🎙️Charlie Munger at 99, on the worst bet of his career:
"I got charmed with the idea of their position on the Chinese internet. I didn't stop to realize that it was still a goddamn retailer."
This is from February 2023. He sat down with CNBC at the Daily Journal meeting and called Alibaba "one of the worst mistakes I ever made" 🤯
The lesson he took from it is simple. He fell for the internet-giant story and never asked how the business actually makes money. And retail is a knife fight. The moat isn't nearly as deep as the hype makes it look #CharlieMunger #invest
"I got charmed with the idea of their position on the Chinese internet. I didn't stop to realize that it was still a goddamn retailer."
This is from February 2023. He sat down with CNBC at the Daily Journal meeting and called Alibaba "one of the worst mistakes I ever made" 🤯
The lesson he took from it is simple. He fell for the internet-giant story and never asked how the business actually makes money. And retail is a knife fight. The moat isn't nearly as deep as the hype makes it look #CharlieMunger #invest
