Its just that some people look for values in strong companies and some look for values in weak companies. 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. Last year it quintupled. I dont follow that practice but I dont criticize it either. Question: We have a couple of questions about J.P. Rick Guerin. All the good things. I think the Chinese were very smart. Question: What do you hope the future of the Daily Journal Corporation looks like in a decade? Question: If you had a chance to make an addition or revision to Poor Charlies Almanac, what would that be? Do it right the first time. Thats one you can easily arrange. Its difficult to break into the legal advertising system which supports so many newspapers, not only in California but elsewhere. Copyright FactSet Research Systems Inc. All rights reserved. I gave at the office is an unassailableassertion when made by We made the rich richer, not as a deliberate choice, but because it was an accidental byproduct of trying to save the whole civilization. I think its just to some extent you either have it or you dont. Question: Why is Berkshire Hathaway selling shares of Wells Fargo as quickly as one can and the Daily Journal has sold one share? In other words, I think the system of checks and balances and elections that our founders gave us actually gave us pretty much the right policies during my lifetime. 24 min. So, its a serious problem. Of course, if he had a chance to do it over again, he would avoid those mistakes. And, of course, its going to create trouble as it did. How do you decide to hold on to a stock or sell some? Question: With all the work from home with Zoom and other technology, what do you think the future of commercial real estate looks like? On the other hand, the buses in Los Angeles work on natural gas. He gasped and said, but hes never had anything to do with newspapers or anything else. Do you agree with the premise and if so how would you address inequality? In a shareholder letter, Barra said 2023 will be a "breakout year" for GM's Ultium-based EVs. When you respond to software by the RFP process, its a very difficult, demanding business and its less profitable and less sure than what Microsoft does. But, but by and large, most of the knowledge has been available for a long time. Sources: FactSet, Tullett Prebon, Commodities & Futures: Futures prices are delayed at least 10 minutes as per exchange requirements. I dont think Ive got any great insight about hydrogen. Furthermore, hed gone through the Great Depression. 3 0 obj He was old as I am. WebDaily Journal Corp. balance sheet, income statement, cash flow, earnings & estimates, ratio and margins. You have to be concerned about employees lives. They are joining the modern world very rapidly and theyre getting very skillful at operating. The letter is 1,617 words. Charlie Munger: Well, I hope we dont have fewer truck stocks because Berkshire Hathaway is deeply involved in truck stops. 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. So, of course, I admire him. stream 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. Question: How do you control your investments in a world where reasonable companies with a good image like General Electric sink rapidly into the bottomland of the stock market. And I think the world would be better off without them. And it has saved Los Angeles a fortune because gas is so much cheaper than gasoline. <>/ExtGState<>/XObject<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/Annots[ 18 0 R 19 0 R] /MediaBox[ 0 0 612 792] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> Inside Daily Journal Corp's 10-K Annual Report: Financial - Expense Highlight. What do you think we can do to help those who are currently falling behind as a result of this pandemic? And why did you feel that Amazon had more to fear from Costco than Costco had to fear from Amazon? 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. Charlie Munger: Well, of course, if they bring in a brand new technology you dont understand at all, youre at something of a disadvantage. Heres a full transcript of the entire meeting. I think Im a little more lenient. I do think banking run intelligently is a very good business. Question: What is the biggest lie currently being perpetuated by the investment complex? As a matter of fact, it will be here for a long, long time if we stop using many hydrocarbons in transportation. We take the situation as it is and try to solve it. The disruption from the decline in newspapers has had a significant impact. Charlie Munger: Well, Im constantly making mistakes where I can, in retrospect, realize that I should have decided differently. Charlie Munger: Well, of course, the places downsized. He was a one party system but he could always be removed by the electorate. What, for example, would you recommend as course materials? So its a very theoretical discussion. And he made a very favorable impression. Question: In your past speeches, you have mentioned the term functional equivalent of embezzlement to describe situations where bubbles can form because both parties involved in a bubble believe the asset to be worth more than it truly is. A lot of things are going to change. 