Do you agree that there is a close parallel to the late 90s and that this, therefore, must end badly?. So I dont worry that the country is being ruined by a few people over getting ahead a little faster than the rest of us. Youve reached the limit of my circle of competence. And if you believe Jeff Bezos is one of the best businessmen you have ever known, would you consider investing early in any of the new projects he will inevitably focus his attention on now that he will not have to be as concerned about the day to day responsibilities of Amazon? He had a long and wonderful run. This is a highly desirable thing. Charlie Munger: Well, I do have a tip. If so, how do you think society should address it, especially because poor countries require much more cheap energy to reduce poverty? Opportunities to invest in underpriced stocks (banks in 2009, in particular, I believe) Nothing is very Ill paraphrase here. The content provided on the Junto Investments (Junto) website is for informational purposes only, and investors should not construe any such information or other content as legal, tax, investment, financial, or other advice. And, I was not surprised when it blew up. Question: It seems likely that the current Fed policy of keeping interest rates near zero will only exacerbate the income disparity in this country by benefiting those who own the financial assets. That recognized reality and worked way better than what other people were doing. It was absolutely incredible. Is there anything that you wish you had added to your checklist sooner? I dont even know how much more difficultor how much more dangerousit would be to deal with hydrogen than it is to deal with gasoline which is also a dangerous substance. Everyone knows this isnt a small cap Berkshire Hathaway. Welcome! 2022 Daily Journal Corporation Mungers Letter to What else can you do? But Im flabbergasted at how well theyre doing. A lot of people assume that since England led the Industrial Revolution and had free speech early that free speech is required to have a booming economy as prescribed by Adam Smith. He was not a dictator. Lane Hickenbottom/Reuters Warren Buffett's longtime business partner called out a We will now proceed to the question period. Buffetts donations to the foundation have obviously helped to save many millions. At the age of 97, Charlie Munger wasnot surprisinglysharp as a tack. Question: Why is Berkshire Hathaway selling shares of Wells Fargo as quickly as one can and the Daily Journal has sold one share? Charlie Munger: Well, you know, I had a failed marriage, so I dont think Im in the perfect position to advise the young about marriage. Theyre just very simple. Question: Many believe that inequality accelerated by this pandemic has reached alarming levels that demand drastic solutions such as a wealth tax. He had excellent judgment. So its very difficult. We were together in that for a long, long time, and then Rick and I did the Daily Journal together on another occasion. And, of course, I think its vastly stupid for any state to be user-friendly to the rich people. When the pandemic is over, I dont think were going back to just the way things were. He doesnt mind at all not getting credit for his charitable donations. Stocks: Real-time U.S. stock quotes reflect trades reported through Nasdaq only; comprehensive quotes and volume reflect trading in all markets and are delayed at least 15 minutes. Charlie Munger: Well, I dont think its required that we be exactly the same on everything. We have our crotchets and I just dont know enough about it to want to go into that activity. And theyre all dyingevery damn one of them almost. Of course, thats a useful thing. GM raises its 2023 earnings outlook | Automotive News If you dont have master the rest of the knowledge you cant synthesize it with psychology. Of course, it really helped to know everybody in town. And so, the stock went way up. Charlie Munger: I think Ill skip that one. That was a big error in judgment. Hed been a receiver for a bank. Daily Journal Corp : Submission of Matters to a Vote of Security Holders (form 8-K) AQ. Charlie Munger: Thats too hard in general a question for me. As a result of holding those two positions, we have a lower cost than anybody else and we make more money than practically everybody else. We paid two and a half million for it. Question: If you had a chance to make an addition or revision to Poor Charlies Almanac, what would that be? So we have one basic system configured in a number of different ways, including workers comp for a large state in the United States. But everybody cant be better than everybody else. And he was just so good. How did Eugene achieve incredibly low loan losses over the long term while so many other bankers have failed miserably? And you mentioned technologythats very, very important. WebShareholder Letter | Fiscal 2021 | 3 Fiscal 2021 also brought numerous challenges. Charlie Munger: Its quite importantpart of the success of a company like Costco. Charlie Munger: Well, of course, if they bring in a brand new technology you dont understand at all, youre at something of a disadvantage. I