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...but what's going on in China is a special kind of stupid
One way or another, China is going to wreck the party. It's only a question of when the debt-filled red balloon pops.
Stories like this lead me to believe it will end in some unimaginably stupid way:
Bloomberg reports that shares of a company called Guizhou Red Star Developing Co. mysteriously rallied 33% this week. Nothing surprising there but what's terrifying is that there was no news behind the move. The rally came after one of the main (fictional) characters in a popular Chinese TV show bought a (fictional) company called Redstar Group in a recent story arc.
"I don't think many do very fundamental bottom-up research as one might do in the west," Michael Wang, a strategist at hedge fund Amiya Capital in London said, noting that 80% of mainland China is done by retail investors. "They see the equity market a little like playing the lottery."
Maybe I'm deluding myself into thinking that it's better anywhere else.
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