It’s tough to square PetroChina with the “buy what you know” mantra that has helped make Buffett the world’s second-richest man. This is a guy who for decades has mainly stuck to businesses in his own backyard. Investors hoping for an explanation at Berkshire Hathaway’s annual meeting in May didn’t find one. “We think we understand the oil business in China reasonably well,” Buffett said. “We don’t make any great judgments about China.” Countless investors have been burned over the years betting against Buffett. Still, some China analysts question the move. “There must be some other reason for
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