S-Chips may yet rise from their slumber

Liquidity is a valued virtue for investors. In 2008, I was enamoured of a company that was liquid in every sense.

China Milk, a Singapore-listed Chinese company (known as an S-Chip), was the principal producer of pedigree bull semen and cow embryos.

China's appetite for protein meant that milk consumption was surging. The volume of milk consumed there was just one-20th that of the United States', but China's GDP per capita was a 10th that of the US'.