BYD sells at nearly 200 P/E. 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. Hed been a receiver for a bank. Im not going to change. We have offices in all the major cities in California and also in Logan, Utah. Sources: FactSet, Tullett Prebon, Commodities & Futures: Futures prices are delayed at least 10 minutes as per exchange requirements. And so I dont think its necessarily crazy that good companies sell at way higher multiples than they used to. Charlie Munger: Its hard to know what exact macroeconomic policy is correct. He cared terribly about not making bad loans or incurring dumb expenses. In Singapore, you get a savings account the day youre born. Charlie Munger: Robinhood trades are not free. Are they more stable? He was fun to be with because he was always jumping out of airplanes and parachutes and running marathons and so on, doing all kinds of things I would never consider doing. So I dont worry that the country is being ruined by a few people over getting ahead a little faster than the rest of us. I hope that that will continue in the future. Its really kind of an artificial substitute for gold, and since I never buy any gold, I never buy any Bitcoin. Facebook; Instagram; LinkedIn; Twitter; Youtube; Shop Amazon.com I dont think Im likely to have any new thoughts that are going to work miracles either. That approach will never go out of style. We have our crotchets and I just dont know enough about it to want to go into that activity. Question: Charlie, you are known as an advocate for learning from ones mistakes. 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. Theyre just very simple. Charlie Munger: Well no, I dont think we have a bubble in Treasury securities. WebDaily Journal Corp. balance sheet, income statement, cash flow, earnings & estimates, ratio and margins. And he was just so good. 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. Bitcoin at 50,000 or Teslas fully diluted enterprise value of 1 trillion. It plans to build about 50,000 EVs in North America in the first half of and our The word 'customer' occurs 25 times. FOURTH QUARTER 2021 FINANCIAL RESULTS AND SHAREHOLDER LETTER We generated $97 million of free cash flow in the quarter and $477 million for the year, inclusive of a $191 million increase in inventory of which approximately $60 million is due to increased transit times and the balance targeted to alleviate our unshipped Charlie Munger: Well, Lee Kuan Yew had the best record as a nation builder. Question: We have a couple of questions about J.P. Rick Guerin. But I do think having a whole system to sell hydrogen is difficult. 2022 . In his early education, he was the second-ranked student in the school. But, a very wise man said on an earlier occasion: The trouble with banking is that we have more banks than we have bankers. 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. I predict that if they do that, a lot of people will leave Washington. Is there any new material? Question: Do you believe any psychological personality tests, such as the Myers-Briggs Type Indicator, 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. 02/16. But theres no rule that life has to be easy on the mental side. You can hardly think of a decision that matters more to human felicity than who you marry. The most important decision in life to benefit those who are single, perhaps including some of your grandchildren and great-grandchildren. Absolute insanity. Nothing is particularly obvious for everybody to do the same thing. But, I find that the old ways of doing things still work. %%`EQ=@jMjkjJn. g5? 5T I dont think well change on that. So we have one basic system configured in a number of different ways, including workers comp for a large state in the United States. But, I hardly think the editorial quality could go way up when employees were going down. But, of course, you should start out by studying the history of capitalism, how it worked, and why before you start studying business. A little wisdom in spouse selection is very desirable. And it was probably wise that we acted exactly as we did. And he was a great kidder. What can we do to increase knowledge, understanding, and appreciation of the Chinese civilization? The JTI software has been configured for other judicial and justice agencies, including district attorneys, prosecutors, public defenders, probation, etc. I feel the same way about those choices. The psychology professors dont know all that much about the rest of knowledge and they have no incentive to master it. The second proposal is to ratify the appointment of our certified public accountant: Baker Tilly US, LLP. He was always upbeat. And if there is one thing the world could learn from Singapore, what would that be? :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',/ %PDF-1.3 Other. Theron Mohamed Jan 22, 2021, 11:41 AM Charlie Munger. Hell be able to do it. Question: You famously run investments through your mental checklist. Question: Do you believe global warming is an existential threat to humankind? So you now know what I do in charitable institutions. At the age of 97, Charlie Munger wasnot surprisinglysharp as a tack. Rick was always humorous. We were trying to save the whole economy under terrible conditions. Question: Should there be a tax on buying stock now that Robinhood trades are free? Are Berkshires managers aware that through their efforts to create business success at Berkshire that they have been involved in saving millions of lives? When I was young, I rezoned some properties very successfully. On December 18, 2020the record datethere were 1,380,746 shares of common stock of the company outstanding. DAILY JOURNAL CORPORATION 915 E. 1st Street Los Angeles, California 90012 PROXY STATEMENT FOR ANNUAL But Im flabbergasted at how well theyre doing. They dont work that hard at figuring out what works and what doesnt. These actions have given some shareholders more visibility and comfort on their investment. When these people go, there is none replacing them. Because if you do that, Im a moral leper. << /Filter /FlateDecode /Length 2607 >> That was not a startup, but it was so small and thinly traded that we were buying into a venture capital type investment but in the public market. We all live with that problem. Thats what the communists are doing. The former majority owners of Bank of Blue Valley and Morill & Janes Bank, Bob Regnier and Kurt Saylor respectively, both signed the shareholder letter. 