The business media is abuzz with the activity over the last 18 hours. Stock markets around the world saw diving figures, with Chinese Internet and technology companies feeling the brunt of things.

Perry Wu puts things in order on our site today, and  John Dvorak has one of the better write-ups in the foreign press. Though I agree 100% with most of Dvorak's stuff, one big thing rings not right in his piece:

"China does not have a long history of mail order and an evolved delivery infrastructure like we have: UPS, FedEx, DHL, the U.S. Postal Service, messenger bikes, newspaper delivery, trucks, etc."

One of the nice things of living in China is that over the last 10 years I've been here, I can quickly send stuff anywhere in the country via the EMS system. There are delivery people of all sorts, and somehow things always get delivered very, very quickly. And sending things from China overseas is also very efficient and China Post provides a website where I can track packes–just like FedEx. I think Dvorak's info comes second-hand, and relates to either things 20 yeara ago, or to specific situations that are incorrectly attributed to the entire postal system.

But for Chinese tech stocks, I think all the recent market activity attests to people being stock traders and not company investors. There is a difference between being an investor willing to ride the bumps and a day-trader intent on flipping stock.