Do it right the first time. <> And, pretty soon, he turned that into this gloriously prosperous place. All except for the legal advertising system which we had to build because nobody else has the volume that we have. I think I would have lived a long time if I had lived a different life. Shareholder Letter I learned those tendencies well enough to synthesize it with the rest of knowledge. How can you not? 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. But you know, most people dont do that. So its a very theoretical discussion. Thats one you can easily arrange. Source: FactSet. If you do that all the time; if youre looking for disconfirming evidence and putting yourself on a grill, thats a good way to help remove ignorance. Question: Do you believe any psychological personality tests, such as the Myers-Briggs Type Indicator, to be of any good in choosing a compatible partner, given that choosing a spouse is probably the most important decision one can make in life. Thank you for all you do to educate us. He was death on corruption which was a very good idea. Charlie Munger: Well, of course, the places downsized. 3 0 obj Berkshires Performance vs. the S&P 500 And the next time around the poor will get richer faster than the rich. GM raises its 2023 earnings outlook | Automotive News You get crazy booms. How would you advise these institutions to manage their endowments over the coming decades? And interested and up to speed and didnt have to take a lot of time to get background information to make his comments. -, Daily Journal Corp : Submission of Matters to a Vote of Security Holders (form 8-K), Charlie Munger downplays risk of Taiwan invasion, says crypto fans are 'idiots', Transcript : Daily Journal Corporation - Shareholder/Analyst Call, Secretary & Executive Vice President-Publications. I think the Chinese were very smart. Buffetts donations to the foundation have obviously helped to save many millions. Do you agree that there is a close parallel to the late 90s and that this, therefore, must end badly?. We discuss the company Berkshire Hathaway and the economic context in which it operates. WebThe U.S. economy is strong. What were the lessons learned? Im not trying to move mountains. They wouldnt be a lot happier if they were richer or a lot less happy if theyd been poor. Ive been around for a long time and my policy has always been to just write them out. So far the evidence would be that maybe the monetary modern monetary theory is right. And, of course, its going to create trouble as it did. Watch Charlie Munger speak at the Daily Journal annual meeting And he was a great kidder. It was absolutely incredible. Nothing is particularly obvious for everybody to do the same thing. Question: You often advocate for learning from other peoples big calamities and stupidities. The psychology professors dont know all that much about the rest of knowledge and they have no incentive to master it. 5. Question: You famously run investments through your mental checklist. What, for example, is to stop the Chinese government from simply deciding one day to nationalize BYD? So, Im kind of pleased that Im still functioning at all. Charlie Munger: I dont think you can make that a moral responsibility. Question: Its been a year since the coronavirus pandemic came to the U.S. What have you all learned about running a business in the past year? Thats the good news. And by the way, I think its hard to teach. Or, has the digital revolution caused enormous productivity improvements in those businesses? Or, is it impossible to realize a deterioration quickly enough to exit without a loss? Mr. Buffett gives a quick update on his investing lieutenants, Todd Combs and Ted Weschler, noting that they each now manage more than $10 billion of Berkshire's money. But the Chinese have proved that you dont need free speech to have a wonderful economy. Think of all the monopoly newspapers that used to be, in effect, part of the government of the United States. Charlie Munger: Well, I do have a tip. Cookie Notice Charlie Munger: I think I had the right temperament. Accounting is also in the cloud. And thats the way we handled Gerry. Charlie Munger: Yes, I think it must end badly but I dont know when. Youre better off concentrating your decision power on one person the way the Li Lu partnership does and then choose the right person. WebShareholder Letter | Fiscal 2021 | 3 Fiscal 2021 also brought numerous challenges. We dont have any other secrets, do we Jerry? 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 There are these periods in capitalism. So, of course, I admire him. Is it digital wallets like PayPal, Square, or Apple Pay? A rich civilization can afford to do it if we absolutely have to. While there were only 410 shareholders of record of Daily Journal's common stock as of Dec. 15, according to its annual report, Munger attracts a sizable Charlie Munger: I dont think so. Gerrys lived a long time too and I think we both have been lucky. We use cookies and browser capability checks to help us deliver our online services, including to learn if you enabled Flash for video or ad blocking. In other words, to some extent, its a self-correcting system. And, for example, here, we must have 30 or 40 deaths. I call it deworsificationwhich I copied from somebody. Question: Can you share some parting thoughts with the viewers who are watching all around the world? And since we are on the subject of selling potentially overvalued security, could you provide your systems for selling securities? You can imagine its in a wonderful position and that excited the people in China which has its share of crazy speculators. He was a very smart man. D07"Kn Given the developments over the past year, could you give us an update on your assessment of wretched excess in the system? That recognized reality and worked way better than what other people were doing. So, I dont think Bitcoin is going to end up as the medium of exchange for the world. That was a big error in judgment. :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',/ Charlie Munger: Well, I certainly hope that they succeed mightily in their software endeavor to automate all these courts for the modern world. You dont need to worry about them. As a matter of fact, its not clear to me that China would have done better if theyd copied every aspect of English civilization. Source: FactSet, Indexes: Index quotes may be real-time or delayed as per exchange requirements; refer to time stamps for information on any delays. So its very difficult. And if there is one thing the world could learn from Singapore, what would that be? WebThe rapid collapse of BYD's H-share price caused by (1) the news that Citibank was holding Berkshire's shares, and (2) that Berkshire, owner of 20.5% of the H-shares is now selling shareholder letters How do you reconcile the idea of paying 50 or 60 times revenue for a growing but unprofitable business with the more traditional value investing concept of a margin of safety? I dont know which is worse. And they dont do that very wellIm talking about the business schools. Generally, what people do is they have financial reserves so they have some options if trouble comes, and they adapt the way Gerry has to require downsizings or require upsizings. At the age of 97, Charlie Munger wasnot surprisinglysharp as a tack. 