Is China the greatest investment opportunity in the world? Or is it a bubble?

It could be both, as the two often go hand in hand. A decade ago, the Internet represented the world's best opportunity but also its most precarious play.

Now, the China story is undeniably compelling. An economy of a billion people, many of whom are still living in rural poverty, swiftly being brought into the modern world of technology and trade. If growth comes from the liberation of human potential, then China may be the greatest growth story ever told.

Growth means change. Change means uncertainty. Uncertainty means difficulty in assigning rational value to investments. In the face of that difficulty, it's hard to resist letting the growth story sweep caution to the winds. Why not...