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hi good morning mr buffett and ms monger my name is stephy u from horizon insights a china focused research firm based in shanghai so i have a lot of mutual fund clients in china who are very young relatively younger and they manage a smaller portion of funds so my question is if you only have one billion dollars in your portfolio today how would you change your investments would you consider more investment opportunities in emerging markets such as china thank you yeah i would i would say if if i were working with a billion i would probably find within a 30 trillion dollar market in the united states where i understood uh things better just generally than i do around the world i'd probably find and find opportunities there that would be better incidentally by some margin than what we can find for hundreds of billions uh but i wouldn't there's no way i'd rule a lot of emerging markets there was a time 15 years ago or so uh when just because it was kind of interesting and it took me back to my youth i on a weekend i went through a directory of korean stocks and i i bought and these were small stocks uh well they were small by standards of of either korean or american business they were big big companies but i found 15 or 20 and they were statistically cheap and bought some of each one myself and and there are opportunities with smaller amounts of money to do things that we just can't do and but i my first inclination always would be to comb through uh things in the united states and and uh but i'd come to them in other countries i probably wouldn't get into buried very small markets because there can be a lot of difficulties even in market execution and taxation a lot of things you can find if you can't find it in you know in america and china and britain and a few other places you probably aren't going to find it someplace else you may think you found it but there may be it may be a different game than you know our problem is size not geography charlie well i already have more stocks in china than you do as a percentage so i'm with the young lady okay well you can you want to name names or these stocks have names or no i don't carol um this question i should just add one thing you will find plenty of opportunities in china charlie would say you've got a better hunting ground than even a person with similar capital in the united states would you agree with that yes i do yeah yeah so and in a sense it's logical that should be the case because it's a younger market as but still a large market so that that markets probably work toward efficiency as they age japan had this very strange situation with warrants being priced out of line and all of that 30 years ago and it people notice after a while it disappears but there can be some very strange things happen in in marcus as they develop i think you'd agree with that charlie when you absolutely yeah
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