Warren Buffett deputy Charlie Munger on China:
- Lifting so many from poverty in China is a big achievement
- The Chinese government 'really tries to help its companies'
- The Chinese have one problem, they like to gamble
- Chinese people 'actually believe in luck'
- Gambling is a 'national deficit'
From time to time, you see crazy moves in Chinese markets. The tolerance for risk from retail investors is off the charts. For instance, there was an epic boom/bust in rebar last year.
Other comments from Munger:
- Trump is 'not wrong on everything'
- Agress with Trump on vow not to touch social security
- Rail was a terrible business for about 80 years
