Facebook; Instagram; LinkedIn; Twitter; Youtube; Shop Amazon.com It plans to build about 50,000 EVs in North America in the first half of Source: FactSet, Indexes: Index quotes may be real-time or delayed as per exchange requirements; refer to time stamps for information on any delays. It wasnt some malevolence of the rich that caused it. Charlie Munger: Well, these things do happen in a market economy. And I think, by and large, we made the most practical decisions that were available to us. So, the people part has changed quite considerably being a small company. Question: You and Warren have been adept at quickly sizing people up, particularly business leaders and potential business partners. But he could play chess blindfolded at just below the Grandmaster level. It seems to involve a lot of your standard causes of human misjudgment. Ive been engaged in recent years in trying to create a better type of student dormitory. Theres no question about the fact that Wells Fargo has disappointed long-term investors like Berkshire because the old managementwhich is now removedwere not consciously malevolent or thieving but they had terrible judgment in having a culture of cross-selling where the incentives on the poorly paid employees were too great to sell stuff that customers didnt really need. And I dont think youll find me engaged in the massive rezonings in the future. Question: Given all of your donations to physics, what is your favorite way of applying physics to societys problems and also to investing? Charlie Munger: Its a huge field in which we have a very interesting toehold with the strongest toeholds in Australia and California. I dont define that as value investing. :qpt1cMt8\2&avSY9-;S6 |jw&.\ "P/cdx>5[_:Vt _;hgf1!||tx8Oz}Y=eHcu65gl-T >Tkbb,OxW]Y?W8p`? LimT;IZ}La`9tFG;hB*4bI*Kt,U7e~kEVzVTmT$k*(4>uBXrW0L-MYz g\uz:~F ],ZgKUVyaq5muCWc*uNSS1e/~;$wqNw;jJkyVG*"ns*~e15{f +%>\o-^^U]UpJW',/ They really need the world to stay the way it is. 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. Absolute insanity. I think you should try and make your money in this world by selling other people things that are good for them. Charlie Munger: 2022 Daily Journal Annual Meeting Transcript, Charlie Munger: 2020 Daily Journal Annual Meeting Transcript. <>>> Daily Active Users (DAUs) totaled 53.3 million in June 2022, year versus 3.571 billion hours in May, up 10% over May 2021. Do you agree that there is a close parallel to the late 90s and that this, therefore, must end badly?. Charlie Munger: Well, of course, its very hard to fix the global warming problem when the poorer countries need to burn coal to stay alive and so on. Question: What would management [of Daily Journal] do with a sudden windfall of profits? Question: Does management, in your opinion, have a moral responsibility to have their shares trade as close to fair value as possible? The votes in favor of that are 995,356 against 120. Charlie Munger: Well, Im constantly making mistakes where I can, in retrospect, realize that I should have decided differently. And there was one woman who was a year older than he was who was the first-ranked student in the school. Question: What is the biggest lie currently being perpetuated by the investment complex? Question: Charlie, you have been a long-time admirer of Singapore and Lee Kuan Yew. SVB Shareholder Action Reminder - MarketWatch I wouldnt change my life all that well. I knew a man once, Henry Singleton, who was not a chess champion. Gerry, you have a comment on that? And thats the right way to do it. Buffetts donations to the foundation have obviously helped to save many millions. I dont think I can teach you how to retroactively get a new accident yourself. I cant help you. Because if you do that, Im a moral leper. Question: Your advice given on choosing a good spouse in Poor Charlies Almanac is terse. And when the old CEO of the Daily Journal died, Gerry was managing the business affairs of the Munger Tolles law firm. That turned out to be a wonderful idea and thats one of the reasons we made all this money. And would the Daily Journal consider Bitcoin or any other cryptocurrency as an asset on the balance sheet similar to what Tesla recently did? He absolutely took over a malarial swamp and turned it into modern Singaporein his own lifetime. Many of our systems are in the cloud. Fundamental company data and analyst estimates provided by FactSet. 5. Im not trying to move mountains. We always want to get the facts right. It doesnt happen anymore. 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. We were together in that for a long, long time, and then Rick and I did the Daily Journal together on another occasion. 