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Playing the China Card

Q: If you were to invest in China, what would you go for? What companies are in the forefront?

A: If I wanted a Chinese company, I would start with PetroChina. PetroChina as an oil company would not be overvalued were oil trading in the mid-20s. In other words, with oil in the mid-40s, by any fundamental metric, the stock is dramaticaly undervalued. It has a dividend yield of over 5%, and in case I fail to mention it, its two top shareholders are the Chinese government and Warren Buffett. To the best of my knowlege, Buffett in his entire career has never had a major position in a commodity play such as PetroChina. This is a first for him. My guess is he's not only betting on high energy prices but also, as I said before, a nearly sure long-term uptrend in the Chinese currency. But as I also said before, major international franchises, from Intel to Coke, will also benefit handsomely from strong growth in India and China.

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