Lots of good stuff from FTAlphaville on the Shanghai bust today starting with Goldman:
Yes, it’s a major bust. For more comparison we turn to Deutsche at Zero Hedge:
The ascent was very similar back in June and now the decline is pretty much on exactly the same path. So the NASDAQ ’99-00 has almost been like having a stock almanac for the recent Chinese experience. It reminds me of Back to the future II where Biff steals the time machine to take a sports almanac back to his younger self in order to make millions betting on these events. A great film. Although having only watched it recently again, I was amused to note it largely takes place in 2015 and everyone has flying cars. So perhaps the pace of technical change is not as great as was anticipated back in the eighties!