We have different tax considerations. What do you think the long-term consequences will be? Youve said recently that Sequoia is the greatest investment firm ever. Thats interestingwho in the hell is voting against the accountants? And, of course, its going to create trouble as it did. 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. Cookie Notice The meeting was held on February 24, 2021. But, no, I dont think Treasury securities are a big problem. WebThe U.S. economy is strong. Thats what the communists are doing. When I look at the modern Singapore health system, it costs 20% of what the American system costs. Have you considered amending this quote or lowering your standards? I dont know which is worse. << /Filter /FlateDecode /Length 2607 >> [As for] marketable securities, we prefer owning common stocks to holding cash under current conditions and its kind of an accident that we have so much in marketable securities. International stock quotes are delayed as per exchange requirements. If you go to a little country like Estonia, the whole damn country is on the internet and its a very good idea. Thats an interesting example of self-learning. What can you learn from the Barry Duttons bookstore building deal in Brentwood and how would you apply that new knowledge or experience in the future? Today, it hovers around 9500. We would all say that. Can U.S. Treasury bonds be such a case today? These actions have given some shareholders more visibility and comfort on their investment. 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. You once said to study the life and work of Lee Kuan Yew. Who gets rich faster by class is going to vary over time and I dont think anybody should be too concerned by it. Dear shareholders: Over the past 25 years at Amazon, Ive had the Because we have the proxies those directors are now reelected. You are going to be flabbergasted. They do way more good than harm. DATAROMA Superinvestors Portfolio Holdings Could you please elaborate on the subject and could you consider giving a talk on this particular subject? Charlie Munger: Well, we dont really know where its all going. And we cant go to many offices because theyre closed. Im way more comfortable owning two or three stocks which I think I know something about and where I think I have an advantage. There are certain behavioral rules. I think that that will probably continue. The bad news is its not clear whos gonna win all the business or how much money is going to be made. In his early education, he was the second-ranked student in the school. Question: Charlie, you are known as an advocate for learning from ones mistakes. Charlie Munger: Full Transcript of the 2021 Daily Journal Meeting And interested and up to speed and didnt have to take a lot of time to get background information to make his comments. A lot of the old moats are going away, and, of course, people are creating new moats all the time. 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. So, to some extent, everybody buying medical services in Singapore is paying for it themselves. Heres a full transcript of the entire meeting. I dont think Ive got any great insight about hydrogen. Gerald Salzman: Always upbeat, yes. Charlie Munger: I dont have any wonderful new thoughts. 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. One is a big interest in Li Lus China fund, which is a limited partnership, and the other is a Vanguard index fund. I have a very simple idea on the subject. I know Berkshire is a long-term owner and rarely sells securities of high-quality companies it owns in its portfolio simply because its overvalued. Youre right. %%`EQ=@jMjkjJn. g5? 5T endobj 2021 Letter to Shareholders. % Daily Journal Thats been greatly curtailed. Or, has the digital revolution caused enormous productivity improvements in those businesses? 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. Charlie Munger: Im sure some are, but, by and large, thats not what Warren is known for. Would you mind elaborating on how a professor or individual should go about building a curriculum around this approach? Change value during other periods is calculated as the difference between the last trade and the most recent settle. Its too volatile to serve well as a medium of exchange. Any tips for someone who wants to work on and improve their ability to hold two opposing views at the same time? They dont work that hard at figuring out what works and what doesnt. Berkshires Performance vs. the S&P 500 Thats our system. Question: In this years annual letter, you mentioned the share price increase was driven by speculative frenzy and forced index buying. Scan this QR code to download the app now. I think that would be insanity. I do think that Im way less afraid of inequality than most people who are bleeding about it. I dont think it was a mistake to buy the Daily Journal when we did, paying the price we did. Reddit and its partners use cookies and similar technologies to provide you with a better experience. 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. DJCO | Daily Journal Corp. Financial Statements - WSJ Absolute insanity. I think its just to some extent you either have it or you dont. If I had stayed in Omaha, where I was raised, and gotten into the banking business, I would have been a hell of a good banker. Now 16 years have passed. We focused and de-risked the company through strategic portfolio actions, significantly accelerated our debt reduction, Question: Many believe that inequality accelerated by this pandemic has reached alarming levels that demand drastic solutions such as a wealth tax. And his conclusion is that mankind should just step up to it and do it. 