China's Stock Market Sure Looks Like a Bubble

China's housing bubble is starting to pop, so, right on cue, its stock bubble is starting to re-inflate.

Now they're nowhere near their 2007 highs—in fact, they're barely halfway there—but Chinese stocks are still looking plenty frothy right now. They've actually, as BNP Paribas' Richard Iley points out, been the world's best performing asset class the last nine months, up almost 80 percent. And that's despite the fact that China's growth has slowed to a 20-year low and its industrial profits just fell 8 percent.