First up FT Alphaville:
This is nuts. When’s the crash?
From Blackrock on Monday:See also Friday's FTAV "This is *really* nuts. When’s the crash?".
BlackRock launches its first China A share ETF for international investors London, 13 April 2015 – BlackRock has today listed the iShares MSCI China A UCITS ETF on the London Stock Exchange, giving its international institutional and retail clients direct access to China’s A share equity market. A shares are mainland China incorporated companies listed on the Shanghai and Shenzhen Stock Exchanges and represent the largest single segment of the Chinese equity market.
They were amongst the best performing equities in the world in 2014, when the Shanghai Composite Index rose 58%. However the direct purchase of A shares is open only to Chinese nationals plus foreign investors able to access a limited number of tightly controlled and regulated channels, restricting access to the market for many....MORE
Today's link reminds me of a post from eight years ago:
...The Amex rolled out the BTK biotech index in October 1991 and a very astute trader told me that was a top, get flat or short of the biotechs. Good call-see chart. The biowrecks fell 50+% over the next three years.
So what does this all mean? I agree with Mr. Gongloff, I think we've got a ways to go before a top in clean-tech and alt-energy. Why isn't the "Cover Moment" or BTK experience operative this time, even though we have another half dozen indices and ETF's since Kang did his piece?
No, it's not because "It's different this time"! It's because the Wall Street marketers are faster to recognize a fad and can create product faster than ever before. The covers and funds and indices hit the market earlier in the cycle. So look for something like this: "INTERNET.COM'S ISDEX, THE INTERNET STOCK INDEX, BREAKS 1,000, A GAIN OF 1000% IN LESS THAN FOUR YEARS"
That tout was dated March 10, 2000. The Nasdaq closed that day at 5048.62, it's all-time closing high.
-Indexes, ETF's and Global Warming, April 17, 2007
