It's tough to find any historical analogues for what's happened in the Kospi in the past 15 weeks. Starting from April, the South Korean index rose 80% in just 10 weeks. But if we just take the past 15 weeks, the closest analogue is a scary one: The dot-com bust in the Nasdaq from 1999-2000. It rose 88% from October 18, 1999 to March 10, 2000, then fell 34% in the five weeks to April 14. That seems frighteningly possible given the nortorious leverage used by South Korean ants.