Its one of the most ignorant professions in the world. <>>> Thank you for all you do to educate us. 24 Feb 2021 Charlie Munger, Vice Chairman of Berkshire Hathaway, speaks at the Daily Journal Annual Meeting 22 Jan 2021 Warren Buffett's right-hand man flags a And if you have a free market system thats trying to get rich in the way recommended by Adam Smith, what happens is that its a very irritating system because the poverty that causes so much misery is also causing the growth that makes everybody get out of poverty. Question: What books are you currently reading and what can you reccomend? Charlie Munger: Modern monetary theory means that people are less worried about an inflationary disaster like Weimar Germany from government printing of money and spending it. Charlie Munger: Well, that is easy. Charlie Munger: Gerry, whats the biggest mistake weve made? If youre willing to count small nations in the group, he had probably the best record that ever existed in the history of the world. There are certain behavioral rules. endobj Question: Previously, you have said; It takes character to sit with all that cash and do nothing. Accounting is also in the cloud. Practically everybody does that. And he was just so good. All rights reserved. I expect that and I welcome it. And I dont know whether hes right or not. To meet the surge in They lose their money fast enough. The Warren Buffett CEO by Robert P. Miles. I have a very simple idea on the subject. Question: You identified the opportunity in electrification and invested in BYD. But, of course, if we got a chance to do it again, we would do it better. WebDaily Journal. Charlie Munger: Well, of course, if a person is a chronic drunk, we avoid him. Today, it hovers around 9500. Charlie Munger: Well, the one charitable institution where I have had some influence for a very long time has a whole bunch of hotshot financiers in every branch of wealth management there is on the board. And they dont just keep everlastingly at it the way he did. Thats very, very important. I dont think we have made a lot of horrible mistakes. Ive been around for a long time and my policy has always been to just write them out. I dont think its like the newspaper business. KWOT].AfOJQ=3U'(Jn6c3fBvvv[#"vsjQog:}CcS?t*Zh|gB;k1xER6fxE5fI6UVFs7v=ViHmg"qTELgJD(2*Q. And another shareholder asked: Dear Mr. Munger, please share your thoughts on the recent /r/WallStreetBets GameStop short squeeze. Im just learning as I go along. And he said; I cant decide the order of presidency between a flee and a louse. God knows it was difficult but I dont think its a mistake. SVB Shareholder Action Reminder - MarketWatch And I think, by and large, we made the most practical decisions that were available to us. I feel the same way about those choices. He took over a malarial swamp with no army, no nothing. I think most people are born with a happystat. That was a big error in judgment. What, for example, would you recommend as course materials? Now 16 years have passed. Can you speak to the causes, the trend, and make some predictions? One of my smartest friends in venture capital is constantly getting huge clumps of stocks at nosebleed prices. We expect many of our employees to always be at client court offices because we work with them very closely to make sure they get what they need. As a matter of fact, its not clear to me that China would have done better if theyd copied every aspect of English civilization. February 11, 2022. And I think wise people should just stay out of them. And it was probably wise that we acted exactly as we did. Charlie Munger: I think Ill skip that one. Sources: FactSet, Tullett Prebon, Currencies: Currency quotes are updated in real-time. And thats not a sure thing either. Charlie Munger: Well, its most egregious in the momentum trading by novice investors lured in by new types of brokerage operations like Robinhood. And I think the directors of GE deserve a lot of credit for making Larry Culp the CEO. If you were offered a fresh start today, what would you do differently in life and in investing? I cant help you. Question: It is estimated that the Gates Foundation has saved well over 100 million lives. And he made a very favorable impression. 2022 . And, of course, I think its vastly stupid for any state to be user-friendly to the rich people. We were trying to save the whole economy under terrible conditions. One thing I can promise is that I wont contribute much to it because I dont understand it. Warren Buffett is set to release his annual shareholder letter Saturday morning along with the conglomerates quarterly earnings. I admire him that much. I dont think it was a mistake to buy the Daily Journal when we did, paying the price we did. Sure, we all love the kind of civilization we have. shareholder letters As for some of our technology, like eFiling for example, the courts are closed. BYD sells at nearly 200 P/E. Charlie Munger: 2022 Daily Journal Annual Meeting Transcript, Charlie Munger: 2020 Daily Journal Annual Meeting Transcript. Gerry and I have been together, how many years Gerry? Questions: Why are some people incapable of learning new ideas and behaviors? Question: What is the biggest lie currently being perpetuated by the investment complex? Question: Do you believe global warming is an existential threat to humankind? So, I dont mind a little inequality and what I notice is that the rich families generally lose their power and wealthand pretty fast. What else can you do? Its like evolution in biology. Charlie Munger: Well, I never owned a share of General Electric because I didnt like the culture. And it has saved Los Angeles a fortune because gas is so much cheaper than gasoline. Theyre no longer using peasant girls to beat the brains out of our little shoe companies in America. 