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charlie munger daily journal

Once again, the wit and wisdom of Charlie Munger was on full display at the deceptively youthful age of 96. I do think that a properly run bank is a great contributor to civilization and that the central banks of the world like controlling their own banking system and their own money supplies. In 1978, the year Deng Xiaoping took over, it was $300. It doesn’t happen anymore. It was an accident. Question 45: Do you think it’s 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? Question 21: How do you control your investments in a world where reasonable companies with a good image, like GE, sink rapidly into the bottom land of the stock market? Any tips on how to generate insight in these types of situations? And so we do, as Charlie indicated, have a lot of travel and that’s been greatly curtailed. Both Berkshire and Li Lu own BYD, a company you spoke highly of in the past. Today, the majority of contractual revenue that can be identified is from implementations and licenses. It’s just that some people look for values in strong companies and some look for values in weak companies. 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 as a result of holding those two positions, we have way lower costs than anybody else and we make more money than practically everybody else. I own some apartment houses, so I like that investment provided you’ve got a perfect management, which is hard to get. Question 49: You identify the opportunity in electrification and invested in BYD. Charlie: Well, I don’t know how permanent it’s going to be, but it certainly caused a change. See much more tales on Insider’s service web page. So he married her. He was just a very old fashioned sound thinker. Warren Buffett's right-hand man, Charlie Munger, is the newspaper publisher's chairman. Question 4: The highly configurable JTI product may help e-suites integrate deeply into new jurisdictions as agencies and citizens become familiar with the courthouse software. And it’s a shame that the economics textbooks don’t emphasize how much a growing economy needs poverty in order to get out of poverty. Question 36: In regards to a commencement address you gave in 2007 at the USC Law School, I’ll paraphrase here, you said, “If a civilization can progress only when it invents the method of invention, you can only progress when you learn the method of learning. Click here to find out more about our partners. Question 61: Given all of your donations to physics, what is your favorite way of applying physics to society’s problems and also to investing? Charlie: Well, I think I had the right temperament and when people gave me a good idea, and I could see it was a good idea, I quickly mastered it and started using it and just used it for the rest of my life. But you have to create a whole new system of supply for it, and of course I don’t even know how much more difficult…how much more dangerous it would be to deal with hydrogen than it is to deal with gasoline, which is also a dangerous substance. And what I notice is that the rich families generally lose their power and wealth…and pretty fast. Throughout the transcript below, I have included clickable links to my notes and articles which you may find insightful. You’ve said recently that Sequoia is the greatest investment firm ever. And we can’t go to many offices because they’re closed. Question 5: We had a couple of questions about J.P. Rick Guerin. And what about passive investing? It’s just not going to work very well. He was a very smart man. The psychology professors don’t know all that much about the rest of knowledge, and they have no incentive to master it. Being a small company, we’re beholden to the guidelines of the county of Los Angeles and other counties. Well, I don’t think the quality and publishing public notice advertising has gone down, but I hardly think the editorial quality could go way up while employees were going down. And, of course, when things get extreme, you have things like that short squeeze. You know, to the extent that my thoughts have helped my life, I think I’ve pretty well run the course and I don’t think I’m likely to have any new thoughts that are going to work miracles either. Charlie: Well, I certainly hope that they succeed mightily in their software endeavor to automate all these courts for the modern world. And again, he was a very smart man and he had a lot of good ideas. And it saved Los Angeles a fortune because gas is so much cheaper than gasoline. At the Daily Journal Corporation’s annual meeting in Los Angeles on Feb 12, 2020, Charlie spoke at great length. Charlie: Well, I never owned a share of General Electric because I didn’t like the culture and I was not surprised when it blew up. Question 37: Why are some people incapable of learning new ideas and behaviors? May 1, 2021.Gerard Miller | CNBCBerkshire Hathaway Vice Chairman Charlie I expect less out of bankers than he does. Charlie: Well, I think any rich nation ought to have a social safety net that expands a little with its wealth, and that’s what we’ve been doing through my whole lifetime and I applaud the result. So I think for some folks, early stage investing is best and for other folks, what I’ve done in my life is best. And I think Jack Ma was very arrogant to be telling the Chinese