“I have never helped do anything at Berkshire [Hathaway] that was as good as BYD and I only did it once,” the 99-year-old investor said at the Daily Journal’s virtual annual meeting Wednesday. Berkshire initial investment is now “worth about $8 billion or maybe [$9 billion]. That’s a pretty good rate of return,” said Munger, Warren Buffett’s longtime investment partner.
BYD has been a lucrative bet for Berkshire, which first bought about 220 million shares in September 2008. The stock has jumped more than 600% in the past 10 years amid the massive growth in electric vehicles. Berkshire has actually been trimming its BYD stake in the past year as the stock has become increasingly pricey.