Deutsche Bank points out that there are school uniform and ketchup manufacturers trading on 300-times earnings. China’s technology stocks are trading at twice the levels of American ones at the peak of the dotcom boom. Almost one in five stocks is on a PE ratio of more than 100. That is probably crazy. The Chinese are inveterate gamblers, who seem to think the stock market should basically be a casino, so it would hardly be surprising if the mania for equities got out of control. Parts of the market may already be there.
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Deutsche Bank points out that there are school uniform and...
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