Charlie Munger Revealed Why His Investing Book Was a Smash Hit In China: 'In Their System, There's Nothing Better Than A Rich Old Man'

Charlie Munger, Warren Buffett's trusted right-hand man and one of the most celebrated investors of all time, lived a life marked by sharp wit, deep intellect and relentless curiosity.
Before becoming a billionaire and vice chairman of Berkshire Hathaway, Munger was a real estate attorney – a career that reflected his ability to think critically and navigate complex challenges. His journey from lawyer to investment icon inspired countless admirers, culminating in his book Poor Charlie's Almanack, a collection of essays, speeches and lessons drawn from his life.
Don't Miss:
Here's what Americans think you need to be considered wealthy.The book became a cult favorite among investors and thinkers, offering insights into everything from business strategies to mental models for decision-making. With Munger's reputation as a source of timeless wisdom, one might expect the book to have sold the most copies in the United States, where his name carries immense weight. Surprisingly, Poor Charlie's Almanack found an even larger audience in China.
In his final Daily Journal interview in February 2023, Munger spoke with journalist Becky Quick about the book's unexpected success overseas. Quick suggested the obvious: "Well, there's more people there." But Munger dismissed the idea that population size alone explained the phenomenon. "That's not the sole reason," he said. "A rich old man looks like Confucius. In their system, there's nothing better than a rich old man."
Trending: Nancy Pelosi Invested $5 Million In An AI Company Last Year —
For Munger, the explanation went deeper than demographics. His book resonated with Chinese readers because it aligned with their cultural values shaped by Confucianism. Reverence for wisdom, respect for elders and admiration for wealth achieved through discipline and hard work are deeply ingrained in Chinese society. Munger embodied those principles, making him a figure of immense appeal.
But Munger's connection to China wasn't just about admiration but also opportunity. Over the years, he consistently expressed a bullish stance on China's economy. In an October 2023 interview on the Acquired podcast, Munger stated, "The Chinese economy has better future prospects over the next 20 years than almost any other big economy." He pointed out that many leading Chinese companies were stronger and more competitively priced than their global counterparts, making them attractive investments.
One of Munger's most successful moves in China came in 2008 when he persuaded Warren Buffett to invest in BYD, a Chinese electric vehicle manufacturer. Munger praised BYD's founder, Wang Chuanfu, calling him a genius and saying he was even better at manufacturing than Elon Musk. BYD became a major player in the EV market, and Munger called the investment one of his best decisions.Not all of Munger's investments in China were as successful. For instance, his position in Alibaba (BABA) struggled in recent years. But even setbacks didn't shake his confidence in the country's long-term potential. Munger acknowledged the risks of investing in China – his portfolio had around 18% exposure to Chinese companies – but he believed the opportunities far outweighed the uncertainties.
The success of Poor Charlie's Almanack in China reflects more than just Munger's financial acumen. It speaks to his universal appeal as a thinker who valued lifelong learning, humility and rationality. His ability to connect with readers across cultures and distill complex ideas into timeless wisdom ensured his legacy would extend far beyond his years.
Munger's admiration for his Chinese readers seemed mutual, rooted in a shared appreciation for wisdom and a lifelong pursuit of knowledge.
Read Next:
The average American couple has saved this much money for retirement —?
Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market.
Get the latest stock analysis from Benzinga?
APPLE (AAPL): Free Stock Analysis Report
TESLA (TSLA): Free Stock Analysis Report
This article Charlie Munger Revealed Why His Investing Book Was a Smash Hit In China: 'In Their System, There's Nothing Better Than A Rich Old Man' originally appeared on Benzinga.com
© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Try Our AI Features

Explore what Daily8 AI can do for you:

