They had to because the traditional business newspaper business is shrinking. 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, the one charitable institution where I have had some influence for a very long time has a whole bunch of hotshot financiers in every branch of wealth management there is on the board. Its been amazing that one little company starting up not that many decades ago could become as big as Costco did as fast as Costco did. But, I dont think Ive got a lot to contribute. And, of course, it works way better than our medical system. Hell be able to do it. Question: Given all of your donations to physics, what is your favorite way of applying physics to societys problems and also to investing? We were trying to save the whole economy under terrible conditions. And if you cant do that, youre not gonna win the great chess championships of the world and youre not gonna do as well in business as Henry Singleton did. In a shareholder letter, Barra said 2023 will be a "breakout year" for GM's Ultium-based EVs. The kind of executives who have a Buffett-like mindset and never get in trouble are a minority group, not a majority group. Question: Charlie, you are known as an advocate for learning from ones mistakes. And I think the world would be better off without them. Were all pretty forgiving of ourselves too which is probably a good thing. Bitcoin reminds me of what Oscar Wilde said about fox hunting. Part of the reason for that was cultural. He doesnt mind at all not getting credit for his charitable donations. A lot of the people who are doing this remote worka lot are going to work three days a week in the office and two days a week at home. So its a very theoretical discussion. Capitalism is almost as brutal as that. And I think thats what shareholders do. Its very difficult to hire reporters in the San Francisco area with all the demands coming from the internet companies wanting to have an editorial product. That approach will never go out of style. Shareholder Letters Web2021. Question: In this years annual letter, you mentioned the share price increase was driven by speculative frenzy and forced index buying. Because value investingthe way I conceive itis always wanting to get more value than you pay for when you buy a stock. WebCash Flow. Charlie Munger: Full Transcript of the 2021 Daily Journal Meeting Costco I do think has one thing that Amazon does not. Question: Its been a year since the coronavirus pandemic came to the U.S. What have you all learned about running a business in the past year? Amazon's 1997 Shareholder Letter The daily journal stock sells way above the price I would pay if I was buying new stock. FactSet (a) does not make any express or implied warranties of any kind regarding the data, including, without limitation, any warranty of merchantability or fitness for a particular purpose or use; and (b) shall not be liable for any errors, incompleteness, interruption or delay, action taken in reliance on any data, or for any damages resulting therefrom. And if there is one thing the world could learn from Singapore, what would that be? This is cheap compared to Tesla currently valued at over 1100 times P/E and 24 times sales. Look around all this real estate. Charlie Munger: No, I would say that of course, theres some new material in misjudgment. Question: Do you believe the valuations for electric car manufacturers are in bubble territory? So, you have to be a little closer to the employees needs, desires, babysitting, and all those activities that were kind of taken for granted in the past. What would be a mistake at the Daily Journal which we can all learn from? 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. Any copying, republication or redistribution of Lipper content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Lipper. 02/15. I think the Chinese have behaved very shrewdly in managing their economy and theyve gotten better results than we have in managing our economy. But I dont think thats going to end up with a mistake. I think all of this activity is regrettable. <> Of course, thats a useful thing. Charlie Munger: I dont think I have a lot of wonderful advice about starting a business but what youve learned in the pandemic is that we can do with a lot less travel and a lot more Zooming. 2023 Junto Investments, all rights reserved. One of my smartest friends in venture capital is constantly getting huge clumps of stocks at nosebleed prices. Theyre no longer using peasant girls to beat the brains out of our little shoe companies in America. Question: What is the biggest lie currently being perpetuated by the investment complex? Of course, it really helped to know everybody in town. Commission-free trading is not free. I find that by working at that, I can actually make some improvements even though Im old. There are these periods in capitalism. I would hate to compete with Sequoia in their field. 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. In 2020 and 2021, enormous QE approximately $4.4 trillion, or 18%, of 2021 gross domestic product (GDP) and enormous fiscal stimulus (which You can hardly think of anything more important in life than being reliable for the people who trust you.
Zamfam Alice Real Name,
Bill Busbice Brother,
Frank Romano Obituary 2021,
Articles D