Henry Blodget Doesn't Like Chinese Internet Stocks

From Slate.com: Go Work in China, Immediately. But don't buy any stocks from there.
By Henry Blodget

"If one were able to invest in the growth of the Internet in China, instead of in individual companies, this would be a much safer bet. China has, by and large, missed out on the worldwide development of the television, radio, film, and newspaper industries, so the Internet should rapidly garner an even larger share of media and communications usage and spending in China than in the West. This said, the China Internet leaders do not appear to be as dominant as, say, Yahoo!, eBay, and Amazon were at the beginning of the industry's development in the U.S., and the Internet is a winner-take-most game. The "Yahoo! of China" and "Google of China," in fact, might end up being Yahoo! and Google, which would make Sina, et al., the equivalents of Lycos and Excite. So, unless you are willing to construct a diversified basket of stocks that tracks the growth of the Internet medium in China, as opposed to particular companies, you should just hang on to your wad. "

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China Net Investor: Henry Blodget, the disgraced bubble-era analyst, is now a columnist for the online magazine Slate. He has written recently about business and investment in China: Go East, Young Man Where's My $58 Million, Madame Wu? Caged Hedgehogs, Car Smugglers, and Guanxi The Real "Great Leap Forward" What To Do in Shanghai … The Empty Village How To Solve China's Piracy Problem The Best China Investment Strategy