What Buffet Said About China/Hong Kong World Share Market?

Oct. 24 (Bloomberg) -- Billionaire Warren Buffett said investors should be ``cautious'' about China's stocks after the country's benchmark index more than doubled this year.
``We never buy stocks when we see prices soaring,'' Buffett said today in Dalian, northeastern China, where he's visiting a subsidiary of his Berkshire Hathaway Inc. ``We buy stocks because we're confident of the company's growth. People should be cautious when they see prices rising.''

Buffett has sold shares of PetroChina Co., which has risen 76 percent this year to become the world's second-biggest company by market value. China's benchmark CSI 300 stock index has climbed 48 percent since May 17, when Li Ka-shing, Asia's richest man, said there ``must be a bubble.''

Buffett is right about China stocks, whose valuations are too high,'' said Wang Zheng, who manages the equivalent of $500 million at the asset management unit of Everbright Securities Co. in Shanghai. ``It doesn't make sense any more to still play in such a market. It's about time to pull out of it.''

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Its time to sell off some more shares after November. Its time to cash out and rest at home, do anything you want, except buy in share again.