Friday, October 12, 2007

Party Like It's 1999

"The Chinese stock market for new stock offerings is starting to look a lot like the U.S. in the late 1990s. ... The average first-day return for Chinese IPOs in 2007 is 192%, according to data from Thomson Finance. ... 'I think there's a bubble,' says Uri Landsman, a senior portfolio manager at ING Investment Management. ... Shanghai's benchmark Composite index is up 121% so far this year", WSJ, 12 October.

Uri Landsman said it all.

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