Photo: A screenshot of Berkshire Hathaway's statement

 
Charlie Munger, vice chairman of Berkshire Hathaway, a legend and icon among Chinese investors, died on Tuesday local time at a California hospital at the age of 99, according to a statement released by Berkshire Hathaway.

"Berkshire Hathaway could not have been built to its present status, without Charlie's inspiration, wisdom and participation," Warren Buffett, CEO of Berkshire Hathaway, said in the statement. 

Munger's death topped the top trending list on Chinese social media Sina Weibo as of press time with 180 million views. Chinese netizens outpoured their condolences on the platform, as Munger's as well as Buffett's investment theories own a huge following among Chinese investors. 

A Weibo user "Tianjinguxia" described Munger as "a legend of a generation and an investment guru."

Another netizen "Budongrushanzy" commented that "the wise man passed away, and thanks to Munger for selflessly sharing the wisdom of life."

The best way to honor Munger is "to remember and practice his wisdom and investment values," Yang Delong, chief economist at Shenzhen-based First Seafront Fund Management Co, told the Global Times on Wednesday.

In the past many years, the iconic American billionaire investor had consistently expressed his optimism over the prospects of China's economic development.

As of the end of the third quarter this year, the Daily Journal Corporation, which Munger had chaired from 1977 to 2022, held four stocks which included Alibaba, the paper.cn reported.

When talking about whether he would continue investing in Chinese assets during the Acquired podcast released on October 29 this year, Munger remarked that "the Chinese economy has better future prospects over the next 20 years than almost any other big economy." 

Meanwhile, he noted that "the leading companies of China are stronger and better than practically any other leading companies anywhere, and they're available at a much cheaper price."

"So naturally, I'm willing to have some China risk in the Munger portfolio," Munger said. 

When speaking about China's electric vehicle giant BYD, Munger said on the podcast that "it's a big lot of talent to happen in one place. It's very useful. He [Wang Chuanfu, founder of BYD] solved all his problems on these electric cars, the motors, the acceleration, the braking, and so on."

Berkshire Hathaway bought around 10 percent stake of BYD in September 2008 for $230 million, which is now worth over $9 billion, according to Bloomberg.

BYD said on Wednesday that Munger had always been a firm believer in the Chinese market, and the company was fortunate to receive his endorsement, adding that Berkshire Hathaway has become a significant shareholder of BYD. It was the first time that BYD was recognized by a top international investment institution, which helps inject strong confidence and motivation into the company to remain committed to developing the new-energy vehicle industry.

Buffett and Munger in May urged the US to get along with China and avoid an escalation of tensions amid the US' reckless push for a "decoupling" from China. 

"If there's one thing we should do is get along with China, and have lots of free trade with China … it's in our mutual interest," Munger said at the company's annual shareholders meeting held in Omaha, Nebraska.

Global Times