government how dumb they were and how stupid their policies were and so forth, considering their system, that is not what he should have been doing. It’s really kind of an artificial substitute for gold, and since I never buy any gold, I never buy any Bitcoin, and I recommend that other people follow my practice. And so it obviously isn’t impossible. Question 19: Do you believe the valuations for electric car manufacturers are in bubble territory? So we were like an undertaker who suddenly got prosperous in a plague year. And I don’t think you’ll find me engaged in any massive re-zonings in the future. What would management do with a sudden windfall of profits? So you have to be a little closer to the employees’ needs and desires and babysitting and all those activities that were kind of taken for granted in the past. And what would be your best advice to someone starting a business now? We were trying to save the whole economy under terrible conditions. We miss Rick terribly. Charlie Munger held court at the Daily Journal Annual Meeting last week. And that’s very interesting. Charlie: Well, I so rarely hold a company like BYD that goes to a nosebleed price that I don’t think I’ve got a system yet. I think the Chinese were very smart. I think I’m a little more lenient. And they’re all dying. I prefer the United States. Apr 09, 2021 . I do think the present CEO [Lawrence Gulp] is an extraordinarily able man and the directors made a very wise choice when they put him in charge. But we’re trying pretty hard and we get some favorable impressions of progress. Is it digital wallets like PayPal, Square, or Apple Pay? And, of course it’s hard to negotiate in such a field. One of the great advantages of the way Berkshire operates is that we associate with a lot of marvelous people, and if you stop to think about it, that is also true at the Daily Journal. In other words, while we shout our knowledge out we’re really pounding it in, we’re not enlarging it. Florida would have a really serious problem. You can select 'Manage settings' for more information and to manage your choices. Are they more stable? Question 1: In this year’s annual letter, you mentioned the share price increase was driven by speculative frenzy and forced index buying. Charlie: Well, that is easy. A fund manager dubbed "the Chinese Warren Buffett" may have prompted the surprising move. Once again, Charlie didn’t disappoint with his thoughtful wisdom, insights, and now precious time with us all. Alibaba is among 5 supplies in Daily Journal’s profile. He answered questions for almost two hours. But I’m flabbergasted at how well they’re doing. And I have a very simple idea on this subject. On behavior in market booms. Charlie: I can’t think of a…We paid high prices for some little companies in the course of trying to enter the court software business, but I don’t think that’s going to end up a mistake. Li Lu, “the Chinese Warren Buffett,” may have recommended the stock. Question 29: Mr. Munger recently raised the alarm about the level of money printing taking place, what are his thoughts on modern monetary theory? And I don’t I don’t think it’s like the newspaper business. Question 55: It is estimated that the Gates Foundation has saved well over 100 million lives. As a matter of fact, what happens is that, to make a nation rich you need a free market system. And a lot of the good rules of life are like that, they’re just very simple. Generally speaking, people assume that we’re a normal software company like Microsoft or something. is just delivering them to us. We don’t have any other secrets, do we Gerry? One of my smartest friends in venture capital is constantly getting huge clumps of stocks at nosebleed prices. Ladies and gentlemen, wherever you are, via Yahoo! Nobody was trying to make the rich richer. Costco, I do think, has as one thing that Amazon does not. And the disruption from the decline in newspapers has had a significant impact. And capitalism is almost as brutal as that. How do you reconcile the idea of paying 50 or 60 times revenue for a growing but unprofitable business with the more traditional value investing concept of a margin of safety? In other words, it is your money. But of course, it’s a very difficult field and there’s a lot of competition and we’re a very small company compared to our main competitor. I’m not trying to move mountains. As a matter of fact, it’ll be here for a long, long time if we stop using much hydrocarbons in transportation. And I think the directors of GE deserve a lot of credit for making Larry Gulp the CEO. And if there is one thing the world could learn from Singapore now, what would that be? If we could make the world richer by just raising the minimum wage to $100,000 a second or something, of course we would do it. And Gerry and I have been together how many years, Gerry? I would like to thank Mr. Munger for energetically entertaining our questions and graciously sharing his wisdom, insights, and time with all of us. Just think of the things that were once prosperous, that are now in failure or gone. When you pay for order flow, you’re probably charging your customers more and pretending to be free. Charlie Munger's Daily Journal Buys Alibaba A new position was added to the Journal's portfolio for the first time since 2014 . Question 40: 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? Is