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 Source: FactSet, Markets Diary: Data on U.S. Overview page represent trading in all U.S. markets and updates until 8 p.m. See Closing Diaries table for 4 p.m. closing data. Have you met Lee Kuan Yew in person? He doesnt mind at all not getting credit for his charitable donations. But theres no rule that life has to be easy on the mental side. Below is the Report's Letter to Shareholders from GE Chairman and CEO Larry Culp: Dear Fellow Shareholder, 2021 was a year of historic change for GE. But, of course, its a very difficult field. So far the evidence would be that maybe the monetary modern monetary theory is right. So, the shareholders have been lucky to have somebody like Gerry here who could learn what he didnt know and fix it. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. We cant promise what the outcome will be but we are trying pretty hard and we get some favorable impressions of progress. Thats what weve been doing throughout my whole lifetime. I think all of this activity is regrettable. Question: What is the wisdom behind holding bank stocks compared to other stocks. Last year it quintupled. I dont think its like the newspaper business. Shareholder Shareholder Letter I tend to avoid the ones which Im not good at and Im not good at a lot of different problems. Charlie Munger: Well, the people doing the computer software are doing magnificently wellthe people under Gerry: Maryjo and Danny. Exhibit 99.1 February 16, 2022 In a shareholder letter, Barra said 2023 will be a "breakout year" for GM's Ultium-based EVs. WebMunger's terse letter to Daily Journal shareholders. Charlie Munger: We will not be following Tesla into bitcoin. Charlie Munger: Well, of course, its very hard to fix the global warming problem when the poorer countries need to burn coal to stay alive and so on. Just think of the things that were once prosperous that are now in failure or gone. DAILY JOURNAL CORPORATION : Company profile, business summary, shareholders, managers, financial ratings, industry, sector and market information | 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: Do you think value investing is still relevant in a GDP-decreasing world? You can hardly think of anything more important in life than being reliable for the people who trust you. Lesson 1: Choose your words wisely. Highlights From JPMorgan CEO Jamie Dimon's Annual Letter Question: Previously, you have said; It takes character to sit with all that cash and do nothing. When I was young, I rezoned some properties very successfully. I dont follow that practice but I dont criticize it either. What do you look for in a leader? The second proposal is to ratify the appointment of our certified public accountant: Baker Tilly US, LLP. Considering their system, that is not what he should have been doing. Theyre in a place thats gotten more valuable. WebThe Annual Meeting of Shareholders of Daily Journal Corporation (the Company) will be held virtually on February 16, 2022 at 10:00 a.m. Pacific Time. 5. I think you should try and make your money in this world by selling other people things that are good for them. Charlie Munger: Well, Im constantly making mistakes where I can, in retrospect, realize that I should have decided differently. Charlie Munger: Well, I hope we dont have fewer truck stocks because Berkshire Hathaway is deeply involved in truck stops. Question: Why is Berkshire Hathaway selling shares of Wells Fargo as quickly as one can and the Daily Journal has sold one share? The only opinion I have there is that I dont think anybody knows whats going to happen for sure. And, we hope to do well in it. <> Question: Which do you think is crazier? Its just not gonna work. And thats not a sure thing either. Charlie Munger: Its partly culture but a lot of it is just born in and its a quirk. I think this kind of crazy speculation in enterprises not even found or picked out yet is a sign of an irritating bubble. I do think banking run intelligently is a very good business. WebCash Flow. Question: What have you done to live such a long life? How would you advise these institutions to manage their endowments over the coming decades? 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. 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 02/15. I think theyre a bad investment when interest rates are this low. xZF}W3y%Y{mZ#fHSMR-Er``F(VuSE()|"MT/+AIE"WUVm &IN/ qD2OM~-e.kvwySQ;&m.rOqK[z=7r|>*a[9ATrv92==I>6n2- ` #? Charlie Munger: Its a huge field in which we have a very interesting toehold with the strongest toeholds in Australia and California. Charlie Munger downplays risk of Taiwan invasion, says 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? So I think what China has done was probably right for China and that we shouldnt be so pompous as to be telling the Chinese they ought to behave like us because we like ourselves and our system. It just created the most unholy mess. And why did you feel that Amazon had more to fear from Costco than Costco had to fear from Amazon? The mantra he said over and over again is very simple. And, I was always aware of that and so Ive accepted these damned annual meetings. WebIn 2021, for example, we paid$3.3 billion while the U.S. Treasury reported total corporate income-tax receipts of $402 billion.Additionally, Berkshire pays substantial state and foreign taxes. Some people have a natural trend toward good judgment, and with other people, their life is just a series of mistakes over and over again. How are they similar or different? Put me down as skeptical. Of course, it really helped to know everybody in town. As a matter of fact, what happens is to make a nation rich, you need a free market system. You get crazy booms. April 15, 2021 Dear Partner: The Greenlight Capital funds (the Partnerships) returned -0.1%1 in the first quarter of 2021 compared to 6.2% for the S&P 500 index. Questions: Why are some people incapable of learning new ideas and behaviors? I said to Rick, were going to make Gerry the head of the Daily Journal. SHAREHOLDERS ARE URGED TO DATE, FILL IN, SIGN, AND MAIL THE ENCLOSED PROXY IN THE ACCOMPANYING ENVELOPE, WHICH REQUIRES NO POSTAGE IF MAILED IN THE UNITED STATES. Im just trying to get a feel for what the long-term capital allocation is. In his closely read annual letter to shareholders, Jamie Dimon says he expects no more than 10% of JPMorgan employees to permanently work from That is true and makes sense. And they dont do that very wellIm talking about the business schools. 