February 14, 2019 / 8:04 PM / a year ago

BRIEF-Charlie Munger discusses investing, banks, China, other topics at Daily Journal annual meeting

Feb 14 (Reuters) - Munger says diversification makes sense to a point, but that any idiot can diversify a portfolio, and the trick is to invest where you have extra knowledge that something is better Munger is speaking at annual meeting of daily journal corp, where he is chairman Munger says single-payer health care would be a mess if it were adopted in united states Munger says intelligent investors worry about banks because of the temptation that managers will do “dumb” things; agrees with warren buffett there aren’t enough good bankers Munger says berkshire’s equity portfolio can perform “a little better” than the s&p 500 from this point, but says he is confident it won’t be by huge margins Munger declines to comment on berkshire’s stake in apple Munger says he does not know enough to explain recent changes in apple’s stock price, saying the answers fall in his “too hard” pile of things to do Munger says china’s byd is going to be huge in electric vehicles and monorails, and has been a wonderful investment for berkshire Munger calls financial behavior of leading financial institutions prior to 2008 financial crisis “inexcusably awful,” says it was a “major sin” that “none of those people” were punished Munger says berkshire doesn’t have more health care in its portfolio because it doesn’t understand it well enough, and doesn’t like enough what it does understand Munger says there are more investment opportunities in china than in the united states Charlie munger, vice chairman of berkshire hathaway, says index investing is going to do better than active stock picking for a “considerable period”

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