On the way

No bubbles, no gain . That's the rule of capital market.

What is more possible to happen ? A company's earnings growth CAGR 100% for three years or CAGR 50% for 10 years ? If either , then why earnings mutiple deserves 100 times ? A GEM is the celebrating party of Private Equity Fund , and nightmere for the secondary market.

In Shanghai , year of 1998 my parents paid 20k for apartment around 100 sqm^2 where four families , grandparents , my two aunties' and mine lived in for already fifteen years to the government . Eleven years later , in 2009 May , we paid 100 times more than that for a similar sized apartment , much modern neighbourhood , of course , but to be delivered in one year to the commerialized government.

But the world needs bubbles. Europe lagged behide the US in internet development , one of the reasons is the less advanced capital market . It is government's administration decision whether to over capex at this stage to stress the determination on carbon dioxide emission cut .