The definitive new millennium bubble, namely the NASDAQ Composite Index, peaked on the 10th of March 2000, at a level of 5,132.

Within two years that same index would be trading at just above 1,000. $5 trillion in market value ended up going to money heaven.

History's big stick is flying again.

The Shanghai Composite Index peaked on the 12th of June, at the rather eerily similar level of 5,166.

As things stand it has lost a quarter of its value and over $2 trillion in the space of two weeks.

The Wall Street Journal reports that the 10 worst performing China funds of the past month are 'structured' funds – i.e. they're leveraged index trackers.

The three worst performers, all run by fund managers with less than a year's experience, fell by an average of 77% during the month.