it Bitcoin, decentralized finance or something else? And that’s what we have going on in the stock market. Charlie: Well, that is an easy one. But he was 90 years of age, he had a long and wonderful run. Billionaire value investor Charlie Munger, the 97-year-old Vice Chairman of Berkshire Hathaway, shared his latest thoughts on Bitcoin on Wednesday (February 24) while speaking at the Annual Meeting of Shareholders of the Daily Journal Corporation. Has there been anything that has surprised you? Gerry: None. That way, whatever happens, he feels smart. And they don’t just keep everlastingly at it the way he did. Charlie: There’s one thing that we’re quite passionate about and that is serving the customers who have trusted us. Charlie: Well Gerry, we’re really old, both of us, and I think both of us have done the same thing. Absolute insanity. I regard this as insanity. And there was one woman who was a year older than he was who was the first ranked student in the school. Once again, the wit and wisdom of Charlie Munger was on full display at the deceptively youthful age of 97! How do you recognize a potential downfall in a company you hold/invest in? Question 14: Why is Berkshire Hathaway selling shares of Wells Fargo as quickly as one can and the Daily Journal has sold one share. That’s a really good rule. And so I don’t worry that the country is being ruined by a few people who are getting ahead a little faster than the rest of us. And how meaningful will the products like E-file-it, E-pay-it, cloud hosting services and others become? Question 39: Charlie, you are known as an advocate for learning from one’s mistakes. And he made a very favorable impression. But I do think politics is getting more full of hatred and irrationality than it used to be in America, and I don’t think that’s good. Could you give more examples, both good and bad ones from your personal observations or through vicarious readings? The JTI software has been configured for other judicial and justice agencies, including district attorneys, prosecutors, public defenders, probation, etc. Once again, the wit and wisdom of Charlie Munger was on full display at the deceptively youthful age of 97! And we are subject to the orders and directions of those counties which before really didn’t impact anything. And I said to Rick, we’re going to make Gerry the head of the Daily Journal. Charlie Munger: Full Transcript of Daily Journal Annual Meeting 2020 February 28, 2020 / Richard Lewis / 3 Comments This month I had the great pleasure of hearing Charlie Munger speak at the Daily Journal Annual Meeting for the fifth time. And, I don’t think that we or the Daily Journal is getting ahead because we’ve got some wonderful macro-economic insight. So that to some extent, everybody buying medical service in Singapore is paying for it himself. Daily Journal is a small business that produces newspapers and other publications focused on law, real estate and other areas. Charlie: I don’t know anything about Haven. I find it much easier to find four or five investments where I have a pretty reasonable chance of being right that they’re way above average. But we love it anyway, it’s doing a big public service. Larry Summers has recently been quoted as being worried that we’ll have too much stimulus and I don’t know whether he’s right or not. Question 23: You and Warren have been adept at quickly sizing people up business leaders and potential business partners. Charlie: Yes, I think it must end badly, but I don’t know when. Charlie: Yes, I think that is rising as we sit here. Question 33: With all the work from home with Zoom and other technology, what do you think the future of commercial real estate looks like? These were a few lessons to take away from it. If you do that all the time, if you’re looking for disconfirming evidence and putting yourself on a grill, that’s a good way to help remove ignorance. And the frenzy is fed by people who are getting commissions and other revenues out of this new bunch of gamblers. Special thanks to Barry McEwan who contributed significantly to the review and editing of the transcript. Accounting is also in the cloud. And those are pretty good rules and they’re pretty simple. The wealth management industry has a crisis on its hands, they really need the world to stay the way it is. (Note: I frequently summarized the questions that were presented by the host Julia La Roche, but as for anything that Charlie or Gerry  said, I translated them verbatim and as accurately as possible.). Charlie: Oh, yes, well a happy life is very simple. And I think all of this activity is regrettable. [Note: The audio of the formal business affairs has been edited out of the transcript]. Can’t for the 2022 Munger Groupie Dinner! I was very lucky. What happens is that every human being tends to believe way more than he should, in what he’s worked hard to find out or what he’s announced publicly that he already believes. Question 64: If you had a chance to make an addition or revision to Poor Charlie’s Almanac, what would that be? He was a lot of fun and he was a great kidder, he loved to kid people. Charlie: I don’t think so, I think the oil and gas industry will be here for a long, long time. And we all live with that problem. And they adapt the way Gerry has to require downsizings or required upsizings. Hi