Charlie Munger defends windowless dorms and China investments | CNN Enterprise

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New York
CNN Enterprise
—  

A dialog with 98-year previous Berkshire Hathaway vice chairman Charlie Munger is rarely uninteresting.

Munger talked about his causes for investing in China, how he nonetheless hates bitcoin and why windowless dormitories aren’t as dangerous as folks make them out to be in a wide-ranging chat on the annual meeting for Munger’s newspaper writer Each day Journal

(DJCO)
in Los Angeles Wednesday,

One of many first questions for Munger was about China. He was requested how he can belief the financial knowledge that comes out of the communist nation, particularly since different high buyers, resembling DoubleLine’s Jeff Gundlach, have shunned China. Gundlach has referred to as China “uninvestable.”

Each day Journal owns a giant stake in China’s Alibaba

(BABA)
. Munger stated in Wednesday’s assembly, which was streamed exclusively on Yahoo Finance, that he sees extra worth in China than within the US inventory market and praised the nation for being a contemporary nation.

In a while through the assembly, Munger stated former Chinese language paramount chief Deng Xiaoping was one of many world’s best leaders as a consequence of financial adjustments made throughout his tenure that opened up the nation to the West, modernized China and helped scale back poverty. (Xiaoping, nonetheless, was additionally the chief through the lethal 1989 pro-democracy protests in Tiananmen Square.)

Munger additionally continued to bash bitcoin

(XBT)
and different cryptocurrencies, investments that each he and Berkshire Hathaway

(BRKB)
CEO Warren Buffett, have performed for years.

He stated he had no regrets about not investing in bitcoin, although cryptocurrencies are actually a virtually $2 trillion market. Munger stated he was proud he’s averted bitcoin and in contrast it to a “venereal illness.”

One other Each day Journal shareholder requested Munger if he had any perception as to who made the choice at Berkshire Hathaway to invest in Activision Blizzard

(ATVI)
within the fourth quarter of final yr, simply weeks earlier than Microsoft

(MSFT)
introduced a nearly $70 billion acquisition of the online game maker.

Munger had no remark however he then praised Activision CEO Bobby Kotick, even though Kotick has been criticized for a sexual harassment scandal on the firm.

He additionally took a potshot at individuals who criticized the windowless pupil dormitories at colleges the place Munger has donated cash.

Munger defended the choice to construct housing with out home windows by saying that there are numerous rooms on cruise ships that haven’t any home windows. He stated the architect who complained in regards to the design was an “ignoramus.”

Traders might have one other probability to listen to Munger’s ideas in a couple of months.

Berkshire Hathaway is planning to have its annual shareholder assembly on the finish of April in Omaha and Munger expressed optimism that he and others will be capable of attend it reside, regardless of lingering considerations in regards to the Omicron variant of Covid-19.

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