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Collection: Charlie Munger - #145 'Jack Ma and Modern China'



Gavin Smith from Berkshire, England. 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, 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 think that – I think the Chinese have behaved very shrewdly in managing their economy and they’ve gotten better results than we have in managing our economy. And I think that that will probably continue.

And sure, we all love the kind of civilization we have. I’m not saying I wanted to live in China. I prefer the United States. But I do admire what the Chinese have done. How can you not? Nobody else has ever taken a big country out of poverty so fast and so on.

And what I see in China now just staggers me. There are factories in China that are just absolutely full of robots and are 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 operating.



[YAPSS Takeaway]

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