The total number of shares, represented by proxies at this meeting, are 995,682, which are more than enough to constitute a quorum making the meeting duly held. Question: Previously, you have said; It takes character to sit with all that cash and do nothing. Its just that some people look for values in strong companies and some look for values in weak companies. 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 As a result of holding those two positions, we have a lower cost than anybody else and we make more money than practically everybody else. 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. But, I hardly think the editorial quality could go way up when employees were going down. Facebook; Instagram; LinkedIn; Twitter; Youtube; Shop Amazon.com Rick was always humorous. Gerry and I have been together, how many years Gerry? Charlie Munger: No, I would say that of course, theres some new material in misjudgment. I think I would have lived a long time if I had lived a different life. I am more willing to hold stocks at high multiples than I would be if interest rates were a lot lower. Charlie Munger: Well, thats a very good question. He was just a very old-fashioned sound thinker. He loved to kid people. Charlie Munger: Im a great admirer of Jeff Bezos whom I consider one of the smartest businessmen who ever lived. God knows it was difficult but I dont think its a mistake. What Jamie Dimon sees in JPMorgan, Wall Street future of work And I think wise people should just stay out of them. Everyone knows this isnt a small cap Berkshire Hathaway. Also, fortunately before the pandemic, we got out of the conference-type events and we were not subjected to the problems of no conferences nobody to attend. And what he does is he sells about half of them always. Both Berkshire and Li Lu own BYD Company which you spoke highly of in the past. The content provided on the Junto Investments (Junto) website is for informational purposes only, and investors should not construe any such information or other content as legal, tax, investment, financial, or other advice. Charlie Munger: I think everybody is willing to hold stocks at higher price-earnings multiples when interest rates are as low as they are now. Question: I was wondering if you could share some thoughts on Haven, particularly why it was ultimately closed. And like last year, you will in this note find a full transcript of the entire meeting. Part of the reason for that was cultural. Shareholder Letters Charlie Munger: We will not be following Tesla into bitcoin. Nobody else has ever taken a big country out of poverty so fast and so on. Charlie Munger: Im sure some are, but, by and large, thats not what Warren is known for. What do you think of all of the SPACs and the promoters pushing them? I dont know which is worse. So, I think you can count on the fact that what were doing is going to be a big growing field. Charlie Munger: I think Ill skip that one. Has the quality of the publication suffered as the employment levels have decreased? And, of course, its regrettable. Of course, if he had a chance to do it over again, he would avoid those mistakes. Of course, its hard to know what the future holds when in a complex system where you cant predict a lot of things. But its hard for anybody. But he knew how to learn what he didnt know. WebAnnual reports, proxies and shareholder letters. Charlie Munger: Well, I dont know how well the economys doing to work in the future. Charlie Munger: Well, we dont really know where its all going. 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. What are the psychological implications of this type of market behavior? Thats the nature of capitalism. I admire him that much. What, for example, would you recommend as course materials? The death tax in China is zero. 2021 I think the oil and gas industry will be here for a long, long time. If you have unrealistic expectations, youre going to be miserable all your life. And I just think it was academically inconvenient for them. 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. Bookings in June 2022 totaled $217 million, up 8% (approximately 12% adjusted for the recent strengthening of the dollar against certain currencies) over And he was a great kidder. 02/16. I recognized early that Gerry could run anything he wanted to run. Charlie Munger: I cant think of a We paid high prices for some little companies in the course of trying to enter the court software business. And he said; I cant decide the order of presidency between a flee and a louse. 02/15. Question: It is estimated that the Gates Foundation has saved well over 100 million lives. I gave at the office is an unassailableassertion when made by Now, it sounds like anybody would know that made sense. He said, figure out what works and do it. Due to the COVID-19 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. Well, I dont think the quality of publishing public notice advertising has gone down. Do you agree that there is a close parallel to the late 90s and that this, therefore, must end badly?. Question: Mr. Munger is a champion of Chinese stocks. We have different tax considerations. They lose their money fast enough. All rights reserved. I prefer the United States. How would they think about current opportunities with low rates and low inflation? Lesson 1: Choose your words wisely. And why did you feel that Amazon had more to fear from Costco than Costco had to fear from Amazon? And yet he made a lot of mistakes in the course of living his life. What, for example, is to stop the Chinese government from simply deciding one day to nationalize BYD? 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. That is true and makes sense. I think the bankers of today could learn a lot from Eugene, but little is known of him. Charlie Munger at the 2021 Daily Journal annual meeting spoke once again at great length. Theyve got a better reputation for providing value than practically anybody, including Amazon.
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