PCCW.
Today, it is a dog definitely not a god and heaven help any investor who sought to track it. Today the index is at 172 and is down 83% on the year.
This makes our index easily the worst performing in Asia. The only other index that can touch it is the Kosdaq Composite Index which is down 67% - and...
