BRIEF-Charlie Munger discusses investing, banks, China, other topics at Daily Journal annual meeting

Munger says diversification makes sense to a point, but that any idiot can diversify a portfolio, and the trick is to invest where you have extra knowledge that something is better Munger is speaking at annual meeting of daily journal corp, where he is chairman Munger says single-payer health care would be a mess if it were adopted in united states Munger says intelligent investors worry about banks because of the temptation that managers will do "dumb" things; agrees with war