Selling shovels in a gold rush has long been seen as the sensible way to get rich from a speculative frenzy, although tents — sold by Levi Strauss before he moved into riveted jeans — were almost as good a business.
In the dotcom era investors spent a lot of time looking for technological shovels, and they seem to be at it again, this time in China.
There is little doubt about the bubble in China’s domestic stock markets, particularly in tech-heavy Shenzhen. The Shenzhen Composite’s rise on Tuesday means it has doubled since the start of the year. Of its 1,574 companies, only two are down (one was a victim of the burst bubble in rare earth metals). Valuations have become eye-popping, at 70 times last year’s earnings on average.
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