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The question that cued this up, alas, would take a long long time to answer.

Rest assured that we look at Chinese stocks pretty much every day.

And we appreciate the opportunities in China.

But we need to remember that the fate of a company is not the same as the fate of a shareholder. In other words, a company can be a great success, but if shareholders buy that company at the wrong price, they may get a sub-par return.

It's not just what you get, alas, it's what you pay. And right now, people are paying through the nose for just about everything in China.

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