It feels like 1999 on steroids. Companies with little or no earnings and minimal growth are commanding enormous valuations.
One of the poster children of the era is WiseTech: a truly bubblicious business, led by AC/DC’s former guitar repairman Richard White. White's wealth has ballooned to almost $4 billion, making him currently one of the richest people in Australia.
WiseTech sells software to help freight forwarders and third-party logistics providers manage their business (like a mini SAP or Oracle). It was listed on the ASX in 2016 for $3.35 per share. By September last year, its share price hit a remarkable $38.80, although a critical report by Hong Kong-based hedge fund J Capital saw its share price drop materially.