I’ve been hearing a lot about the “China Bubble” over here. Well, you know that’s what it is—it’s just talk—China Bubble talk. The companies represented in the U.S. markets that are based in China are fundamentally very solid companies. They’re not trading at extraordinary P/E’s. Most of the companies in our portfolio are trading below a P/E of 10. The average P/E for the S&P over the last 20 years is about 17.
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