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the strongest companies are not in America I think the Chinese companies are stronger than ours and they're growing faster and I have investments in them and you don't and and I'm right and you're wrong nobody has ever taken a big nation ahead as fast as China has come ahead I I'm a big admirer of of what's happened there known for his wit and contrarian views legendary investor Charlie manga was a long-term believer in China's growth story and system of government even more so than his more famous business partner Warren Buffett 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 however he managed to convince Buffett in China's grow story with buffit praising China's growth in this interview it is incredible the transformation that has happened to a country where for hundreds of years nothing happened I mean it shows you the power of a system the Chinese people aren't smarter than they were 50 years ago the system now is unleashing their potential what I saw over there was government management and labor all with a common goal and with a Zeal and a passion for achieving that goal and when you get those three forces operating together and you get people that are hungry to do things A lot's going to get done I mean it's just it is astounding what's happening manga was particularly happy with his investment in Chinese electric vehicle maker byd calling it his best ever investment I have never helped do anything in Berkshire that was as good as byd and I only did it once our $270,000 investment there is worth about 8 billion now or maybe nine that's a pretty good rate of return with us China tensions again heating up with Biden's 100% tariffs on Chinese electric vehicles a 100% tariff on electric vehicles made in China let's look into why China captivated manga over the years both good and bad starting with his thoughts on former Chinese leader dun sing I think ding cha ping is going to go down as one of the greatest leaders that Any Nation ever had cuz he had to give up his own ideology to do something else that worked better my hat is off to the Chinese I loved what the guy said in the first place I don't care whether the cat is black and white as long as it catch his mice his praise of China's government also extended to their ban of cryptocurrencies and the silencing of Alibaba founder Jack Mah and of course I'm not proud of my country for allowing this crap what I call the crypto it's worthless it's no good it's crazy guy who made the correct decision on this is the Chinese leader the Chinese leader took one look at crypto and he says not in my China and boom oh there isn't any crypto in China he's right and we're wrong 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 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 I think that that will probably continue and Jack ma Got way out of line by popping off the way he did to the Chinese government I regard Alibaba as one of the worst mistakes I ever made next let's look at manga's views on why Americans should be less hostile and arrogant towards China it's not clear to me that China would have done better if they'd copied it every aspect of English civilization I think they would have come out worse because their position was so dire and the poverty was so extreme they needed very extreme methods to get out of the fix they they were in so I think what China has done was probably right for China and that we shouldn't be so pompous as to be telling the Chinese they ought to behave like us because they like our because we like ourselves and our system entirely possible that our system is right for us and their system is right for them and of course our relative significance in the world will go down as theirs Rises they've got a billion 300 million people and should we be worried I'm not worried because every great leading country that ever led the world eventually passed the Baton to some other great leading country why do we need to be motivated by Envy there's always going to be somebody that's getting rich faster than you are particularly if they start poor and so why should a great civilization like ours care a new civil civilization Rises we should make it friend out of the new civilization keep trying to have win-win transactions it's so simple basically I I don't have this hostility toward China I really admire what the Chinese people have achieved if we make good friends out of the Chinese and vice versa who in the hell is ever going to bother us and of course we should learn to get along with people who have a different system of government 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 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 forment resentments on either side of that one with us China trade Wars heating up let's now look at MERS and Buffett's views on the issue there's been some tension in the economic relationship of United States and China I think that that tension has been wrongly created on both sides I think we're equally guilty of being stupid there's one thing we should do it's get along with China and we should have a lot of free trade with China in our mutual interest and everything that increases the tension between the two companies is stupid stupid stupid and each side ought a respond to the other side stupidity with reciprocal kindness that's my view I don't think we have any option but to have relatively free trade with China it'll cause dislocations and pain here it will also cause advantages and the pain and the advantages frequently go to different people which is why the subject is controversial there will be lots of tensions with the Chinese over time the American people they're unhappy now they're sour to some degree I don't blame them I mean they either have or people that have lost their job they either have or no people have lost their home I mean they they and and it isn't their fault I mean they is not that they've done anything terrible so they're sour and and they they got three places to blame government Wall Street and China and you know you can sort of take your pick depending on how you feel next let's look at his thoughts on his investment in byd whose electric cars are now taking social media by storm why Mr Munger prefers an investment in byd to Tesla well that's easy Tesla last year reduced its prices in China twice byd increased its prices or direct competitors byd is so much ahead of Tesla in China it's like a it's almost ridiculous if you look at byd which no most you all never heard of if you count all the manufacturing space they have in China to make cars it would it would amount to a big percentage of all the land in Manhattan Island little byd is worth more than the entire Mercedes Corporation it's a very remarkable company NeXT he outlines his thoughts on why people should invest in China over the US despite all the political tensions we invested some money in China because we could get more value in terms of the strength of the Enterprise and the price of the security than we could get in the United States other people including seoa the leading Venture Capital firm in the United States have made the same decision we have the reason that I invested in China is I could get so much more so so much better companies at at so so much lower prices and I was willing to take a little political risk to get the to get into the better companies at 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 if I were a Chinese person I would invest in China not the United States I think the fruit is hanging lower there and the Chinese are formidable workers and there's a lot of strength in that system and the Chinese government it really tries to help its businesses it does not behave like the government of India which I don't think runs this country right at all well the Chinese market is going to create a lot of successful investors 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 but the long-term Trend will be toward more achievement more respectability and higher prices but I would argue that the chances in a big confrontation from China have gone down not up because of what happened in the Ukraine I I think that the Chinese leader is a very smart practical person I don't think Taiwan looks like such a cakewalk anymore I think it's off the table in ch for a long long time and I think that helps the prospects of investors who invest in I have more optimism about the leader of the Chinese party than most people do you know he would let a big anti-corruption Drive he's done a lot of things right and finally there's look at his only criticism of China which revolves around their culture of luck and gambling in China the ordinary holding period for the individual investor is short they love to gamble in stock this is really stupid hard to imagine anything dumber than the way the Chinese hold stocks and so good at everything else it shows how hard it is to be rational problem with the Chinese FS they like to gamble and they actually believe in luck now that is stupid you don't want to believe in his luck you want to believe in odds China that's some reason in the culture too many people believe in in in luck and Gamble and that's a that's a that's a national with us China tensions intensifying can chal monga's value investing approach in Chinese companies still bear fruit share your thoughts in the comments all the past countries that once led the world Athens Rome Britain you name it they pass the Baton in due course so this is a law of nature like the fact that you and I are going to die and why be mad at the way the world is
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