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a Chinese gentleman thanked Buffett and Munger for their objective view on China and the Beijing olympics and asked:

Q. We had a group of Chinese CEOs and Chairmen come to Omaha to learn about corporate management from the best. We thank you. My question is, why did you make the decision to sell PetroChina?

A. We made the decision to buy PetroChina when it was valued at $35 billion and should have been $100 billion. Soon after I sold PetroChina became the most valuable company in the world, after they issued additional A class shares. If it came down from current levels, we’d love to own it again, but we thought that the company at $350 billion was no longer priced attractively compared to other oil companies.

I think there are plenty of things we can learn from Chinese managers. There are plenty of American business practices that I would not want to export.

CM: I hope you’ll go back to China and tell them that you met at least one person in America who approves of the Confucian idea of revering elder males.

WB: Well, you might want to dig yourself out of the hole you’re digging by including females.

CM: It was Confucius’ idea, not mine.
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