Charlie Munger: 'China has ONE Problem' | DJ 2017 【C:C.M Ep.267】

In this short video, Charlie Munger shares his thoughts on China and its economy. He admires the country's strong companies, formidable workers, and the government's efforts to support businesses. He also commends China's incredible achievement of lifting a billion and a half people out of poverty at an unprecedented pace through a lot of deferred gratification. However, he notes that the culture's belief in luck and gambling is a national defect. Watch the video to learn more about Munger's perspective on China.

YAPSS eBook | Collection: Charlie Munger Investing Advice, Life Advice & Others

Charlie Munger's Recommended Book List:

► Video Transcript & YAPSS Takeaway:
This is Daily Journal Annual Meeting with Charlie Munger on February 15, 2017.

☆Who is Charlie Munger?☆
Charlie Munger is vice chairman of Berkshire Hathaway and the closest partner of Warren Buffett. He is one of the best investors ever existed with his profound wisdom in investing, business and life. Prior joining Warren Buffett at Berkshire Hathaway, Charlie Munger ran an investment partnership that returned an average of 20% per year from 1962 to 1975. Meanwhile, the S&P 500 averaged an annual return of just 5% in that time.

YAPSS Playlist – Collection: Charlie Munger:

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Charlie Munger: "China has ONE Problem" | DJ 2017 【C:C.M Ep.267】

[YAPSS]

I have gathered the list of books that Charlie Munger has ever recommended:

[okiepitat-town]

As a retired Vegas dealer of 36 years I can verify their predilection with gambling and their belief in luck. Charlie’s right: don’t believe in luck, believe in odds.

[TedSeay]

I’d say forgetting to have daughters for 50 years might count as a small defect…

[dcc]

The guy sitting next to munger had a look of incredulity the entire time.

[michaelw]

Weird, as a Chinese American, none of my Chinese friends gamble. Maybe it depends on what crowd you hang out with. Wonder who Charlie met there?

[terrymllee]

Probably it's because throughout China's five-thousand-year history, the poor accounted for the vast majority of the population and the social mobility was so limited (until around one thousand four hundred years ago when people could change their lives through state examinations to assume posts in the government which made a better social mobility than the rest of the world in general). The Chinese people had a mindset that everyone could be the next emperor, which meant everyone could change one's destiny. Gambling is one way to make it.

[chinesepetants]

LOL, we don`t believe in luck, we like that good mood that the gambling brings to us. When playing cards with family you`ll be extremely happy while even you win little money in the game.

[seans]

Not just china whole Asia does like it

[sageowl]

Charlie was right about a lot of things.
But it wasn't the government that got people out of poverty. It was the people themselves who got them selves out of poverty by their own hard work

[nahlene]

i m a 36 man living in China. I have never met any one who gambles. The closest thing that they do to gambling, is putting their savings in the fluctuating stock market or house market.

[poiounhotmail]

I personally don't know the statistics of gambling people in China, and because China is so big, you may see a percentage of gamblers as something seen as large, whereas they are only a percentage, and China has 1.4 billion people, then 1 million of gamblers may be seen as a lot of people.

[realbobbyaxel]

I really loved the clip and it is among the most important and useful video clip I have found on youtube. I appreciate YAPPS for curating such awesome munger and Buffett content.

[jay]

Yeah true, that’s why Las Vegas exists 😂

[yihuang]

What about the Sport betting ? it’s already catastrophic in all the western countries

[hendrik]

Mr Munger your insight analysis on the Chinese is spot on.

[charlizet]

He really knows Chinese very well! Gamblings is a big problem for Chinese

[Lp-zetg]

I had worked for one employer who took all of his business decisions as if he was gambling. Even the upper management told me that he had been lucky most of his life. Occasionally, he got in trouble and fined by the government. But he hasn't changed a bit of his gambling attitude.

[MrBoliao]

He very good at spotting one thing, Chinese people really like to gamble. I don't know why, I don't like but a lot of people do and it's insane, you can go to Vietnam and the same numbers are there for you to pick. And all Chinese people playing.

[ShriNidhi-zuim]

We here in India keep a faith that a great man will come and develop us

[CerroZimm]

ROFL. Do you know there is a place called Las Vegas ❤?