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In contrast, Ford is weak in most developing markets, including China and India.
In Asia and most developing markets, a very small percentage of smartphone users have entered their credit card information into Google Play for app purchases – in fact, most do not even have credit cards!
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In most developed markets the equivalent figure is more than 100%.
That is being demonstrated, they say, in most developed markets as well as in emerging markets like China.
Samsung, the world's largest smartphone manufacturer, is locked in a battle over the floating votes of smartphone buyers with Apple in most developed markets.
Cash continues to provide a return of close to zero in most developed markets and there is no sign of an increase in interest rates.
The one change was that in accordance with disclosure policies in most developed markets, a new "risk" was added to the offering documents of many Indonesian bonds.
At the same time, PC sales have been in decline for years, while smartphones have reached at least 80% saturation within most developed markets and have become the sole point of access to the internet for many in developing nations.
Between 1979 and 2009 this "carry trade" delivered a positive return in every year bar three.Now that nominal interest rates in most developed markets are close to zero, there is less scope for the carry trade.
Adding up other forms of debt financing, Credit Suisse estimates that credit-financed share purchases have reached as much as 9% of market capitalisation, five times higher than the level in most developed markets.Even so, the effect of a correction on the economy will be less dramatic than the bursting of a similar bubble in America or Europe.
The best estimate for the future return on cash and government bonds is the current yield and, in most developed markets, that yield is at, or close to, an all-time low.Equities might well perform rather better than bonds over the coming decade, but caution is in order there too.
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