The news of Warren Buffett's deputy attracted huge attention in China - where Munger said he made Berkshire's best investment.
Investment company Berkshire Hathaway announced on November 28 that Vice Chairman Charlie Munger had passed away at the age of 99 in California (USA). This news dominated Chinese social media today.
Tens of thousands of users have retweeted Munger's quotes on life, markets, and business. CNN reported that there have been 320,000 posts about Charlie Munger's death on Weibo, with a total of 340 million views.
BYD founder Wang Chuanfu, Charlie Munger, Warren Buffett and Bill Gates at BYD's car launch in 2010. Photo: Reuters
Munger often praised China and supported the world's second-largest economy , despite its recent troubles. "Over the next 20 years, China's economy has better prospects than almost any other major economy," he said in an interview with Acquired this year.
"Munger is more than just an investor. He is a visionary. He believed in the potential of electric vehicles and renewable energy long before they became a global craze," BYD's North American CEO Stella Li said in a statement. BYD is a Chinese electric car company that Berkshire has invested in since 2008 and is a fierce competitor to Tesla.
"Charlie's support and guidance have helped BYD become the leading name in clean energy in the world today," said Stella Li.
Munger was behind Berkshire’s decision to invest in BYD in 2008, an investment worth HK$1.8 billion ($230 million). Berkshire now owns 7.98% of BYD, worth $2.4 billion, according to a filing by Berkshire in late October. That’s after Berkshire has sold more than 137 million BYD shares since mid-2022.
“I’ve never done anything as good at Berkshire as investing in BYD. And I’ve only done it once. BYD in China is far ahead of Tesla,” Munger said at a February meeting.
He also recently praised BYD founder Wang Chuanfu as a “natural engineer” and compared Wang to Musk. “He’s better at building real products than Musk,” Munger said in a conversation with Acquired.
The billionaire also frequently praised the Chinese government , despite the country's tightening control over Alibaba, a company in which the Daily Journal has invested. Munger led the Daily Journal from 1977 to 2022.
Ha Thu (according to CNN)
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