2017: Could Berkshire replicate its US investment record in China?

AUDIENCE MEMBER: Hello Warren. This is a question from China.

VOICE: (Inaudible)

WARREN BUFFETT: Pardon me?

AUDIENCE MEMBER: I am Jeff Chan (PH), a pension fund manager from China, Shanghai. My question is quite simple.

What is the probability of duplicating your great investment track record in China’s stock market the next decades or two in terms of a (inaudible)? That’s all.

And I thank my friends from (FOREIGN LANGUAGE) Fund Management House for guiding me in writing this question. Thank you.

WARREN BUFFETT: Charlie, you’re the expert on China. (Laughter)

CHARLIE MUNGER: It’s like determining the order of precedency between a louse and a flea. Yeah.

I do think that the Chinese stock market is cheaper than the American market. And I do think China has a bright future. And I also think that there’ll be growing pains, of course. And —

But —

WARREN BUFFETT: Well —

CHARLIE MUNGER: We have this opportunistic way of going through life. We don’t have any particular rules about which market we’re in or anything like that.

WARREN BUFFETT: Well, Charlie’s delivered a headline anyway, now: “Munger Predicts China Market Will Outperform U.S.” (Laughter)