On the other hand, we have a fair amount of time to do it. And yet he made a lot of mistakes in the course of living his life. Books to Berkshire Hathaway Shareholders Dear shareholders: Over the past 25 years at Amazon, Ive had the Charlie Munger: 2022 Daily Journal Annual Meeting Transcript I think all good investing is value investing. Ive seen the whole bus system shift from gasoline or diesel to gas and so it obviously isnt impossible, but youd have to create a whole new system of supply for it. In the past few years, equity prices have increased significantly and cash has arguably become riskier due to central banking policy. I think theyd run rings around me. And why did you feel that Amazon had more to fear from Costco than Costco had to fear from Amazon? I think you should try and make your money in this world by selling other people things that are good for them. Because we have the proxies those directors are now reelected. Of course, that made him very leery of dumb loans. 2022 . Have you seen the television show Queens Gambit on Netflix? Charlie Munger: Its quite importantpart of the success of a company like Costco. The mantra he said over and over again is very simple. 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. Charlie Munger: I dont think so. I think all of this activity is regrettable. Im afraid thats the way we all have to leave our swords. Gerry and I have been together, how many years Gerry? shareholder letters Florida would have a really serious problem. I think they would have come out worse because their position was so dire and the poverty was so extreme, they needed very extreme methods to get out of the fix they were in. And, I think that could happen, but, of course, thats not a sure thing. 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: Do you believe the valuations for electric car manufacturers are in bubble territory? Question: What have you done to live such a long life? 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. WebIn 2021, we continued adding new restaurants to our Marketplace and third-party data suggests we remain the selection leader in the U.S. In a shareholder letter, Barra said 2023 will be a "breakout year" for GM's Ultium-based EVs. The second proposal is to ratify the appointment of our certified public accountant: Baker Tilly US, LLP. 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. Read the full transcript of the 2022 Daily Journal annual meeting featuring Charlie Munger and Gerald Salzman. Charlie Munger Flags 'Speculative Frenzy' in Stocks, Lack of Bargains Charlie Munger: I would go further. So far the evidence would be that maybe the monetary modern monetary theory is right. How did Eugene achieve incredibly low loan losses over the long term while so many other bankers have failed miserably? They have created a strong culture of fanaticism about cost, quality, efficiency, and honor. Gerald Salzman: Always upbeat, yes. % Its a very dishonorable low-grade way to talk. Now 16 years have passed. I expect that and I welcome it. 2023 Junto Investments, all rights reserved. I think Im a little more lenient. With that one exception, Ive stayed out of Sequoias business because theyre so much better at it than I would be and I dont know how to do it the way they do it. Question: Of the various types of moats and competitive advantages, which types do you think will be most important in the years ahead, and what combinations of competitive advantages can you imagine will create any new types of moats? We do, as Charlie indicates, have a lot of travel. I would hate to compete with Sequoia in their field. 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. 2022 Daily Journal Corporation Mungers Letter to It was totally required. But, I hardly think the editorial quality could go way up when employees were going down. I think that that will probably continue. Question: What advice would you give to someone who is trying to stay within their circle of competence but finding that the pace of technical technological innovation is rapidly reducing that circle? I dont think it was a mistake to buy the Daily Journal when we did, paying the price we did. Question: My question concerns China. He said it was the pursuit of the uneatable by the unspeakable.
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