Buffett pal Charlie Munger is doubling down on Alibaba bet
Munger’s newspaper publisher and investment firm Daily Journal (Shares of Alibaba surged nearly 9% Thursday and have gained more than 12% since Tuesday, the day that Daily Journal disclosed its increased stake in the company.Munger’s big bet on Alibaba is particularly noteworthy because he praised the Chinese government just a few months ago for Munger said that while he would not want “all of the Chinese system” in the US, he “certainly would like to have the financial part of it in my own country.”Notably, Alibaba is the only stock that Daily Journal boosted its position in during the third quarter. Munger’s firm held steady with stakes in four other companies: financial giants Bank of America (BAC), US Bancorp (USB) and Wells Fargo (WFC) as well as South Korean steelmaker Posco (PKX). Alibaba isn’t the only top Chinese stock to rally in recent days.Rival digital retailers JD.com (JD) and Pinduoduo (PDD) as well as tech firms Baidu (BIDU) and Tencent (TCEHY) have surged too, thanks to the news that US president Joe Biden and Chinese president XI Jinping have agreed in principle to hold a virtual meeting later this year.