do think banking run intelligently is a very good business. Apartments have come through better. Commission-free trading is not free. Books to Berkshire Hathaway Shareholders <>>> Charlie Munger: I dont think you can make that a moral responsibility. In 1860, GDP per capita in China was 600. In his early education, he was the second-ranked student in the school. He was just so damn smart. It doesnt happen anymore. Charlie Munger: Well thats an easy one. He said it was the pursuit of the uneatable by the unspeakable. Do you think that digital economy has reached a tipping point such that this time is different and that conventional valuation measures for these types of companies are dead, or does this environment remind you of 1999? Interpretations of those facts will vary. What, for example, would you recommend as course materials? As a matter of fact, it will be here for a long, long time if we stop using many hydrocarbons in transportation. Source: Kantar Media. 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 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. Delayed Nasdaq 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. But Henry was a genius. Value Investing will never go out of style. I am more willing to hold stocks at high multiples than I would be if interest rates were a lot lower. He was death on corruption which was a very good idea. 2021 Im not saying that oil and gas is going to be a wonderful business but I dont think its going away. But he was 90 years of age. 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. Sources: CoinDesk (Bitcoin), Kraken (all other cryptocurrencies), Calendars and Economy: 'Actual' numbers are added to the table after economic reports are released. You can hardly think of a decision that matters more to human felicity than who you marry. Cookie Notice Its too volatile to serve well as a medium of exchange. In 2010, that was down to 165 full-time employees and 15 part-time employees. And if you stop to think about it, that is also true at the Daily Journal. We admire the company and like its position. Privacy Policy. Charlie Munger: Its very hard to have a shrinking business. You are going to be flabbergasted. Gerald Salzman: Well, we dont think about mistakes. 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. What are the main sources of ancillary revenue expected once the products have gone live and how meaningful will the products like eFile-it, ePay-it, cloud hosting services, and others become? Charlie Munger: Well, I cant top Lee Kuan Yews example. Question: BYD is in the Daily Journal stock portfolio with a very big paper gain. Buffett recommended it. When it gets difficult, I dont think theres any automatic fix for difficulty. Question: I was wondering if you could share some thoughts on Haven, particularly why it was ultimately closed. Lipper shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon. 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. Question: Youve spent much of your life contributing your wisdom to schools and hospitals. Whoever dreamed when I was young that Kodak and General Motors would go bankrupt. The psychology professors dont know all that much about the rest of knowledge and they have no incentive to master it. Charlie Munger: Well, the people doing the computer software are doing magnificently wellthe people under Gerry: Maryjo and Danny. As a matter of fact, what happens is to make a nation rich, you need a free market system. DATAROMA Superinvestors Portfolio Holdings We take the situation as it is and try to solve it. Gerald Salzman: None. Im Charlie Munger, Chairman, and to my right is Jerry Salzman, CEO. All the buses. If you dont spend the money, you and your heirs get to spend it eventually. 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. He was always upbeat. You can argue that I got close to Sequoia when with Li Lu we bought into BYD. [The questioner] would like to know what Charlies method of learning is. Could you share the secret to living a long, healthy, and happy life? When I saw that psychology was necessary and I didnt have it, I didnt just learn the little tendencies well enough to get As in psychology. Thank you for all you do to educate us. Any tips for someone who wants to work on and improve their ability to hold two opposing views at the same time? I think civilization would do better without it. Question: What are Mr. Mungers thoughts on the recent GameStop short squeeze by social media and the resulting implications on short selling in the future? How would you advise these institutions to manage their endowments over the coming decades? And its really stupid to have a culture that encourages as much gambling in stocks by people who have the mindset of race track betters. On the other hand, the buses in Los Angeles work on natural gas. And weve had marvelous people here to help us do it through very difficult times and one of them is Gerry Salzman. I love connecting with other curious nerds so if you have a comment to my article or want to introduce yourself, shoot me an email. Berkshires Performance vs. the S&P 500 And so I dont think its necessarily crazy that good companies sell at way higher multiples than they used to. 2021 tzJ/wa*''=`R9+eJ}hv&iA+sn\/t`5q2(5l.h% dD2)ls.sz M4Z6X_h+ak,+,D^'a%&2K~SO@z'9f)xC? 6ZERFyGh.Q{BoM$k2YNNV'Vq3yd;6. If you were offered a fresh start today, what would you do differently in life and in investing? I think were into a lot less travel and a lot more Zooming. Thats interestingwho in the hell is voting against the accountants? Now, it sounds like anybody would know that made sense. We made the rich richer, not as a deliberate choice, but because it was an accidental byproduct of trying to save the whole civilization. 