China Bids Farewell to Charlie Munger: Chinese social media is flooded with tributes as news of the passing of billionaire investor Charlie Munger, vice chairman of Berkshire Hathaway, spreads. The 99-year-old, who passed away in a California hospital, was known for his optimistic outlook on China’s economic future, stating that it had better prospects for the next two decades than most major economies.
Munger’s positive remarks about China resonated with the Chinese audience, leading to tens of thousands sharing his insightful quotes on life, markets, and business. The news generated 32,000 posts on Weibo, China’s equivalent of Twitter, with a staggering 340 million views.
Notable figures, including Apple CEO Tim Cook and Stella Li, president of BYD Americas, paid tribute to Munger. Cook referred to Munger as a “titan of business and keen observer of the world,” while Li highlighted Munger’s instrumental role in shaping BYD into a global clean energy leader.
Munger’s influence extended to Berkshire Hathaway’s investment in BYD in 2008, a decision that proved immensely profitable. BYD’s shares held by Berkshire Hathaway, initially valued at $230 million, are now worth $2.4 billion.
Despite Western criticisms of China’s government, Munger consistently spoke highly of it, even amidst the crackdown on tech giant Alibaba, a significant investment for Munger’s former role at Daily Journal.
The mourning on Chinese social media reflects the impact of Munger’s positive stance on China’s future, leaving a void in the business world that many acknowledge with gratitude.
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Our Reader’s Queries
Why does Charlie Munger have less money than Warren Buffet?
Munger’s net worth is significantly lower than Buffett’s due to a few reasons. Firstly, Buffett has always held a larger stake in Berkshire. Additionally, Munger has sold or given away over 75% of his Berkshire stock throughout the years.
What was Charlie Munger’s famous quote?
Having awareness of your knowledge gaps is more valuable than possessing exceptional intelligence.
How much did Munger invest in BYD?
Munger’s preferred stock was Chinese electric vehicle manufacturer BYD. In September 2008, he purchased approximately 220 million shares for Berkshire Hathaway at a cost of $230 million.
Did Charlie Munger go to war?
Munger’s academic journey was unconventional. Despite attending the University of Michigan and the California Institute of Technology, he did not obtain a degree. However, he served as a meteorological officer in the Air Force during World War II. Munger’s determination led him to gain admission to Harvard Law School without an undergraduate degree, and he successfully graduated in 1948.