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. I own some apartment houses, so I like that investment, provided youve got a perfect management which is hard to get. I said it wont matter. We are very excited to look forward to enabling the courts to function as we know that they want to and will in the future. Thats entirely due to the practical talent of Lee Kuan Yew. \h_^cBa\"BfuLj@`}Ze jZ*l!-;LUe=v3+adjh4Sz8h*`iQ5>dZ;c8sgu[9|7$t}HkN5xv.,GqwYp0Y,53Urn i*5"x~z0GYkgPU0gbivl:"[Z@"S5mdY = 14M.6X!8&[R-p;a)}P5Y^wE7>L>39ju oH*crZRYTf 0@N',.>BP%M72HY=eY\ |Lt[kC&15YsATr*z=%4;mSH4%ZJ[WI]da f1u#{z)`|Es5dH^,X"I3V4&F@N]6# 7V}cDCY$P(Xa:FVPfl\V!ZA~jtSBtrleZuV"Nr7cA_ u!LC36Mh]82(M+ RR)mnk d=#:v4P^^xEbt:x85!K-yQK Nu=?vL]'.vq|1b* pS67-K^sqj So human greed and the aggression of the brokerage community create these bubbles from time to time. That was a big error in judgment. What are his thoughts on modern monetary theory? What I think is interesting about chess is, to some extent, you cant learn it unless you have a certain natural gift. And he said; I cant decide the order of presidency between a flee and a louse. <> And what he does is he sells about half of them always. Charlie Munger: I dont know anything about Haven. 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. Theres hardly anything he touched he didnt improve. 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. A 2003 examination of what makes Berkshire Hathaway's subordinate CEOs successful. Charlie Munger: Well, I hope we dont have fewer truck stocks because Berkshire Hathaway is deeply involved in truck stops. And what are the implications, since Treasury assets underpin the value of every other asset? Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Total I would hate to compete with Sequoia in their field. He was a very smart man and he had a lot of good ideas. D07"Kn News Corp is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content and other products and services. I recommend that other people follow my practice. Charlie Munger: Well, I dont participate at all. In 1978, the year Deng Xiaoping took over, it was 300. Were not enlarging it. How would they think about current opportunities with low rates and low inflation? Charlie Munger spreads wisdom at the annual meeting for the Daily Journal. Furthermore, hed gone through the Great Depression. And all I can say is that well do the best we can. I dont follow that practice but I dont criticize it either. Charlie Munger: Well, I cant top Lee Kuan Yews example. Charlie Munger: Well, its not easy to handle accumulated money in the current environment when these stocks are so high and partials of real estate of certain kinds are also very inflated. And some types of real estate in recent years has been particularly difficult. I dont think Gerry is surprised that the people doing the workMaryjo and Dannyare doing well. Question: If you had a chance to make an addition or revision to Poor Charlies Almanac, what would that be? Question: Youve spent much of your life contributing your wisdom to schools and hospitals. So, you can understand why Warren got disenchanted with Wells Fargo. At about the same time, we bought a newspaper in Phoenix and that worked out extremely well. Written by Andy Jassy, CEO at Amazon. Theyd take you through the building of the canals and the building of the railroads and so on and so on. Heres a full transcript of the entire meeting. And do you and Warren have any tricks or shortcuts to size people up quickly and accurately? How do you think about the hydrogen opportunity for transportation and how does it compare to the electric opportunity, specifically thinking about trucks versus cars. Data are provided 'as is' for informational purposes only and are not intended for trading purposes. 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. Those are pretty good rules and theyre pretty simple. We love it anyway. To meet the surge in Gerry and I have been together, how many years Gerry? And the next time around the poor will get richer faster than the rich. In 2010, that was down to 165 full-time employees and 15 part-time employees. I think most people are born with a happystat. You are on record as a zealous fan of the Chinese work ethic and Confucian value system. Gerald Salzman: None. Question: In this years annual letter, you mentioned the share price increase was driven by speculative frenzy and forced index buying. I think the Chinese have behaved very shrewdly in managing their economy and theyve gotten better results than we have in managing our economy. And even if you have a natural gift, you cant be good at it unless you start playing at a very young age and get huge experience. Charlie Munger: Were really old both of us. Take Gerry. Question: I was wondering if you could share some thoughts on Haven, particularly why it was ultimately closed. He said it was the pursuit of the uneatable by the unspeakable. Accounting is also in the cloud. At the age of 97, Charlie Munger wasnot surprisinglysharp as a tack. Question: Your advice given on choosing a good spouse in Poor Charlies Almanac is terse. I think its much easier to find five than it is to find a hundred. When people gave me a good idea and I could see it was a good idea, I quickly mastered it and started using it for the rest of my life. Copyright FactSet Research Systems Inc. All rights reserved. And if its unfixable, learn to live without it. The Daily Journal shareholders will have to take whatever outcome comes from caring more about our customers than is at all common. In a shareholder letter, Barra said 2023 will be a "breakout year" for GM's Ultium-based EVs. So, the people part has changed quite considerably being a small company. Can U.S. Treasury bonds be such a case today? I dont know the answer. I think the oil and gas industry will be here for a long, long time. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. Today, the majority of contractual revenue that can be identified is from implementations and licenses. And were gonna play that as hard as we can. And so, we cant promise were going to succeed. We do know one thing and that is that the courts of the whole world are going to be taken into the modern age. But I dont think thats going to end up with a mistake. endobj 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 The hydrocarbons are also needed as chemical feedstocks. Because even as a boy, I knew a lot about who was sound who wasnt sound in Ohama. Its a very dishonorable low-grade way to talk. He gasped and said, but hes never had anything to do with newspapers or anything else. My guess is we have suffered some editorial quality.
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