Just looked at Chinese stocks and came across a pretty interesting joke: Munger started buying Alibaba in Q1 2021, averaged down during the dip, and eventually sold out with a 40% loss. Munger publicly admitted this was one of his worst mistakes ever, leaving behind that classic line: 'At the end of the day, Alibaba is still just a retailer.' Less than a year later, the old man passed away, and rumor has it he was pissed off to death by Alibaba I've played both Chinese stocks and U.S. stocks, and my personal experience is crystal clear: Investing in Chinese stocks is a terrible experience. The real torture lies here: You think you're buying China's top internet companies, but what you're actually trading are policies, regulations, exchange rates, geopolitical risks, audit risks, and the reality of the market consistently undervaluing them. It's not that there aren't good companies in the mix, but this market is just too draining. You have to evaluate the company, the policy cycle, the macro cycle, and the capital market's attitude. For regular folks, there's really no need to dream about digging for gold in a sh*t pit every day.