Learn with AIFact CheckingText to SpeechAI Summary

Related Articles

The Hill

23 minutes ago

• The Hill

Baby Boomers: 1 in 3 say they'll never sell their home, according to survey

(NewsNation) — Over one-third of baby boomers who own their homes claim they will never sell them, according to a Redfin-commissioned survey. The survey also found that an additional 30% say they will at least hold on to their home for a decade, but are willing to sell. Those who are older (the Silent Generation) are even less likely to sell their homes, with 44.6% saying they never would. Younger homeowners, however, are on the opposite side of the spectrum. 21% of millennials/Gen Zers and 25% of Gen Xers said they would never sell their homes. According to Redfin, these results could reflect the fact that many baby boomers don't have the financial incentive that is typically needed to sell a home. Also, many older homeowners have lived in the same home for a while and prefer to stay where they are. Around 67% of the baby boomers in the study had lived in their homes for at least 16 years. Fifty-five percent of baby boomers said they like their homes and have no reason to move, which is the most common reason they stayed. Other common reasons included: Housing prices are up around 40% since before the COVID-19 pandemic, according to Redfin, with mortgage rates nearing 7%. That's up from around 4% before the pandemic. Currently, 31% of baby boomers said they wouldn't be able to own a home in a neighborhood similar to theirs in today's economy. This reasoning is also making it harder for younger Americans to find homes. 88% of homes owned by Baby Boomers are single-family homes, which also might not be large enough to fit an entire family. Only 5% are condos and 4% are townhomes. An analysis by Redfin in 2024 showed that baby boomers are much more likely to have larger homes, despite most millennials and Gen Z homeowners having minor children living at home, compared to only 4% of Baby Boomers. Redfin Chief Economist Daryl Fairweather said, 'With baby boomers opting to age in place rather than sell, it's challenging for younger buyers to find affordable options that fit their lifestyle. But it's worth noting that even though many older Americans say they're not planning to sell their homes, many are likely to eventually part ways as it becomes harder to live independently and/or keep up with home maintenance.' The study also showed that around 25% of millennials and Gen Zers won't be buying a home anytime soon because they can't afford one where they want to live. Other reasons include: At least supply is up, with nearly 500,000 more home sellers than buyers in the current market, according to Redfin. Redfin economists believe that home prices will decline by 1% by the end of 2025. This survey was commissioned by Redfin and conducted by Ipsos in May. Around 4,000 residents were included in the survey.

Miami Herald

an hour ago

• Miami Herald

Jean Chatzky sends powerful message on Social Security, 401(k)s

For many Americans, preparing for retirement means carefully evaluating key financial milestones tied to different stages of life in order to maintain financial security and preserve the quality of life they hope to enjoy. Everyday costs - such as groceries, utilities, mobile services, and transportation - play a major role in shaping workers' financial priorities and determining how much they can put toward savings and investments. Jean Chatzky, former financial editor for NBC's "Today Show" and now with AARP, recognizes these challenges. She works to guide people through smart strategies for boosting their Social Security benefits and making the most of employer-sponsored 401(k) plans. Don't miss the move: Subscribe to TheStreet's free daily newsletter Assessing one's future income sources - including Social Security and personal retirement accounts such as 401(k)s - is a key part of building a secure retirement plan. Chatzky encourages Americans to think strategically about when to begin collecting Social Security, as claiming early can significantly shrink monthly payments. For those who anticipate a longer lifespan, she suggests holding off until age 70 to receive the maximum possible benefit. When it comes to married couples, Chatzky advises that the spouse with the higher earnings history delay tapping into benefits - especially if the other partner is likely to live longer - helping to ensure greater long-term financial support. She also highlights the upside of continuing to work while drawing Social Security, whether one does so for financial reasons or to stay active and connected during retirement. Related: Tony Robbins sends strong message to Americans on 401(k)s Beyond Social Security, Chatzky highlights both the opportunities and potential pitfalls tied to retirement accounts such as 401(k)s. She underscores the fact that many Americans are at real risk of depleting their savings during retirement. To help combat this, Chatzky shares practical approaches aimed at stretching retirement dollars further and minimizing the chance of financial shortfalls later in life. Chatzky emphasizes her belief that regularly setting aside money is essential for making more room in one's budget to invest in a 401(k) plan. "This is why saving in a 401(k) plan works," Chatzky explained in "Money Rules," a book she authored that offers solutions to personal finance challenges. "The money is swiped out of your pay before it ever lands in your checking account so you never see it. It's invisible, which makes it safe, for out-of-sight means you can't pull it out of the ATM." "If you can't see it and you can't touch it, you won't spend it," Chatzky wrote. More on retirement: Dave Ramsey offers urgent thoughts about MedicareJean Chatzky shares major statement on Social SecurityTony Robbins has blunt words on IRAs,401(k)s Chatzky advises people that there is no need to limit this philosophy to one's 401(k) contributions. "Have money swiped out of your checking account as soon as you get paid," she wrote. "Barricade it by parking it in places that penalize you for early withdrawal like 529 college savings accounts, IRAs, and certificates of deposit." "Even putting the money in an Internet savings account that doesn't come with an ATM card can do the trick surprisingly well," Chatzky continued. Related: Shark Tank's Kevin O'Leary warns Americans on 401(k)s Chatzky explains one way to look at retirement savings tasks such as boosting 401(k) values to achieve goals: as financial security maps. "The only way to find financial security is to draw yourself a map," Chatzky wrote. "Folks who have specific financial plans that detail what they want - say, retirement at 67 with a paid-off mortgage, membership at the local golf club, and enough money to take two trips to the Caribbean a year - save more than people who don't have specific financial plans." Chatzky points out that people tend to get sidetracked by everyday distractions, which is why having a clear financial plan is essential. Without a direction, it's difficult to make meaningful progress toward retirement goals. Of course, she acknowledges that plans can - and should - evolve. One day, she explains, you might realize you no longer see yourself retiring in your current home and instead imagine starting a new chapter somewhere more adventurous or serene. When that moment comes, the solution isn't to abandon planning altogether - it's to create a new roadmap that reflects your updated vision. To Chatzky, regularly refining one's goals is far more effective than drifting without any at all. Related: Dave Ramsey sends strong message to Americans on Medicare The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.

