Charlie Munger: Alibaba Is The Investment Bargain Of The Century (BABA)

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멍거는 중국 리스크보다 가격 대비 기업 경쟁력을 이유로 알리바바에 투자하는 것이 정당하다고 주장한다. 중국 정부의 투자자 규제 강화로 중국 인터넷주가 흔들렸으나, 멍거는 중국이 정책을 되돌리는 조짐이 있다고 봤다. 미국과 중국의 긴장은 상호 무익하며 우호 관계가 바람직하다고 강조했다. 핵무기 억지로 대규모 전쟁이 없었던 점을 평가하고, 국지적 충돌에서 정치 지도자들이 강경함을 과시하는 것을 어리석다고 비판했다. 알리바바는 애플·알파벳만큼 지위가 확고하지 않으며, 인터넷 소매 분야도 경쟁이 치열할 것이라고 평가했다. 잭 마의 공개 비판은 중국 체제에서 오만한 행동이었다고 지적했다. 중국의 경제 운영 성과를 높이 평가했고, 로봇 공장 확산 등 중국의 현대화를 긍정적으로 봤다. 이 영상은 개별 자산의 1~3개월 가격 방향에 대한 예측 발언이 없고, 장기적 투자 견해와 정책 평가가 중심이다.

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01. well those are good questions and there's no question about the fact that that the government of China has worried the investors from the United States who invest in China more in recent months and years than he did in earlier periods so there's been some tension and it's affected the prices of some of the Chinese stocks particularly and uh internet stocks just in the last day or two in the Chinese leader has sort of reverse coursed on that and said he went too far and he's going to pull way back and so on and so on so we're having some hopeful signs but yes there are more difficulties invest in I mean dealing with the regime in China that there are in the United States and it's different it's a long way away and they've got their own culture and their own loyalties and so on and so on and the reason that I invested in China is I could get so much more so much better companies it's it's so much lower prices and I was well when you take a little political risk to get them to get into the better companies the lower prices other people might reach the opposite conclusion and everybody is more worried about China now than they were two or three years ago so that's that's just the way it is I have nothing to add when you buy Alibaba you do get a sort of a derivative but assuming there's a reasonable honor among civilized Nations that risk doesn't seem all that big to me well we did a very very simple reason we got more strength per dollar invested in China the companies we invest in are stronger relative to their competition and priced lower that's why we're in China well like Chinese government is worrying all the capitalists in the world way more than it used to and of course we don't like that and we wish that China and the United States got along better and if you stop to think about it I think about massively stupid both China and the United States have been they'll allow the existing tensions to arise what bad is ever going to happen that China or the United States if if we two are close if we make good friends out of the Chinese and vice versa who in the hell is ever going to bother us of course we should make friends with China and of course we should learn to get along with people who have a different system of government yeah it we like our government because we're used to it and it has advantages of personal freedom China could never have handled its life with a government like ours they wouldn't they wouldn't be in the position they've they're in they had to prevent 500 million or 600 million people for me born in China they just measured the women's menstrual periods when we came to work and aborted those who we weren't allowed to have children you can't do that in the United States and it really needed doing in China and so they did what they had to do using their methods and I don't think we should be criticizing China which has terrible problems because they're not just like the United States they do some things better than we do they should like us and we should like them so I'm I'm totally I think nothing is crazier than people who foment resentments on either side of that one well I have no Insight that's any better than anybody else on that one most of these things in the days when both parties have huge numbers of hydrogen bombs get resolved because the alternative is so awful that even an idiot can see that the question ought to be resolved that's the way it's worked so far and I hope it keeps working that way we live in the Parks nucleiana we've gotten an absence of world wars for a long time because we had these nuclear weapons it's been a blessing to humanity but it does make you nervous every once in a while and it's quite irresponsible when the when the leaders in the Modern Age get over tensions over border incidents and so forth the political leaders on each side are trying to make points with their own constituencies by showing how tough they are that is massively stupid on both sides Warren like many other intelligent people likes to invest where he's personally comfortable for some reason I'm more comfortable with the Chinese than he is that's a minor difference and but I have all kinds of places where I'm just like war and I have all kinds of things where I'm not comfortable and I just don't go in near them I think an old guy is entitled to invest where he wants to invest in I don't think Alibaba is as entrenched as something like apple an alphabet I think the internet is going to be a very competitive place even if you're a big internet retailer he asked Mr Munger is a champion of Chinese stocks How concerned is he about Chinese government interference as seen recently with ant Financial Alibaba and Mr Jack ma what for example is to stop the Chinese government from Simply deciding one day to nationalize byd well I consider that very unlikely and I think Jack ma was very arrogant to be telling the Chinese government how dumb they were and how stupid their policies were and so forth considering their system that is not what he should have been doing and no I don't I don't I don't think that I I think the Chinese have behaved very very shrewdly in managing their economy and they've gotten better results than we have in managing our economy and and I think that that will probably continue and sure we all love the kind of civilization we have I'm not saying I want to live in in China I prefer the United States but I do admire what the Chinese have done how can you not do it nobody else has ever taken a big country out of poverty so fast and so uh and what I see in China now just staggers staggers me there are factories in China that are just absolutely full of robots and they're working beautifully they're no longer using peasant girls to beat the brains out of our little shoe companies in America they are joining the modern world very rapidly and they're getting very skillful at at operating