Vindicated! Shanghai loses 5%

29 Jul

Allow me this brief moment to rest on my laurels (I assure you I will only do so for a few minutes!).

Yesterday I asked whether at 26x p/e Shanghai was getting too expensive (see below) .  Today Shanghai closed 5% down at 3226.43 – its biggest drop in 8 months as investors began worrying whether the market rally had outpaced growth in earnings.

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