{"id":148913,"date":"2022-01-05T01:29:38","date_gmt":"2022-01-05T01:29:38","guid":{"rendered":"https:\/\/precoinnews.com\/?p=148913"},"modified":"2022-01-05T01:29:38","modified_gmt":"2022-01-05T01:29:38","slug":"billionaire-investor-says-china-outsmarts-the-us-in-handling-booms-hear-why","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/markets\/billionaire-investor-says-china-outsmarts-the-us-in-handling-booms-hear-why\/","title":{"rendered":"Billionaire investor says China outsmarts the US in handling booms. Hear why"},"content":{"rendered":"
New York (CNN Business)<\/cite>Charlie Munger, the longtime pal of Berkshire Hathaway’s Warren Buffett, is apparently a very big fan of Alibaba… even though the 98-year-old has recently praised the Communist government of China for cracking down on the Chinese e-commerce company and cloud giant. <\/p>\n Munger, who is a vice chairman at Berkshire Hathaway<\/span> (BRKB<\/span>)<\/span>, also runs his own publicly traded company, newspaper publisher and investment firm, Daily Journal<\/span> (DJCO<\/span>)<\/span>, which has nearly doubled its stake in Alibaba <\/span> (BABA<\/span>)<\/span> for the second time in recent months. Munger, who turned 98 on New Year’s Day, has bet even more on Alibaba as its stock continues to fall due to concerns about a crackdown on big tech firms from Beijing as well as worries about slowing earnings growth at Alibaba. <\/p>\n Shares of Alibaba plunged 20% during the fourth quarter of last year after losing nearly half their value in 2020.<\/p>\n
\nAccording to a Tuesday filing with the Securities and Exchange Commission, Daily Journal owned 602,060 shares of Alibaba as of the end of 2021, a stake worth $71.5 million. That’s almost double its holdings as of the prior quarter, when Daily Journal owned 302,060 Alibaba shares, valued at the time at $44.7 million.<\/p>\n<\/ul>\n
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