Strange comment in this week’s Barron’s from Arjun Divecha, a Partner at Grantham, Mayo, Van Otterloo:

“… if you are Dell and you are selling most of your new business to China or India or places like them, why should somebody pay a higher P/E for your stock relative to some Chinese PC maker’s? The quality of earnings at U.S. companies used to be different than the quality of, say, a Chinese company’s earnings, but today they are basically starting to converge.”

Does he mean that Dell’s earnings quality is as shifty as any Chinese PC maker’s? A convergence of bad financials?