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. We got a dividend of two and a half million shortly thereafter. And thats the way we handled Gerry. Or, has the digital revolution caused enormous productivity improvements in those businesses? We focused and de-risked the company through strategic portfolio actions, significantly accelerated our debt reduction, For a quarter in which we made only a handful of portfolio changes and essentially broke even, lot Always intelligent. I think when difficulty comes, I expect to have my share. It was totally required. Thats an interesting example of self-learning. There are these periods in capitalism. We bought all these buildings cheaply. 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. We are in fact being a more difficult type of software business than Microsoft. Charlie Munger: Well, Im constantly making mistakes where I can, in retrospect, realize that I should have decided differently. Its doing a big public service. But we cant. Charlie Munger: Well, he was one of my closest friends for many decades. So, the people part has changed quite considerably being a small company. Thats what weve been doing throughout my whole lifetime. Charlie Munger: Were really old both of us. Written by Andy Jassy, CEO at Amazon. And another shareholder asked: Dear Mr. Munger, please share your thoughts on the recent /r/WallStreetBets GameStop short squeeze. GM raises its 2023 earnings outlook | Automotive News But, but by and large, most of the knowledge has been available for a long time. I knew a man once, Henry Singleton, who was not a chess champion. Source: FactSet. Charlie Munger: 2022 Daily Journal Annual Meeting Transcript In other words, its your money. And, of course, its all worked. Charlie Munger: Well, thats a very good question. h`DU6,]Z a]T&LPuwIXX>4cGy82 Hell be able to do it. In his closely read annual letter to shareholders, Jamie Dimon says he expects no more than 10% of JPMorgan employees to permanently work from Sources: FactSet, Tullett Prebon, Commodities & Futures: Futures prices are delayed at least 10 minutes as per exchange requirements. Its just that some people look for values in strong companies and some look for values in weak companies. Question: Should there be a tax on buying stock now that Robinhood trades are free? Charlie Munger: 2022 Daily Journal Annual Meeting Transcript, Charlie Munger: 2020 Daily Journal Annual Meeting Transcript. We always want to get the facts right. Its just that the investment banking profession will sell shit as long as shit can be sold. Key Points. Charlie Munger: Full Transcript of the 2021 Daily Journal Meeting 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. 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. If you go to a little country like Estonia, the whole damn country is on the internet and its a very good idea. Today, the majority of contractual revenue that can be identified is from implementations and licenses. s=QFO?TT ze(0$ $$JI6[t_j%Suf.`2QW Shareholder Letter All rights reserved. Remember the Dot Com boom when every little building in Silicon Valley ran into a huge price and a few months later about a third of them were vacant. He absolutely took over a malarial swamp and turned it into modern Singaporein his own lifetime. Do you think this is a worthwhile policy objective given the effect it has on creating financial excesses and income inequality? Florida would have a really serious problem. I think that would be insanity. Read the full transcript of the 2022 Daily Journal annual meeting featuring Charlie Munger and Gerald Salzman. Tom Murphy used to say that his system of management was to delegate just short of total abdication. Never before in the history of mankind have we seen such a rapid eradication of poverty, pulling approximately 800 million people out of destitution. On the other hand, it could be handled. Charlie Munger: Well, it helps to be able to leave the IQ test early with the highest score. I call it deworsificationwhich I copied from somebody. Give me a new question. Any tips on how to generate insight in these types of situations? Look around all this real estate. 