I think people have the theory that any intelligent hardworking person can get to be a great investor. Now 16 years have passed. And, of course, he hated costs. I think theyd run rings around me. Value Investing will never go out of style. As a matter of fact, its not clear to me that China would have done better if theyd copied every aspect of English civilization. And I dont think youll find me engaged in the massive rezonings in the future. I dont think Im likely to have any new thoughts that are going to work miracles either. But the Chinese have proved that you dont need free speech to have a wonderful economy. And it was probably wise that we acted exactly as we did. Absolute insanity. There are these periods in capitalism. The daily journal stock sells way above the price I would pay if I was buying new stock. I dont know the answer. Last year it quintupled. I dont think its easy for ordinary people to become great investors. 2023 Junto Investments, all rights reserved. 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. Sure, we all love the kind of civilization we have. Today, it hovers around 9500. 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 I dont think Ive got any great insight about hydrogen. He absolutely took over a malarial swamp and turned it into modern Singaporein his own lifetime. Question: If you had a chance to make an addition or revision to Poor Charlies Almanac, what would that be? If you were offered a fresh start today, what would you do differently in life and in investing? Nobody should believe that Robinhoods trades are free. Think of whats died in my lifetime. He took over a malarial swamp with no army, no nothing. Is it digital wallets like PayPal, Square, or Apple Pay? And, of course, its going to create trouble as it did. Can you provide similar insight regarding the future at the Daily Journal and would you consider implementing policies like those at Berkshire so shareholders can get to know the up-and-coming leaders in the organization? What can we do to increase knowledge, understanding, and appreciation of the Chinese civilization? He didnt know one damn thing about the Daily Journal when we made him head of it. If so, how do you think society should address it, especially because poor countries require much more cheap energy to reduce poverty? No, I dont have any secrets. Its hard to run a bank intelligently. And, we are really interested in doing a good job in Australia, in California, and all the other places where people have trusted us. Question: Mr. Munger recently raised the alarm about the level of money printing taking place. What, for example, is to stop the Chinese government from simply deciding one day to nationalize BYD? That doesnt happen. Theres no question about the fact that Wells Fargo has disappointed long-term investors like Berkshire because the old managementwhich is now removedwere not consciously malevolent or thieving but they had terrible judgment in having a culture of cross-selling where the incentives on the poorly paid employees were too great to sell stuff that customers didnt really need. Cookie Notice Youd say that everybody does that in their education but I dont think everybody does. Because if you do that, Im a moral leper. 5. :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',/ And thats the right way to do it. It seems to involve a lot of your standard causes of human misjudgment. Shareholder Letter You can argue that I got close to Sequoia when with Li Lu we bought into BYD. 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. Due to the COVID-19 Would you mind elaborating on how a professor or individual should go about building a curriculum around this approach? For example, Coca-Cola in the past. D07"Kn Everyone knows this isnt a small cap Berkshire Hathaway. And I think thats what shareholders do. Nobody was trying to make the rich richer. 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. And, pretty soon, he turned that into this gloriously prosperous place. Question: Should there be a tax on buying stock now that Robinhood trades are free? Gerald Salzman: Charlie refers to the courts, many times. Charlie Munger: Well, I certainly hope that they succeed mightily in their software endeavor to automate all these courts for the modern world. Charlie Munger: Well, Lee Kuan Yew had the best record as a nation builder. 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. So it gets very dangerous. You used examples of Lee Kuan Yews good judgment in choosing someone with brains over certain physical attributes in your past interview. And, we have to function as an informal committee in that we have to bring our employees and our clients together to work out what they already know and how we can help them do a better joba more efficient job. And do you and Warren have any tricks or shortcuts to size people up quickly and accurately? What are his thoughts on modern monetary theory? To meet the surge in 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.
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