02/15. If the seas were to rise 60 feet, which could happen in another 100 years or so, wed have to build enormous barriers to sea entry. But, I dont think Ive got a lot to contribute. And I was like Rip Van Winkle; when I tried to come back to it, I found that the world had changed. Everybodys got a different situation. So he was just a perfect banker if you wanted never to have any trouble. Has the quality of the publication suffered as the employment levels have decreased? GM raises its 2023 earnings outlook | Automotive News Welcome! We focused and de-risked the company through strategic portfolio actions, significantly accelerated our debt reduction, And that isnt necessarily right for its customers. Charlie Munger: Its quite importantpart of the success of a company like Costco. Charlie Munger: Im sure some are, but, by and large, thats not what Warren is known for. In a shareholder letter, Barra said 2023 will be a "breakout year" for GM's Ultium-based EVs. I think all of this activity is regrettable. He really knew everything you had to do to avoid credit losses in a small town in Illinois. At this rate, hell likely (hopefully) reach the longevity of Irving Kahn. The Warren Buffett CEO by Robert P. Miles. And what he does is he sells about half of them always. International stock quotes are delayed as per exchange requirements. Charlie Munger downplays risk of Taiwan invasion, says I think most people are born with a happystat. Always on point. Shareholders The letter is 1,617 words. Furthermore, hed gone through the Great Depression. You used examples of Lee Kuan Yews good judgment in choosing someone with brains over certain physical attributes in your past interview. And weve had marvelous people here to help us do it through very difficult times and one of them is Gerry Salzman. Thats been greatly curtailed. Its been amazing that one little company starting up not that many decades ago could become as big as Costco did as fast as Costco did. Are traditional dividends and share repurchases the likely end-stateassuming our software business grows into a bonafide companyor will buying and holding securities from time to time be what the board is comfortable with? In his closely read annual letter to shareholders, Jamie Dimon says he expects no more than 10% of JPMorgan employees to permanently work from What little newspaper company has come through the crisis of this destroying of all the newspapers better than the little Daily Journal? Thats the nature of capitalism. Books to Berkshire Hathaway Shareholders And, of course, I think its vastly stupid for any state to be user-friendly to the rich people. Question: Many believe that inequality accelerated by this pandemic has reached alarming levels that demand drastic solutions such as a wealth tax. I think that the methods that Ive used including the checklists are the correct methods and Im grateful that I found them as early as I did and that the methods have worked as well as they have. Were going to bust our ass to try and do a good job. Questions: Many observers see market behavior that reminds them of the Dot Com bubble: wild speculation, endless SPACs, and IPOs soaring on their first day of trading. And you mentioned technologythats very, very important. Charlie Munger: Well, I cant top Lee Kuan Yews example. So its a very theoretical discussion. How can you not? Of course, its going to be difficult. Gerry, can you ever remember Rick down? Of course, we accomplished quite a bit working together. And when the evidence came in that the system wasnt working very well because some of the employees were cheating some of the customers, they came down hard on the customers instead of changing the system. By the way, the Harvard Business School, when it started out way early, they started out with a history of the business. Scan this QR code to download the app now. Charlie Munger: Real estate has always been a difficult field. Its like evolution in biology. Charlie Munger: Gerry, whats the biggest mistake weve made? And I just think it was academically inconvenient for them. I dont think it was a mistake to buy the Daily Journal when we did, paying the price we did. Charlie Munger: Well, the business around here that has the most promise is our software business automating the courts. I think the Chinese have behaved very shrewdly in managing their economy and theyve gotten better results than we have in managing our economy. Theyre in a place thats gotten more valuable. Theres an old German proverb Ive always liked. Question: Has your opinion on cryptocurrencies remained the same? By using our website or by closing this message box, you agree to our use of browser capability checks, and to our use of cookies as described in our Cookie Policy. If you try and reduce the poverty too much, its counterproductive. A lot of the people who are doing this remote worka lot are going to work three days a week in the office and two days a week at home. You dont need to worry about them. Gerry and I have been together, how many years Gerry? Charlie Munger spreads wisdom at the annual meeting for the Daily Journal. Gerald Salzman: There are a number of factors that come into play here. What happens is that every human being tends to believe way more than he should in what hes worked hard to find out or where hes announced publicly that he already believes. Everything you see is profit. Reddit and its partners use cookies and similar technologies to provide you with a better experience. Shareholder Letter What are his thoughts on modern monetary theory? Charlie Munger Flags 'Speculative Frenzy' in Stocks, Lack of Bargains
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