4 0 obj Where does it appear most egregious? Source: FactSet, Markets Diary: Data on U.S. Overview page represent trading in all U.S. markets and updates until 8 p.m. See Closing Diaries table for 4 p.m. closing data. Charlie Munger: Well, I consider that very unlikely. Scan this QR code to download the app now. No, I dont have any secrets. I think this kind of crazy speculation in enterprises not even found or picked out yet is a sign of an irritating bubble. Charlie Munger: Well, of course, the places downsized. And the next time around the poor will get richer faster than the rich. News Corp is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content and other products and services. I think they stopped because if you taught that course, youd be stealing the best cases from the individual professors of marketing and so on and so on. Charlie Munger: Well, I dont participate at all. I didnt get to where I am by going after mediocre opportunities. What are his thoughts on modern monetary theory? Charlie Munger: Well, I so rarely hold a company like BYD that goes to a nosebleed price that I dont think Ive got a system yet. Theyd take you through the building of the canals and the building of the railroads and so on and so on. Thats one you can easily arrange. When you look at whats happened in California [in terms of] the price of real estate and rentals, weve reduced the number of offices we have both for Journal Technology and for the Daily Journal. Question: What would management [of Daily Journal] do with a sudden windfall of profits? So, no I dont think its the responsibility of management to assure where the stock sells. Charlie Munger Speaks at the Daily Journals Annual Shareholders Meeting Interview of Charlie Munger by CNBCs Becky Quick, who selected and read a pair of questions from me. At times in my life, I have put myself to a standard that I think has helped me: I think Im not really equipped to comment on this subject until I can state the arguments against my conclusion better than the people on the other side. Charlie Munger: Well, its not easy to handle accumulated money in the current environment when these stocks are so high and partials of real estate of certain kinds are also very inflated. It reminds me of the key phrase and Bunyans Pilgrims Progress in which he says: My sword I leave to him who can wear it. Many of our systems are in the cloud. Because even as a boy, I knew a lot about who was sound who wasnt sound in Ohama. In a shareholder letter, Barra said 2023 will be a "breakout year" for GM's Ultium-based EVs. I recommend that other people follow my example. And thats what we have going in the stock market in a frenzy thats fed by people who are getting commissions and other revenues out of this new bunch of gamblers. Delayed Nasdaq WebCharlie Munger: 2022 Daily Journal Annual Meeting Transcript Written by Oliver Sung I usually sit down and transcribe the Daily Journal AGM with the musings and wisdom of Nobody else has ever taken a big country out of poverty so fast and so on. <> When the pandemic is over, I dont think were going back to just the way things were. And thats the right way to do it. Generally speaking, people assume that were a normal software company like Microsoft or something. In fact, what a lot of shareholders actually do is crowd in buying stocks on frenzyfrequently on creditbecause they see that theyre going up. And, of course, what Im saying is that if I were teaching business I would start the way Harvard Business School did a long time ago. Charlie Munger: Yes, I think it must end badly but I dont know when. Fundamental company data and analyst estimates provided by FactSet. Charlie Munger: Im sure some are, but, by and large, thats not what Warren is known for. Question: I enjoyed your Caltech interview and wanted you to elaborate and provide more insights on your point of great investors and great chess players. \h_^cBa\"BfuLj@`}Ze jZ*l!-;LUe=v3+adjh4Sz8h*`iQ5>dZ;c8sgu[9|7$t}HkN5xv.,GqwYp0Y,53Urn i*5"x~z0GYkgPU0gbivl:"[Z@"S5mdY = 14M.6X!8&[R-p;a)}P5Y^wE7>L>39ju oH*crZRYTf 0@N',.>BP%M72HY=eY\ |Lt[kC&15YsATr*z=%4;mSH4%ZJ[WI]da f1u#{z)`|Es5dH^,X"I3V4&F@N]6# 7V}cDCY$P(Xa:FVPfl\V!ZA~jtSBtrleZuV"Nr7cA_ u!LC36Mh]82(M+ RR)mnk d=#:v4P^^xEbt:x85!K-yQK Nu=?vL]'.vq|1b* pS67-K^sqj The total number of shares, represented by proxies at this meeting, are 995,682, which are more than enough to constitute a quorum making the meeting duly held. Beyond restaurants, consumers showed a growing interest in many of the newer categories on our Marketplace in 2021. He was a very smart man and he had a lot of good ideas. Watch Charlie Munger speak at the Daily Journal annual meeting I think theyre probably right, by the way. When you pay for order flow, youre probably charging your customers more and pretending to be free. %PDF-1.3 However, is there a price too high that the companys future profits simply cannot justify? Apartments have come through better. Its such a simple idea. He absolutely took over a malarial swamp and turned it into modern Singaporein his own lifetime. Charlie Munger: Its very hard to have a shrinking business. If its not good enough for Berkshire, shouldnt we have the same standards? Has the quality of the publication suffered as the employment levels have decreased?
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