Although I think of myself as a contrarian, every once in a while, I find myself affirming the “prevailing wisdom”. Right now, I find myself in agreement with the bearish mood prevalent in global equity markets. In particular, I’m bearish about Chinese stocks: in my book, they deserve a thorough thrashing.

So I was heartened by the recent announcement that ProShares has just launched an exchange-traded fund (ETF) in the US that allows investors to make money if Chinese stocks tumble.