11 Apr 2021 Charlie Munger Prefers Alibaba Stock to Treasury Bills. Here’s Why ( Portfolio )

"Daily Journal Corporation has and needs securities held as cash equivalents. These cash equivalents would normally be U.S. Treasury Bills. But, with returns on Treasury Bills now so low, the Company instead, invests in common stock. And, unless its long term prospects seem good, a common stock is not considered to be a good cash equivalent."