Charlie Munger's Daily Journal reveals an Alibaba stake worth $37 million
Daily Journalrevealed a $37 million stake in Alibabathis week.
- Warren Buffett's right-hand man,
Charlie Munger, is the newspaper publisher's chairman.
- Alibaba is one of five stocks in Daily Journal's portfolio.
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Charlie Munger may be a 97-year-old who has spent decades investing in American corporate giants like Coca-Cola and Costco, but he's also open to backing Chinese technology companies.
Daily Journal - which has counted Munger as its chairman since 1977 - added Alibaba to its stock portfolio last quarter, a regulatory filing revealed this week.
The newspaper publisher and software developer bought 165,000 shares in the Chinese
Munger, Warren Buffett's business partner and the vice-chairman of Berkshire Hathaway, has bet on Chinese companies before. He brought BYD to Buffett's attention, which led to Berkshire plowing about $230 million into the electric-vehicle company in 2008. Its stake is worth over $5 billion today.
The notoriously outspoken Munger also took aim at bitcoin, SPACs, Robinhood, and stock-market speculators during the meeting.
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