Daily Journal, chaired by Warren Buffet’s business partner Charlie Munger, increased its stake in Chinese giant Alibaba by 83% in the third quarter, Markets Insider reported.
- Filings with the Securities and Exchange Commission (SEC) show that Daily Journal upped its Alibaba holdings by 300,000 in the third quarter, marking its only addition to the stock portfolio since at least the end of 2013.
- Munger invested $40 million in Alibaba in the first quarter of the year and has probably boosted this by another $25 million in the past quarter, as US-listed shares of the firm plunged 40% so far this year.
- Records show that Daily Journal held only nine stocks estimated at $350 million with a cost base of $80 million at the end-June this year, bringing its portfolio value at $141 at the time.
Munger’s investments focus mainly on American firms such as Coca-Cola and Costco, making the Alibaba investment a bit of a surprise. BABA is up 2.70%.