---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/42139297.md"
description: "$BABA-W(09988.HK)Just now I was looking at China concept stocks and came across a pretty interesting joke: Charlie Munger started buying Alibaba in Q1 2021, averaged down on paper losses along the way, and finally cut his losses and exited at a 40% loss.Munger publicly admitted this was one of his worst mistakes, and left behind that classic line: Alibaba, in the end, is still just a retailer.Less than a year later, the old man passed away, rumored to have been angered to death by Alibaba 😂I've played both China concept stocks and US stocks, and my own feeling is very clear:The investment experience with China concept stocks is extremely poor.This is where it truly torments people:You think you're buying China's best internet companies, but in the end, you're trading policy, regulation, exchange rates, geopolitics, audit risks, and the reality of the market not giving high valuations for a long time.It's not that there are no good companies, but this market is too draining.You have to judge the company, and also judge the policy cycle, the macro cycle, and the attitude of the capital market.Ordinary people really don't need to think about panning for gold in a cesspool every day."
datetime: "2026-06-24T11:36:02.000Z"
locales:
  - [en](https://longbridge.com/en/topics/42139297.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/42139297.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/42139297.md)
author: "[LionKing333](https://longbridge.com/en/profiles/15271482.md)"
generator: "portal-rs"
---

# $BABA-W(09988.HK)Just now I was looking at China c…


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## Comments (3)

- **期权重度爱好者 · 2026-06-25T01:37:08.000Z**: Indeed, the desire to buy has died again.
- **長野原烟花店交易员 · 2026-06-25T00:08:58.000Z**: For China, investment does not cross the Shanhaiguan Pass. For international capital, China is their Shanhaiguan Pass.
- **做空没赢过 · 2026-06-24T12:22:49.000Z**: That's absolutely right. The deep-rooted ability to leverage Qwen's traffic for food delivery monetization is essentially that of a retail company.


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> **Disclaimer: This article is for reference only and does not constitute any investment advice.**