In a shareholder letter, Barra said 2023 will be a "breakout year" for GM's Ultium-based EVs. Web2021. Facebook; Instagram; LinkedIn; Twitter; Youtube; Shop Amazon.com Charlie Munger: Well, I hope we dont have fewer truck stocks because Berkshire Hathaway is deeply involved in truck stops. We miss Rick terribly. What could investors do to cope better with periodical frenzy? Question: Given all of your donations to physics, what is your favorite way of applying physics to societys problems and also to investing? But I do admire what the Chinese have done. The stock has gained so much this year and last year. But I wont be following him. 2 0 obj If you dont have master the rest of the knowledge you cant synthesize it with psychology. Charlie Munger: I dont have any wonderful new thoughts. Charlie Munger: Were really old both of us. He was a very smart man. Question: What do you hope the future of the Daily Journal Corporation looks like in a decade? So, I think you can count on the fact that what were doing is going to be a big growing field. And some bankers yield to the temptations. Charlie Munger: Well, Lee Kuan Yew had the best record as a nation builder. 24 Feb 2021 Charlie Munger, Vice Chairman of Berkshire Hathaway, speaks at the Daily Journal Annual Meeting 22 Jan 2021 Warren Buffett's right-hand man flags a So, its a very interesting competitive field. Share Charlie Munger, a shareholder and board member for The Daily Journal, is set to speak at the newspapers virtual annual meeting Wednesday. We take the situation as it is and try to solve it. Shareholder Letters What do you think we can do to help those who are currently falling behind as a result of this pandemic? Question: What is the wisdom behind holding bank stocks compared to other stocks. 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. Question: You identified the opportunity in electrification and invested in BYD. Gerry, can you ever remember Rick down? And I think thats what shareholders do. Sources: FactSet, Tullett Prebon, Currencies: Currency quotes are updated in real-time. % 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. I recommend that other people follow my example. He was very courageous and generous in helping everybody around him all his life. 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. 2021 Letter to Shareholders. I think some of these things are very difficult and I think, by and large, its a mistake to hire investment managementto hire armies of people to make conclusions. But Im flabbergasted at how well theyre doing. On the other hand, we have a fair amount of time to do it. You are going to be flabbergasted. Mutual Funds & ETFs: All of the mutual fund and ETF information contained in this display, with the exception of the current price and price history, was supplied by Lipper, A Refinitiv Company, subject to the following: Copyright Refinitiv. Charlie Munger: Its hard to know what exact macroeconomic policy is correct. Always intelligent. I came to law school having learned the method of learning and nothing has served me better in my long life than continuous learning. DAILY JOURNAL CORPORATION : Shareholders Board God knows it was difficult but I dont think its a mistake. April 14, 2022. I think office buildings are now in some trouble and, of course, commercial real estate rented to stores has been in a lot of trouble for a long time. Thats been greatly curtailed. 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. 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? That way, whatever happens, he feels smart. %PDF-1.5 I think all good investing is value investing. A 2003 examination of what makes Berkshire Hathaway's subordinate CEOs successful. Source: Kantar Media. Have you considered amending this quote or lowering your standards? Charlie Munger: Well, of course, the places downsized. 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. endobj Culture is very important. That word focuses Bezos and focuses the people that look to him for guidance. A lot of the old moats are going away, and, of course, people are creating new moats all the time. And he said; I cant decide the order of presidency between a flee and a louse. When I was young, I rezoned some properties very successfully. Join 4,000+ investment professionals and curious generalists by getting my latest articles, research, and insights directly to your inbox. The disruption from the decline in newspapers has had a significant impact. Theres an old German proverb Ive always liked. 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. 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. He loved to kid people. There are factories in China that are just absolutely full of robots and are working beautifully. One of my smartest friends in venture capital is constantly getting huge clumps of stocks at nosebleed prices. Question: Many believe that inequality accelerated by this pandemic has reached alarming levels that demand drastic solutions such as a wealth tax. 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. That thing circulates. And in biology, what happens is the individuals all die, and eventually, so do all the species. I think theyd run rings around me. On the other hand, as you say, I didnt get rich by buying stocks at high price-earnings multiples in the midst of crazy speculative booms. I dont think we have any great gift at making macroeconomic predictions. Hell be able to do it. Kipling once wrote a poem called The Women (The Ladies) and the concluding line was to the effect that you should learn about women from him instead of doing it yourself, because, he says, I know you wont follow my advice. I dont follow that practice but I dont criticize it either. He lived in a particular town. GE released its 2021 Annual Report today. In his early education, he was the second-ranked student in the school. x\o6 >j.bY|UI\$nj'-Bdfv~QG#y9>}wU~;|=,a>?&UVDWUr{{&?:B%\DIzRYI'gYY]1$9|4JYf%rUe4.L_.J8h`?8([^RWQ/H?e}^6.bw{s GM raises its 2023 earnings outlook | Automotive News Question: Last year, almost every ecommerce, internet, and internet adjacent stock was up 100 plus percent. 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. And I think wise people should just stay out of them. And what are the implications, since Treasury assets underpin the value of every other asset? Look around all this real estate.