It isn't just tech stocks reaching astronomical heights
Another bizarre tale from the Chinese stock market... "Alex Wallis, one of my best comrades and earliest supporters has alerted me to this stock after tweeting to the world (VIEW LINK), it is up 3081% (Thats 4873315% annualized!!) since February. It is ironically a simple plastic umbrella designer and manufacturer, called JC Umbrella and listed in Hong Kong. We have all been tricked in to thinking that only the companies which use the buzzwords: wearables, P2P, cloud, big data, fintech, internet+, e-commerce, internet of things, sharing economy etc etc. were the real high flyers and the best way to make a stock pop! Now its come down to the good old plastic umbrella! Certainly makes me comfortable to be increasing my short equity exposure in the portfolio when things like this are getting taken away in the breeze! At a market cap of $2.7bn and supposed $20m in apparent EBITDA they must have a damn good new umbrella in the pipeline!"