Shulou(Shulou.com)11/24 Report--

CTOnews.com February 16 news, Buffett's old partner Charlie. Munger praised BYD at the annual meeting of the Daily Journal on Wednesday, calling it his favorite stock to date.

CTOnews.com learned that Munger is Berkshire's vice chairman, and BYD has been an important investment for Berkshire, which bought about 220 million shares of BYD for the first time in September 2008. The stock has jumped more than 600 per cent over the past decade amid massive growth in electric vehicles. Berkshire has actually been reducing its stake in BYD over the past year because of the rising price of the stock.

"at current share prices, Little BYD's market capitalization exceeds that of the entire Mercedes-Benz company. this is not a cheap stock, but on the other hand, it is a very good company."

Munger also said that BYD CEO Wang Chuanfu is different and is a genius and workaholic. When asked whether he would rather invest in Tesla or BYD, Munger said the answer was simple: "Tesla cut prices twice in China last year. BYD raised the price. We are direct competitors. BYD is far ahead of Tesla in China. This is almost ridiculous."

"it's incredible that BYD earned more than $2 billion after tax in its car business in China last year," Mr. Munger said. "if you count all the manufacturing space they make in China, it would be a large part of the island of Manhattan." and no one heard of them a few years ago. "

Munger also praised Musk for being talented and different. "I don't buy him, but I don't short him either."

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