The Financial Post reports in its Saturday, Sept. 23, edition that despite an overwhelming sense of dread overcoming most investors, with continued worry about a recession, inflation and interest rates, there are signs that greed might be returning. The Post's guest columnist Peter Hodson writes that now, greed and worry do not necessarily match, but greed is always prevalent, somewhere, in any type of market environment. He points to Vinfast Auto, a $41-billion Vietnamese electric-vehicle company that delivered a whopping 9,535 vehicles in the second quarter. Mr. Hodson notes that all things EV are hot, and, after a pulled initial public offering last year, the stock finally got listed this year. From a low of $9 (U.S.) in early August, it soared to $93 (U.S.) by the end of August. At that level, it became the second-largest automaker in the world, behind only Tesla. Mr. Hodson, in jest, says investors got themselves into a frenzy.
He says greed, for a while, was back. The only positive here, according to Mr. Hodson, is that reality at least set in -- quickly. Following news of more insider selling, Vinfast's stock is now $18 (U.S.) down 81 per cent from its peak less than a month ago.
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