“中国股市比美国更有机会,虽然并不容易” by 芒格2017年会

Interview of Charlie Munger on May 8, 2017

Question: You seems to suggest Chinese market is undervalued?

Munger: I think a assured person can find more bargain stocks in China than anything you can find in United States. That’s all I said. That’s a happier ground for any value investor.

Question: Isn’t it difficult given how opaque the situation is? 

Munger: I didn’t say it’s easy. I said but if you worked at it, you can find more, better. By the way, the Munger family has, this is not just theory. You can’t believe how successful it was.

Question: What are some of the things American should look for when are investing in China then?

Munger: Durable competitive advantage, always look for durable competitive advantage.

Munger: One of the things we got to do was the Shanghai Airport. The main airport in China. No dead net, how can you lose only the main airport in China. Those opportunities you can’t have in United States.

Munger: I have a very nice young Chinese American that helps me. He speaks the language and he is there all the time.