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云上岭南 Lingnan on the Cloud
Charlie Munger's last investment insight: China will see a brighter future in economy
来源:羊城晚报 云上岭南 发表时间:2023-11-30 23:33

Billionaire investor Charlie Munger, the long-time friend and business partner of Warren Buffett, has died at the age of 99, according to a statement released by the multinational conglomerate Berkshire Hathaway on November 28th. Just a month ago, Munger had expressed his belief that the future economic outlook of China will be even brighter for the next 20 years.

Munger had talked about China a lot during his lifetime. In his first appearance on the podcast "Acquired" on October 29th, 2023, he mentioned that China will have a better economic outlook for the next 20 years than almost any other large economy in the world. He also said that the leading companies of China are stronger but cost a lot less than the giants elsewhere, which also serves as the reason for him to take the risks of investing in Chinese companies.

He also expressed his optimism towards BYD, describing it as a "tremendous fortune". He acknowledged BYD's value of having such a concentration of talented individuals, saying that it is helpful to solve all the issues about electric motors, acceleration and braking in electric vehicles.

During Berkshire Hathaway's annual shareholders' meeting on May 6th, 2023, Munger used the word "stupid" three times to describe any actions intensifying tensions in China-US relations. He emphasized the importance of a good relationship between the US and China, and of the extensive free trade between the two sides for mutual benefits.

On February 17th, 2022, at the annual meeting of Daily Journal, Munger mentioned the reason why he chose to invest in Chinese companies. He said that every dollar he invested in Chinese companies has its own advantages, and that is because the companies they invested in are stronger but cost a lower price than their competitors. He said, "China is a great, modern nation. We have invested a fair amount of money in China because we can yield more returns here in terms of business strength and securities prices than in the United States." He then summarized the three core reasons for investing in the Chinese market: impressive economic growth, competitive companies, and cheap valuations.

During the shareholders' meeting of Daily Journal in 2021, Munger praised China's automation and the progress it has made. He expressed his astonishment at how rapidly China has eradicated poverty, mentioning the fully automated factories operated by robots throughout the country. He observed that China has entered the realm of modernized countries, which excels at economic management.

In conclusion, Munger said, "I think China has been extremely astute in managing their economy, and they have achieved better results than we have. I believe that may well continue."

Source:Yangcheng Evening News






去年2月17日,查理·芒格出席了Daily Journal年会,谈及为何选择投资中国(企业)时,芒格表示,对中国(企业)投的每一块钱都更有优势。他们所投资的公司相对于竞争对手更强,价格却更低。“中国是一个现代化的大国。我们在中国投资了一些资金,理由是在企业实力和证券价格方面,在中国可以获得的价值比在美国要多。”芒格说。他总结投资中国市场的三大核心原因是:经济增长可观、企业有竞争力和估值便宜。

芒格还在2021年Daily Journal的年度股东大会上称赞中国的自动化和进步。他谈到:“没有任何一个大国能如此迅速地摆脱贫困。我现在在中国看到的一切让我震惊。中国的工厂现在全是自动化的机器人,中国已经迈入现代化国家的行业,而且他们非常善于经营。”


来源 | 羊城晚报•羊城派综合澎湃新闻、潮新闻
翻译 | 洪婷