Such inconsistencies have led even chinese investors to chase shorter-term gain, often by buying whatever stocks are popular at the moment. Speculative mom-and-pop investors account for the majotity of trades. Local stock funds, whose investment represent less than 20% of china's market's capitalization, tend to buy shares of quickly growing business, even at sometime exorbitant prices. High turnover of the holdings within local funds suggests that mainland money managers pay little attention to value investing.