Less than 2 months ago we highlighted the effervescence of Dubai's equity markets when a "shell" of a company with no actual operations (but big plans) was 36x oversubscribed. We asked at the time if investors would ever learn... and it seems just weeks later, that a few are getting the joke. Dubai's General Financial Market Index is down 20.3% - a bear market - since just after that exuberant IPO hit the market. Is Dubai another leading indicator on the world's slowly rolling dissatisfaction with various asset classes?

Charts: Bloomberg