MUNGER: 'I do think the Chinese stock market is cheaper than the American stock market'

The vice chairman of Berkshire Hathaway responded to a question from a Chinese investor at the Berkshire Hathaway annual meeting about the future of the Chinese market.

"I do think the Chinese stock market is cheaper than the American stock market," Munger said. "I do think that China has a bright future."

Munger said the country's room for further economic growth will allow it to see a boom in investments going forward, but did caution there would be "growing pains" along the way.

Warren Buffett quipped that Munger had given the media a "headline" moment.

"Munger says Chinese market is going to outperform America," Buffett joked.

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