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. Would you share a few stories about him and your fondest memory? In fiscal 2021, we reached revenues of $50.5 billiona significant milestone that represents 11% growth in local currency and the addition of $6.2 My guess is we have suffered some editorial quality. Question: Mr. Munger is a champion of Chinese stocks. Shareholders I do think that we dont know what these artificially low interest rates are going to do or how the economy is going to work in the future as governments print all this extra money. How do you recognize a potential downfall in a company you hold/invest in? And, we are really interested in doing a good job in Australia, in California, and all the other places where people have trusted us. In 1860, GDP per capita in China was 600. It wasnt some malevolence of the rich that caused it. DAILY JOURNAL CORPORATION 915 E. 1st Street Los Angeles, California 90012 PROXY STATEMENT FOR ANNUAL 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. Thats our system. He gasped and said, but hes never had anything to do with newspapers or anything else. Its one of the most ignorant professions in the world. 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. There arent that many people like Lee Kuan Yew that have ever lived. I think theyd run rings around me. Its such a simple idea. I prefer the United States. Data may be intentionally delayed pursuant to supplier requirements. Shareholder Letters They dont work that hard at figuring out what works and what doesnt. Lesson 1: Choose your words wisely. To meet the surge in Question: Mr. Munger recently raised the alarm about the level of money printing taking place. 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. Just time after time, he would choose the right system. Charlie Munger: Well, I dont think its required that we be exactly the same on everything. DAILY JOURNAL CORPORATION : Shareholders Board Dimon, the banks chairman and CEO, laid out all of this and more in his annual letter to shareholders, released early Wednesday. Of course, thats a useful thing. At this rate, Written by Andy Jassy, CEO at Amazon. Costco I do think has one thing that Amazon does not. Charlie Munger: Well, I never owned a share of General Electric because I didnt like the culture. So, no I dont think its the responsibility of management to assure where the stock sells. And I think both of us have done the same thing; we just suck it in and cope. I recommend that other people follow my practice. GM raises its 2023 earnings outlook | Automotive News The stock appreciated probably way more than intrinsic value. Considering their system, that is not what he should have been doing. What Jamie Dimon sees in JPMorgan, Wall Street future of work I dont think we have any great gift at making macroeconomic predictions. And, I think Jack Ma was very arrogant to be telling the Chinese government how dumb they were, how stupid their policies were, and so forth. Fundamental company data and analyst estimates provided by FactSet. So we have one basic system configured in a number of different ways, including workers comp for a large state in the United States. I think that shareholders should be more sensible and not crowd into stocks and buy them just because theyre going up and they like to gamble. WebDaily Journal Meeting Transcript 2021 fs.blog Page 1 of 32 Julia La Roche: Hello and welcome. But we cant. But I do think politics is getting more full of hatred and irrationality than it used to be in America and I dont think thats good. Key Points. He was old as I am. But, a very wise man said on an earlier occasion: The trouble with banking is that we have more banks than we have bankers. Thats a really good rule. Charlie Munger: Gerry, whats the biggest mistake weve made? Everything you see is profit. We were together in that for a long, long time, and then Rick and I did the Daily Journal together on another occasion. What is interesting is that in wealth management, a lot of people think that if they have a hundred stocks theyre investing more professionally than they are if they have four or five. Exhibit 99.1 February 16, 2022 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. And, I think that could happen, but, of course, thats not a sure thing. Daily Active Users (DAUs) totaled 53.3 million in June 2022, year versus 3.571 billion hours in May, up 10% over May 2021. I feel the same way about those choices. And thats the right way to do it. Always tell the truth and never lie to anybody about anything. 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. The mantra he said over and over again is very simple. It seems to involve a lot of your standard causes of human misjudgment. Do you think the Daily Journal would have hundreds of millions of marketable securities now if Gerry didnt know how to learn something new? Of course, we accomplished quite a bit working together. However, could you be more specific? Sources: FactSet, Dow Jones, Bonds: Bond quotes are updated in real-time. <> And why did you feel that Amazon had more to fear from Costco than Costco had to fear from Amazon? And I dont think youll find me engaged in the massive rezonings in the future. WebDaily Journal Corp. balance sheet, income statement, cash flow, earnings & estimates, ratio and margins. But show me a psychology department that knows how to do that. And like last year, you will in this note find a full transcript of the entire meeting. If you have unrealistic expectations, youre going to be miserable all your life.

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