"Petro China is valued at about $440 billion, nearly double its midsummer capitalization. ... Huge valuation gaps between Chinese and U.S. companies exist outside the resource sector, as well. ... It is especially tough to argue Chinese resource companies should command huge premiums over American producers, because oil is a fungible international commodity. ... 'There presumably would be an arbitrage between PetroChina' and Western oil companies, says Kurt Wulff, president of McDep Associates, an independent provider of energy research", Barron's 29 October.
I couldn't have said it better. China looks like a bubble.
I couldn't have said it better. China looks like a bubble.
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