It happened again yesterday…
A whole bunch of ASX small cap stocks hit 52-week highs.
Unlike years gone by…
When these companies were typically highly speculative mining exploration stocks…
Whose light would shine brightly for a few weeks before crashing and burning, often leaving you sitting on tens of thousands of largely worthless shares….
Many of today's high flyers are technology companies.
And it's happening again today…
Regular readers may remember me saying just 3 weeks ago that I'd already more than doubled my money on software company GetSwift Ltd (ASX: GSW).
It took me just 6 weeks to double my money.
Today, the GetSwift share price is hitting yet another all time high. At the rate things are going, by the end of the day I may be sitting on a treble.
All this in about 10 weeks.
I've been in this game long enough to know not to count my money at the table.
GetSwift is just about the hottest stock trading on the ASX now — its share price has rocketed a barely believable 890% higher in 2017 alone.
When stocks go hot, and hot money chases them, regardless of the fundamentals of the underlying business, the sky can be the limit.
But, just as quickly, hot money can go cold. Today's bright new toy becomes tomorrow's rubbish dump.
I wouldn't be buying GetSwift shares today.
Sure, it's an exciting story — GetSwift aims to streamline a company's logistics through its innovative platform by optimising delivery routes, automating the dispatch process, and providing real-time tracking alerts. In the second-quarter the platform handled a record 729,626 deliveries, up 46% on the prior quarter.
The bottom line is GetSwift has a lot of work to do to grow into its lofty valuation.
But…
What the GetSwift story does show you is what's possible with small-cap ASX tech stocks. Companies growing like gangbusters such that the sky could be the limit.
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