Charlie Munger, the longtime business partner of Warren Buffett at Berkshire Hathaway Inc , on Wednesday said China remains a top opportunity for investors despite geopolitical risks.
"The Chinese leader is a very smart, practical person," Munger said. "Russia went into Ukraine as it looked like a cakewalk. I don't think Taiwan looks like such a cakewalk any more."
Munger said that helps investors' prospects in China, because "you can buy better, stronger companies at cheaper valuations in China than you can in the United States."has been lowering them, leaving BYD "so much ahead of Tesla in China, it's almost ridiculous."recently cutHis comments about cryptocurrency follow the failures over the last year of several prominent businesses in that industry.
"I'm ashamed of my country that so many people believe in this kind of crap, and that the government allows it to exist," Munger said. "It is totally, absolutely, crazy, stupid gambling."Reporting by Jonathan Stempel in New York; editing by Diane Craft
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