Alchemy: Magic and gold: we all love it, always have, always will. Investors are no different - in fact, they are the worst: they back their dreams with cash (often other people's).
The dotcom bubble of the 1990s was fuelled by the wizardry of high tech Harry Potter's punctured only when commercial reality, dressed like the little boy in the Emperor's New Clothes shouting "you've got nothing on", burst through.
The market is addicted to alchemy and when Alibaba floats, the markets will scream "Open Sesame" and likely place a valuation of between $150bn - $250bn on the business
We hope you enjoyed the show, magical wasn't it?