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Dumb Money: 30% Of New Equity Investors In China Have Elementary Education Or Less, Bloomberg Says

We’ve written quite a bit of late about the incredible rally in Chinese equities which we have variously attributed to inflows from the country’s $2 trillion shadow banking complex, a flood of liquidity from QE-lite among other sources, and Crocodile Dundee-style margin debt, all of which have combined to create what BNP recently called a “self-feeding, leverage-fueled domestic frenzy.”

 We now present, with little comment, the following graphic from Bloomberg — on the right is the breakdown of the education levels for new investors and on the left for existing investors…

And this is what they're buying into...

...and this is how they're doing it...