Warren Buffett Sells PetroChina Stake
As yet more confirmation that China’s stock markets are quite overvalued, Warren Buffett has sold at least 70% of his stake in PetroChina – and it is possible that Berkshire Hathaway’s (the company Buffett runs) stake in PetroChina is already down to 0 shares.]
Warren Buffett Sold PetroChina Stake Since it Was Overvalued
With about a 600% pre-tax gain, it’s pretty obvious that he sold because the stake had long run past its intrinsic value (a term made popular by Buffett’s long term friend & teacher, Benjamin Graham), despite claims to the contrary.
Note to Petro-China Investors
There are better priced oil companies to stash your money in than PetroChina these days.
