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if you invest the way people gamble in casinos you're not going to do very well it's the long-term investment that works best but if you like the action of investing and sometimes winning sometimes losing just like when they gamble in the casino those people are not my people I like the long-term investors who figure out something that's going to work over the long term and buy that and the sooner the Chinese people gamble less and invest patiently for the long term more the sooner they will do better the world is full of foolish gamblers they will not do as well as the patient investors well I think it can be learned to some extent and to some extent you're born with it there's a saying in America they go a long attention span they can keep their mind on a game or an activity for a long time until they've solved it and the Chinese do have a long attention span and that is a hugely desirable quality because you're more likely to get the right answer if you think deeply and hard about a subject for a long time and it's odd that a group of people who are so good at having a long attention span like to gamble so much which is quite counterproductive a lot of people think there is such a thing as truth in the markets that the market is going to tell you something just by bouncing around that is not the way Berkshire Hathaway or Charlie Munger invests money we have a view as to what the intrinsic value is of what is being traded and we only buy it when we think it's worth more than we're paying so we're trying to make a long-term investment by waiting for something to be underpriced and then buying it and we don't give a damn about all these gamblers in the market to me they're just so much froth and it's a foolish way to spend your time if you want to get rich the Chinese market is going to create a lot of successful investors if you look at Hong Kong which has been full of Chinese people enmeshed in a capitalist order with a good Securities Market that is going to spread all over China and increase in respectability and size for decades ahead I anticipate that China's security markets and investing practices will get better and better for a long long time there'll be fluctuations to be sure but the long-term Trend will be more achievement more respectability and higher prices the Chinese who've gotten rich in Hong Kong over the last 50 years are not the short-term Traders and the gamblers it has been the long-term investors who sought out good long-term Investments and stubbornly held them for long periods of time and just as that worked for the Chinese and Hong Kong it'll work for the Chinese on the mainland it's not the short-term gambling it's good it's the identifying the good long-term investment and sticking with it for a long time my Berkshire Hathaway stock cost me 16 a share and it's now selling for almost three hundred thousand dollars a share that's been a very good investment it took a long time and it was a long-term investment where I liked the people I was investing with and I liked the companies I was investing in I just sat there for more than 50 years and lo and behold it's worked out very well and there are lots of stories like that lilu and I have been investing together in China for what 15 years and we have bought a lot of Securities and we sold very few I have not made very many bad Investments it's uh they've been small and not very many I don't have many bad Investments neither does laylu basically the mongers have three stocks we've got Berkshire we've got Costco and we have an investment in Lee Lewis partnership three things and well along in my 95th year three things you don't need to own a lot of different things to get rich the New York Times just wouldn't ask me why are these people in China so interested in Berkshire Hathaway and Charlie Munger I know it's very peculiar it is very peculiar partly the book did it but why do they Chinese like that book I think the answer is that it sounds Confucian China has a deep confusion ethos they want people act modestly even though they're rich and Powerful they want people to constantly keep learning and to behave with dignity and reason and improve as they get old and keep working those lessons are not confined to one country it just happens that Warren Buffett and I act like a bunch of people who take Confucianism very seriously that's why they like us they know I like books so he'll give me so many books they either skim or read through 20 books a week no I I get lots of books I read a lot of biography and some history I read almost no fiction he asked me what other reason for the reason that we're suddenly popular in China and I said there's one more reason is that Warren and I really like the Chinese and of course everybody likes people who like them so that's what happens now you say why have the Chinese gotten so popular with a couple of Omaha boys it's something that a lot of Chinese don't understand if you look at China with the Viewpoint of a United States citizen here is what you see the Chinese first came in here they're trying to build the Sierra the Transcontinental Railroad in the winter through horrible passes in the Steep mountains and nobody could do it it was impossible people were dying and they just it was just too hard so they brought in like 50 000 Chinese coolies where in those days practically slaves and they took those cookies up into the mountains in the winter there you build a railroad and they did and the Americans couldn't do it by themselves well that course made a very favorable impression we'll fade in Fade Out and now we've had all this immigration of Asians Chinese Japanese Korean Vietnamese so on and what are those Asians done in America well they've come in and rapidly become doctors lawyers professors businessmen and so forth and succeeded mightily and if we go to our symphony orchestra which didn't used to have any Chinese in every instrument that's hard to play and takes unlimited practice you look up from the instrument there's a Chinese face of course we find people popular who are succeeding so much in our country and they're not causing a lot of trouble they're just succeeding and so naturally we like the Chinese and I don't think the ordinary person on the mainland China understands what an image of success China has in the United States because the Chinese Americans have done so well here and the most extreme thing of all that nobody could have anticipated nobody ever talks about it and you should talk about it in your magazine it's because there was so much poverty in China and it was so overpopulated if an American couple were unable to have children of their own they could always go to China and adopt a Chinese girl from a very poor family so in every important city of America people soon learned they got better babies taking The Unwanted Chinese girls from the remote Chinese Farms those babies on average worked out better than have had their own children and so everybody wanted a doctor they don't want American jail they want a Chinese girl and of course all those girls worked out well and most people in China don't realize how extreme that's been it's happened in every American city every American private school is full of the discarded Chinese girls from the Chinese Countryside and they're getting all A's and winning the prizes and of course it makes a favorable impression that you should write about it because every city is full of these adopted Chinese girls being raised by American families and they're spectacularly successful even though they come from a background of poverty so it's just dramatic and it's all over America you go to Northern Minnesota they're these Chinese girls and they're playing the difficult instruments in the orchestra I think there's more value for the investor in the you'll buy the best companies in China are the best companies in the United States I think the current prices the best companies that China are selling cheaper than the best companies in the United States the Chinese don't have to go abroad to find good Investments they've got plenty right in their own country there's an awfully strong companies in China that are selling at reasonable prices China is opening up more and more to foreign investors and its markets are getting stronger and stronger with more participation from the world outside of China that's all to the good and eventually it'll drive some prices up in China I would argue that rationality which is seeing the world the way it is instead of the way you hope it is I'd say that's the most important if you don't see the world the way it is it's like judging something through a distorted lens you think the world is one way and it's it's different and of course that leads to terrible mistakes
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