So PetroChina (NYSE:PTR) went public in Shanghai to great fanfare and now the company has a market-cap of over $1 trillion. This gives the company a valuation greater than that of both General Electric (NYSE: GE) and Exxon Mobil (NYSE: XOM) combined. Not bad considering the company has revenues of just 1/4 that of Exxon. With all due respect to the growth of the Chinese economy, this is a bit ridiculous. Can we even believe the numbers they are reporting? We all talk about the lack of transparency in U.S. corporate earnings (see financial stocks of late); it's 100 times worse in China.

The Chinese stock market has had an amazing run, but what comes up must come down. With all the recent IPO's that have skyrocketed, it sure has the feel of NASDAQ 2000 all over again. Then people used to invest if the ticker symbol had 4 letters. Now people will throw money at anything that has to do with China. Irrational exuberance? You bet!

Will the communist government of China allow the stock market to fall before the 2008 Olympics in Beijing? Probably not, but a bubble has been created and investors should better be forewarned.

After months of fighting, Tornante/Madison Dearborn Partners' deal to acquire Topps finally received the approval of the company's shareholders in September.

Now former Disney (NYSE: DIS) CEO Michael Eisner, who controls Tornante, has a plan for Topps. In an interview with the USA Today, Eisner said that he has big plans for Bazooka Joe: "Bazooka Joe is my new Mickey Mouse."

Eisner points out that most movie heroes from the past few years have been old comic book characters: Spider-Man, X-Men, and Superman.

Depending on how you look at it, Eisner is one of two things: a visionary, or an idiot. The problem is that Bazooka Joe is just not as iconic as any of the cartoon characters that have recently had big resurgences. If they put together an amazing movie, anything is possible, but I just don't see anyone flocking to the theater to see the new Bazooka Joe movie -- unless that can get Zac Efron to play Joe. And if they can do that, Efron needs to fire his agent.

His other ideas for the company are more reasonable. Eisner believes that the trading card industry has been taken over by hardcore collectors, and that the company needs to focus on making cards fun for kids again, the original intended market.

One thing's for sure: Eisner has big plans for Topps. And if he can pull even a fraction of it off, the controversial Topps buyout is going to look like one of the greatest fleecings of minority shareholders in recent memory.

You might not have traded the stock, but you certainly traded its products. Topps Co. (NASDAQ: TOPP), maker of baseball cards and Bazooka bubble gum, announced on March 6 that it has agreed to be acquired for $385.4 million by the Tornante Company, headed by former Disney CEO Michael Eisner. Private equity investment firm Madison Dearborn Partners will also join in the purchase if the deal is approved by Topps' shareholders.

And that's when the bubble burst. The deal calls for Topps shareholders to receive $9.75 per share in cash. The problem is that the stock is currently trading above that amount. Topps stock closed at $9.89 on March 8, down $.05. The stock has generally been trading right around $10 per share since the start of 2007. So why agree to sell at below market rate? That is precisely the question asked by Arnaud Ajdler, one of Topps' own board members. Investment firm owns 6.6% of Topps' shares. It, too, is opposing the bid, calling the offer an "undervaluation." Ajdler has also asked the bid to be rejected because it did not follow proper procedures.

Topps board of directors, minus Mr. Ajdler, is in favor of the deal and is recommending shareholders accept the offer. The deal is not dependent on securing any funding. Eisner's Tornante Company would like to have the deal close sometime during 3Q 2007. Topps has a 40 day window during which it intends to solicit additional offers. Perhaps Mr. Ajdler can put together a better offer for shareholders.