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. Fundamental company data and analyst estimates provided by FactSet. Charlie Munger: I dont think I use much physics in solving my investment problems but it occasionally helps me. And it has saved Los Angeles a fortune because gas is so much cheaper than gasoline. 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. It showsed how wise we were to put him there in the first place. Charlie Munger: Real estate has always been a difficult field. Beyond restaurants, consumers showed a growing interest in many of the newer categories on our Marketplace in 2021. Question: Last year, almost every ecommerce, internet, and internet adjacent stock was up 100 plus percent. <>/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>> That doesnt happen. WebShareholder Letter Q2 2022 AUGUST 9, 2022. I didnt get to where I am by going after mediocre opportunities. Given the developments over the past year, could you give us an update on your assessment of wretched excess in the system? Well, I dont think the quality of publishing public notice advertising has gone down. Charlie Munger: Well, heres what I meant. Gerry, dont you think were doing pretty well? Charlie Munger: I think any rich nation ought to have a social safety net that expands a little with its wealth. Latest statistics and disclosures from Daily Journal Corp's latest quarterly 13F-HR filing: Top 5 stock holdings are BAC , WFC , BABA , USB , and represent Delayed Nasdaq Charlie Munger: Well, I never owned a share of General Electric because I didnt like the culture. 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. How concerned is he about Chinese government interference as seen recently with Ant Financial, Alibaba, and Mr. Jack Ma. The hydrocarbons are also needed as chemical feedstocks. But I do think having a whole system to sell hydrogen is difficult. Charlie Munger: Well no, I dont think we have a bubble in Treasury securities. That word focuses Bezos and focuses the people that look to him for guidance. Commission-free trading is not free. Question: What is the biggest lie currently being perpetuated by the investment complex? Thank you for all you do to educate us. All rights reserved. And its rather interesting. Florida would have a really serious problem. Gerald Salzman: Well, we dont think about mistakes. I dont think Gerry is surprised that the people doing the workMaryjo and Dannyare doing well. 2021 Shareholder Letter Where does it appear most egregious? Were going to bust our ass to try and do a good job. 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 when the old CEO of the Daily Journal died, Gerry was managing the business affairs of the Munger Tolles law firm. 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. He was death on corruption which was a very good idea. Question: Charlie, you have been a long-time admirer of Singapore and Lee Kuan Yew. They really need the world to stay the way it is. Of course, his son, who is a bright man, is now Prime Minister of Singapore. Question: Eugene Abegg seems like he was one of the best bankers of the last century, achieving both extremely low loan loss rates and earning around 2% on assets over a long time period. No, I dont have any secrets. What are the psychological implications of this type of market behavior? Question: It seems like everyoneincluding actors, athletes, singers, and politiciansis getting into the business of promoting their own SPAC. Thanks u/Arceus122. Question: BYD is in the Daily Journal stock portfolio with a very big paper gain. But, of course, you should start out by studying the history of capitalism, how it worked, and why before you start studying business. I would hate to compete with Sequoia in their field. It was a background that helped everybody. 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. And I was like Rip Van Winkle; when I tried to come back to it, I found that the world had changed. Charlie Munger: Well, commission-free trading is a very good candidate for that if you want to emphasize disgusting-wise. DAILY JOURNAL CORPORATION : Shareholders Board And, what about passive investing? We got a dividend of two and a half million shortly thereafter. 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 Value Investing will never go out of style. I think all good investing is value investing. We do know one thing and that is that the courts of the whole world are going to be taken into the modern age. Ill paraphrase here. WebShareholder Letter | Fiscal 2021 | 3 Fiscal 2021 also brought numerous challenges. And, I was not surprised when it blew up. Charlie Munger: Well, I cant top Lee Kuan Yews example. Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Total Watch Charlie Munger speak at the Daily Journal annual meeting Charlie Munger: Its very hard to have a shrinking business. I think when difficulty comes, I expect to have my share. 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. Heres that transcript, starting at 37:37, from the full interview here: https://ca.finance.yahoo.com/ video/charlie-munger-speaks- daily-journals-185409394.html Charlie Munger: Well, I dont think its required that we be exactly the same on everything. This is cheap compared to Tesla currently valued at over 1100 times P/E and 24 times sales. People really trust Costco will be delivering enormous value. Amazon's 1997 Shareholder Letter Question: You are one of the oldest and greatest thinkers of our time. Of course, its hard to negotiate in such a field. It was totally required. How can you not? And thats the right way to do it.
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