Hal, You’re most welcome. Question 46: Last year, almost every e-commerce, internet and internet adjacent stock was up 100%+. By clicking "Accept all", you agree that Verizon Media and our partners will store and/or access information on your device through the use of cookies and similar technologies and process your personal data to display personalised ads and content, for ad and content measurement, audience insights and product development. So we have one basic system configured a number of different ways, including workers comp for a large state in the United States. I don’t think Gerry’s surprised that the people doing the work, Mary Jo and Danny are doing well. Its largest publications are the Los Angeles Daily Journal and the San Francisco Daily Journal. The questions have all been submitted by actual shareholders of the Daily Journal and Yahoo! Question 65: Do you believe any psychological personality tests such as the Myers Briggs type indicator personality test, to be of any good in choosing a compatible partner, given that choosing a spouse is probably the most important decision one can make in life, could you please elaborate on the subject? And I just think it was academically inconvenient for them. Do you agree that there is a close parallel to the late 90s and this is therefore “must end badly?”. So no, I don’t think it’s the responsibility of management to ensure where the stock sells. And they wouldn’t have been a lot happier if they were richer or a lot less happy if they’d been poorer. Today, it hovers around $9,500. They reveal great wisdom. And what are the Chinese communists do with respect to death taxes? Question 22: You famously run investments through your mental checklist. And it’s a funny way to make money. He said it was the pursuit of the uneatable by the unspeakable. And in this Note, you find the full 13,400 word transcript of the entire meeting. On balance, we hold in to certain of  these positions when normally we wouldn’t buy a new position, practically everybody does that. And if so, how do you think society should address it, especially because poor countries require much more cheap energy to reduce poverty? And of course, Kipling once wrote a famous poem called “The Women”, and the concluding line was, to the effect that you should learn about women from him instead of doing it yourself, but he says, “I know you won’t follow my advice.”. But show me a psychology department that knows how to do that. How do you think about the hydrogen opportunity for transportation and how does it compare to the electric opportunity? She created a business with like 500 depression dollars, that became a huge business. And of course, it works way better than our medical system. Question 11: Charlie, 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. Charlie: Well, I have the same difficulty that Samuel Johnson once had when he got a similar question and he said, “I can’t decide the order of precedency between a flea and a louse.” And I feel the same way about those choices, I don’t know which is worse. I can’t help you. Reuters. Charlie: Well, that’s too hard in general a question for me. How would you advise these institutions to manage their endowments over the coming decades? So I’m kind of pleased that I’m still functioning at all. Has the quality of the publications suffered as the employment levels have decreased, or has the digital revolution caused enormous productivity improvements in those businesses? And so I’m just learning as I go along. Charlie: Well, the people doing the computer software are doing magnificently well, the people under Gerry, Mary Jo and Danny, and we hope they’ll continue doing magnificently well. What do you look for in a leader? No, you’ve reached the limit of my circle of competence. 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, totalitarian methods, if you will, to get out of the fix they were in. And, of course, he was fun to be with because he was always jumping out of airplanes in parachutes and running marathons and so on, doing all kinds of things I would never consider doing. So he was just a perfect banker if you wanted never to have any trouble. I agree, so glad we were able to get it in. Question 12: You have said, “It takes character to sit with all that cash and do nothing. And that happened because Gerry and I bought these little flea-bitten newspapers all over the state for just as a precaution to make sure we could serve public notice advertising wherever it arose in the state. The hydrocarbons are also needed as chemical feedstocks and I don’t think that hydrocarbons are going…I’m not saying that oil and gas is going to be a wonderful business, but I don’t think it’s going away. Legendary investor and polymath Charlie Munger, Berkshire Hathaway's vice-chairman and Warren Buffett's long-time business partner, headlined the Annual Meeting of Shareholders of the Daily … Charlie: No, I would say that, of course, there’s some new material in misjudgment, but by and large, most of the knowledge has been available for a long time. I do think having a whole system to sell hydrogen is difficult, on the other hand, the buses in Los Angeles work on natural gas. And “do it right the first time” (1, 2),  Lee Kuan Yew. Question 41: You are one of the oldest and greatest thinkers of our time. I am Charlie Munger, chairman, and