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? But, I find that the old ways of doing things still work. And I think, by and large, we made the most practical decisions that were available to us. Charlie Munger: 2022 Daily Journal Annual Meeting Transcript, Charlie Munger: 2020 Daily Journal Annual Meeting Transcript. stream The meeting was held on February 24, 2021. They have created a strong culture of fanaticism about cost, quality, efficiency, and honor. But he previously worked for Rick Guerin and me in running a little mutual fund that we bought control of. I think this kind of crazy speculation in enterprises not even found or picked out yet is a sign of an irritating bubble. WebThe U.S. economy is strong. Thats what the communists are doing. BYD sells at nearly 200 P/E. When I look at the modern Singapore health system, it costs 20% of what the American system costs. They really need the world to stay the way it is. That happened because Gerry and I bought these little newspapers all over the state just as a precaution to make sure we could serve public notice advertising wherever it arose in the state. And if there is one thing the world could learn from Singapore, what would that be? \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 Washington State is actually considering a wealth tax at the state level. But, of course, I think there will be more automation in transportation of all kinds in the future. I tell a story on Rick that he took the Navys IQ test and got one of the highest scores ever recorded and left early. Charlie Munger: Well, I dont think its required that we be exactly the same on everything. I regard this as insanity. But I do admire what the Chinese have done. 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. Has there been anything that has surprised you, and what would be your best advice to someone starting a business now? On the other hand, we have a fair amount of time to do it. Source: Kantar Media. I dont think Im likely to have any new thoughts that are going to work miracles either. And I was like Rip Van Winkle; when I tried to come back to it, I found that the world had changed. Charlie Munger: Yes, I think that is rising as we sit here. Theyve served us well over the years. I think civilization would do better without it. 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. That makes the whole thing very awkward. Question: Previously, you have said; It takes character to sit with all that cash and do nothing. So, I think you can count on the fact that what were doing is going to be a big growing field. Fundamental company data and analyst estimates provided by FactSet. :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',/ 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. And some types of real estate in recent years has been particularly difficult. Now, it sounds like anybody would know that made sense. 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. If so, how do you think society should address it, especially because poor countries require much more cheap energy to reduce poverty? When I was young, I rezoned some properties very successfully. The daily journal stock sells way above the price I would pay if I was buying new stock. So, I think for some folks, early-stage investing is best, and for other folks, what Ive done in my life is best. The first rule of a happy life is low expectations. Where does it appear most egregious? What happened is that BYD is very well positioned for the transfer of Chinese automobile production from gasoline-driven cars to electricity-driven cars. And I think the directors of GE deserve a lot of credit for making Larry Culp the CEO. What do you think the long-term consequences will be? Have you seen the television show Queens Gambit on Netflix? Question: Do you believe global warming is an existential threat to humankind? Questions: Now that we are cash flow positiveassuming the software business is investing organically as much as it canwhat is the philosophical thinking with respect to capital allocation at the Daily Journal. One thing I can promise is that I wont contribute much to it because I dont understand it. And if youre selling them gambling services where you make profits off of the top, like many of these new brokers who specialize in luring the amateurs in, I think its a dirty way to make money. The votes in favor of that are 995,356 against 120. We have offices in all the major cities in California and also in Logan, Utah. So, the shareholders have been lucky to have somebody like Gerry here who could learn what he didnt know and fix it. Sure, we all love the kind of civilization we have. 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. If you dont spend the money, you and your heirs get to spend it eventually. [The questioner] would like to know what Charlies method of learning is. And interested and up to speed and didnt have to take a lot of time to get background information to make his comments. %%`EQ=@jMjkjJn. g5? 5T He absolutely took over a malarial swamp and turned it into modern Singaporein his own lifetime. We love it anyway. We are subject to the orders and directions of those counties which, before, really didnt impact anything. And thats the right way to do it. In a shareholder letter, Barra said 2023 will be a "breakout year" for GM's Ultium-based EVs. I think the bankers of today could learn a lot from Eugene, but little is known of him. Value Investing will never go out of style. Well, I dont think the quality of publishing public notice advertising has gone down. Question: How important is the analysis of company culture in the investment process? Charlie Munger: Well, commission-free trading is a very good candidate for that if you want to emphasize disgusting-wise.
Greenville Isd Superintendent,
Jrotc Cadet Creed In Spanish,
Walton Lake Apartments Collierville, Tn,
Articles D