The World's Biggest Bargain Basement
Newsweek, June, 2007
Globalization has transformed Russia, India and China--all formerly bastions of state control--into beacons of helter-skelter capitalism and entrepreneurship. But the same forces that are stripping governments of their assets are turning those same governments into powerful private-sector investors. And now they're buying American. General Electric recently sold its plastics unit to Saudi Basic Industries Corp., which is 70 percent owned by the Saudi government, for $11.6 billion. On May 20, the private-equity firm Blackstone Group announced that China's State Investment Co. was buying a 10 percent stake for $3 billion.
Are they profiteers or suckers? This phenomenon presents opportunities for Americans. In a long-running bull market, such as the one the U.S. is...
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