Benzinga - by Shanthi Rexaline, Benzinga Editor.
Legendary investor Charlie Munger’s loss has been mourned by all and sundry in the investment and the corporate world, with many recalling his investment acumen and his words of investment wisdom.
What Happened: China’s BYD Co Ltd. (OTC:BYDDY) (OTC:BYDDF), which competes with Tesla in the domestic market, on Wednesday paid tribute to Munger.
“On November 28, we sadly lost a mentor and dear friend, Mr. Charlie Munger, a legendary and wise centenarian, a symbol of wisdom and vision,” the company said on its Weibo handle, reported CnEVPost.
Why It’s Important: Munger, who served as Vice Chairman of Berkshire Hathaway, was billionaire investor Warren Buffett’s trusted lieutenant. Munger ties with BYD go back to 2008 when he convinced Buffett to invest in the automaker.
Buffett’s BYD bet deviated from Berkshire’s traditional focus, but it has paid off. Munger was to recall earlier this year, “I have never helped do anything at Berkshire that was as good as BYD.”
Fortune reported that Berkshire purchased 225 million shares in BYD in 2008 for $230 million. The stake’s value has multiplied manifold since then. BYD, which started as an ICE manufacturer, gradually transitioned to a maker of new-energy vehicles – an umbrella term used in China to refer to both battery EVs and plug-in hybrids.
BYD’s ADR’s trading over the counter in the U.S. settled Tuesday’s session down 1.88% at $56.51, according to Benzinga Pro data.
Photo by A. Aleksandravicius on Shutterstock
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