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Collection: Charlie Munger - #62 'Depositary Shares'



Good morning, Charlie. If you didn’t have access to Li Lu and to the Chinese exchanges through him, like many Americans don’t, would you feel comfortable investing in the American Depositary Shares of most Chinese companies that are comprised of a V.I.E. Structure and offer shareholders few rights and minimal protections from the Chinese government?


I don’t know much about depositary shares. I tend to be suspicious of all investment products created by professionals. And I tend to go where nothing is being hawked aggressively or merchandise – sold aggressively.

So you’re talking about a world in which I don’t even enter. So I can’t help you. You’re talking about a territory I avoid.



[YAPSS Takeaway]

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