Business Upturn

2 hours ago

• Business Upturn

LPRO DEADLINE ALERT: ROSEN, A GLOBALLY RESPECTED LAW FIRM, Encourages Open Lending Corporation Investors to Secure Counsel Before Important June 30 Deadline in Securities Class Action

NEW YORK, June 21, 2025 (GLOBE NEWSWIRE) — WHY: New York, N.Y., June 21, 2025. Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities of Open Lending Corporation (NASDAQ: LPRO) between February 24, 2022 and March 31, 2025, both dates inclusive (the 'Class Period'), of the important June 30, 2025 lead plaintiff deadline. SO WHAT: If you purchased Open Lending securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. WHAT TO DO NEXT: To join the Open Lending class action, go to or call Phillip Kim, Esq. at 866-767-3653 or email [email protected] for more information. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than June 30, 2025. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm achieved the largest ever securities class action settlement against a Chinese Company at the time. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers. DETAILS OF THE CASE: According to the lawsuit, throughout the Class Period, defendants made materially false and/or misleading statements, as well as failed to disclose materially adverse facts about Open Lending's business, operations, and prospects. Specifically, defendants: (1) misrepresented the capabilities of Open Lending's risk-based pricing models; (2) issued materially misleading statements regarding Open Lending's profit share revenue; (3) failed to disclose Open Lending's 2021 and 2022 vintage loans had become worth significantly less than their corresponding outstanding loan balances; (4) misrepresented the underperformance of Open Lending's 2023 and 2024 vintage loans; and (5) as a result of the foregoing, defendants' positive statements about Open Lending's business, operations, and prospects were materially misleading and/or lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages. To join the Open Lending class action, go to or call Phillip Kim, Esq. at 866-767-3653 or email [email protected] for more information. No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff. Follow us for updates on LinkedIn: on Twitter: or on Facebook: Attorney Advertising. Prior results do not guarantee a similar outcome. ——————————- Contact Information: Laurence Rosen, Esq. Phillip Kim, Esq. The Rosen Law Firm, P.A. 275 Madison Avenue, 40th Floor New York, NY 10016 Tel: (212) 686-1060 Toll Free: (866) 767-3653 Fax: (212) 202-3827 [email protected]