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And You Thought You Had Alternatives in the Portfolio

From the Grants Interest Rate Observer:

P.P.S. To root out speculative excess, a periodic mission of the Beijing financial police, is easier said than done in a country with more than 1,000 exchanges (SunSirs, a research boutique that focuses on Chinese commodity markets, took the census). Among this host of investment venues is the China Donkey Exchange, of Dong’e county in Shandong province. It’s the place to go for donkey skin (used to treat anemia in traditional Chinese medicine), or for a punt on the entire donkey. Evidently, there has been heavy buying, as exchange-enabled donkey trading “has inflated prices for donkeys so much that families that depend on them can’t replace their donkeys,” so Mike Baker, CEO of the Donkey Sanctuary, is quoted as saying in a March 29 Bloomberg dispatch.

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