Almost nobody can resist the allure of a market appreciating at triple digits. The rapid increase in the Chinese equity market is driving up global valuations. Even index players are getting into the game. FTSE, the index provider for the popular Vanguard Emerging Market ETF (VWO) has decided to include Chinese A shares in its indexes–further proof that owning a market-capitalization weighted index may be a poor investment strategy. The tech and small cap heavy Shenzhen exchange trades at a price to earnings ratio of 50x. The Shanghai exchange trades at at 33x, and the Hong Kong exchange is at 20x.