to my right is Gerry Salzman, CEO. That’s one you can easily arrange. It seems like everyone, including actors, athletes, singers and politicians, are getting into the business of promoting their own SPAC. What can we do to increase knowledge, understanding and appreciation of the Chinese civilization? It’s always a wonderful pleasure to hear Charlie Munger speak at the Daily Journal Annual Meeting. Go ahead. Are Berkshire’s managers aware that through their efforts to create business success at Berkshire, that they have been involved in saving millions of lives? I recognized early that Gerry could run anything he wanted to run and when the old CEO of the Daily Journal died, Gerry was managing the business affairs of the Munger Tolles law firm. And would you consider implementing policies like those at Berkshire so shareholders can get to know the up and coming leaders in the organization? I kind of admire the way Bill takes on these very hard problems. Question 51: Does management, in your opinion, have a moral responsibility to have their shares trade as close to fair value as possible? You’ve even said business schools that don’t adopt this method are doing their students a disservice. Thank you for all you do to educate us. And they’re getting very skillful at operating. For example, here we must have 30 or 40 deaths and 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. And when you look at what’s happened in California, the price of real estate and rentals, we’ve reduced the number of officers we have, both for Journal Technology and for the Daily Journal. Well, of course that made him very leery of dumb loans. I think they stopped because if you taught that course you’d be stealing the best cases from the individual professors of marketing and so on and so on and so on. And of course, it’s all worked. The meeting will come to order. He was always upbeat. You can hardly think of anything more important in life than being reliable for the people who trust you. Classified advertising is down significantly. And these are very difficult questions. Charlie: Well, I consider that very unlikely. That’s the reason he rose so fast in life. I didn’t get to where I am by going after mediocre opportunities.” In the past few years, equity prices have increased significantly and cash has arguably become riskier due to central banking policy. I tell a story on Rick that he took the Navy’s IQ test and he got one of the highest scores ever recorded and left early. In recent years, Berkshire Hathaway has provided much greater insight into the company’s succession thoughts and has made available at the annual meeting the company’s leading managers that will steer Berkshire’s future. And if you go to a little country like Estonia, the whole damn country is on the Internet and it’s a very good idea. And nobody should believe that Robin Hood’s trades are free. And so it’s a serious problem. Better off to concentrate your decision power in one person, the way the Li Lu partnership does, and choose the right person. On the other hand, we have a fair amount of time to do it and a rich civilization can afford to do it if we absolutely have to. And his conclusion is that mankind should just step up to it and do it. On the other hand, as you say, I didn’t get rich by buying stocks at high price earnings multiples in the midst of crazy speculative booms. But every value investor tries to get more value than he pays for. I am looking forward to 2022 when we can safely get together again in LA. Apartments have come through better. On the other hand, it could be handled. Charlie: Well, that’s a very good question. And that isn’t necessarily right for its customers. And when the evidence came in that the system wasn’t working very well because some of the employees were cheating, some of the customers, well they came down hard on the customers instead of changing the system. I think most people are born with a happy stat and they’re happy stat has more to do with their happiness than their outcomes in life. And of course, what I’m saying is that if I were teaching business, I would start the way Harvard Business School did a long time ago. Total portfolio value: $200 Million | 5 stocks At age 96, Charlie is quite remarkable. And Gerry’s lived a long time too. That was a big error in judgment. They are joining the modern world very rapidly. He took over malarial swamp with no army, no nothing, and pretty soon he turned that into this gloriously prosperous place. I don’t follow that practice, but I don’t criticize it either. Thank You for your transcripts! And that institution has two assets in it’s endowment account. Now, so far, the evidence would be that maybe the modern monetary theory is right, put me down as skeptical. Charles T. Mungerpurchased the paper in 1977 and through a series of acquisitions and organic growth built it into a group of newspapers and websites that provide information on the legal industry, real estate and general business. And I was always aware of that, and so except at these damned annual meetings, I’m pretty quiet. And I recommend that other people follow my example. The wretched excess in the Daily Journal related questions from Yahoo Finance months about! Than the rich that caused it important is the individuals all die and so! 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