21 FEBRUARY 1998, Page 23

After you

THIS WEEK'S contribution to my Bad Investment Guide comes from Jojo Maki, chief portfolio manager at Nikko, which used to be one of Japan's big four brokers. (Yamaichi went under and then there were three.) His country's investors have not got where they are today by sticking their necks out. 'After the region recovers from the financial crisis,' Mr Maki says, 'Asian stocks will double or triple. We'll just wait for everybody else to make new investments, and then we'll get in on it, too.'