(SEC Filing) Charlie Munger’s Daily Journal increased its stake in Alibaba by 83% to more than 300,000 in the third quarter as other investors sold the stock.
The investment by Daily Journal happened as the Investors exited positions in the Chinese e-commerce giant, which was battling industry-wide crackdowns by Beijing.
Munger invested $40 million in Alibaba in the first quarter and $25 million in the third quarter. The stock has fallen by 40% this year.
Munger, 97, is recognized as Warren Buffet’s business partner, with the latter advising investors to “be greedy when others are fearful.”
Daily Journal owned only nine stocks as of June 30, with a combined value of $350 million and $80 million cost base.
DJCO: NASDAQ is down -1.29%.
