This week’s sell-off in Alibaba shares rippled all the way to California, where a small newspaper chain backed by Warren Buffett’s business partner Charlie Munger has an outsized stake in the Chinese ecommerce group.
The 98-year-old Munger stepped down as chair of the Daily Journal last year but he continues to direct the publisher’s investment portfolio.
At the company’s annual meeting this year, Munger said he would “handle it as long as we can, and when I’ve gone sufficiently . . . impaired, we’ll get somebody else to do it”.
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