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 tend to avoid the ones which Im not good at and Im not good at a lot of different problems. Its a funny way to make money. Or, is it impossible to realize a deterioration quickly enough to exit without a loss? April 14, 2022. Accounting is also in the cloud. Shareholders Have you met Lee Kuan Yew in person? I think I would have lived a long time if I had lived a different life. DAILY JOURNAL CORPORATION 915 E. 1st Street Los Angeles, California 90012 PROXY STATEMENT FOR ANNUAL Question: In 1999, the year the Daily Journal bought Sustain Technologies, the traditional business employed 355 full-time employees and 61 part-time employees. Question: Ben Franklin said: Were it offered to my choice, I should have no objection to a repetition of the same life from its beginning, only asking the advantages authors have in a second edition, to correct some faults of the first. Charlie Munger: Yes, I think that is rising as we sit here. Theyve got a better reputation for providing value than practically anybody, including Amazon. 2021 Shareholder Letter My guess is we have suffered some editorial quality. and our :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',/ 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 Question: It is estimated that the Gates Foundation has saved well over 100 million lives. DJCO | Daily Journal Corp. Financial Statements - WSJ See our Terms, Privacy Policy, and Disclaimer. Could you please elaborate on the subject and could you consider giving a talk on this particular subject? Everybodys got a different situation. I do think that Im way less afraid of inequality than most people who are bleeding about it. 2021 How would they think about current opportunities with low rates and low inflation? The JTI software has been configured for other judicial and justice agencies, including district attorneys, prosecutors, public defenders, probation, etc. I think the Chinese were very smart. So its a very theoretical discussion. What I see in China now just staggers me. Today, it hovers around 9500. So it gets very dangerous. What do you look for in a leader? But, of course, I think there will be more automation in transportation of all kinds in the future. Youre right. Thats very, very important. I regard this as insanity. In other words, when we shout our knowledge out, were really pounding it out. No one knows for sure just how much government intervention is wise and at what point the government should stop intervening. And we probably have more of those shortcuts than others. So, to some extent, everybody buying medical services in Singapore is paying for it themselves. Question: Do you think its best to invest in the common stocks of businesses early or while they are more nascent and the industry is smaller, or wait until they are the clear winner of a more mature industry? And, we are really interested in doing a good job in Australia, in California, and all the other places where people have trusted us. But, I find that the old ways of doing things still work. And what are the implications, since Treasury assets underpin the value of every other asset? Because if you do that, Im a moral leper. Thats our system. If you have unrealistic expectations, youre going to be miserable all your life. Its not generally noticed by the public but clearinghouses clear all these trades. Question: [The questioner] quotes a commencement address you gave in 2007 at USC Law School. So, I think you can count on the fact that what were doing is going to be a big growing field. I dont think Im likely to have any new thoughts that are going to work miracles either. Data may be intentionally delayed pursuant to supplier requirements. Question: Can you share some parting thoughts with the viewers who are watching all around the world? If you suffered losses exceeding $100,000 investing in SVB stock or options (i) between January 22, 2021, and March 10, 2023, inclusive (the "Class Period"); and/or (ii) 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. FactSet (a) does not make any express or implied warranties of any kind regarding the data, including, without limitation, any warranty of merchantability or fitness for a particular purpose or use; and (b) shall not be liable for any errors, incompleteness, interruption or delay, action taken in reliance on any data, or for any damages resulting therefrom. 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. A lot of the old moats are going away, and, of course, people are creating new moats all the time. He was very amiable the way he talked about it. Charlie Munger: I dont think so. The best venture capital operation probably in the whole world is Sequoias and they are very good at this early stage investing. Given the developments over the past year, could you give us an update on your assessment of wretched excess in the system? And I applaud the result. The kind of executives who have a Buffett-like mindset and never get in trouble are a minority group, not a majority group. Theres a lot of competition and were a very small company compared to our main competitor. FOURTH QUARTER 2021 FINANCIAL RESULTS AND SHAREHOLDER LETTER We generated $97 million of free cash flow in the quarter and $477 million for the year, inclusive of a $191 million increase in inventory of which approximately $60 million is due to increased transit times and the balance targeted to alleviate our unshipped
Houses For Rent In Clermont, Fl Craigslist, Articles D