WiseTech Global CEO Richard White (Image: AAP/Brendan Esposito)

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.