With the dollar down 9 percent against the mark, German investors are also hurting.

It is the largest German investor in shopping centers, and the country's only publicly traded company to do so exclusively.

Individual German investors who get in on the offering will pay half a mark (about 33 cents) a share less than others.

"German investors are showing at first sight a perhaps somewhat surprising preparedness for risk," the central bank has said.

And professional German investors have turned up their noses at their home market.

German investors have suffered through other shocks as well.

Stay-at-home German investors saw their holdings fall 34.4 percent.

That is beginning to change, to the irritation of individual German investors who only recently began to put their money into stocks.

An infusion of capital from German investors enabled him to proceed with the film.

Indeed, a Japanese or German investor would wonder what bull market this article is talking about.