Worrying trend of recycled stories

Much to the chagrin of believers in "value investing", there's no doubt that a good story alone can move prices.

The story can be about fundamentals, such as a patent that could increase a drug company's earnings, or it can be an unexpected event like the Chile earthquake that shored up copper prices over the weekend. Or it can simply be a "greater-fool" fantasy that the party is never going to end.

In a young and volatile stock market like China's, there is no shortage of stories luring speculators onto the wagon and sometimes driving up prices in a spectacular fashion. The interesting thing is that some stories can be recycled and still sell well.