If so, how do you think society should address it, especially because poor countries require much more cheap energy to reduce poverty? BYD stock did nothing for the first five years we held it. I think civilization would do better without it. Letter Read the full transcript of the 2022 Daily Journal annual meeting featuring Charlie Munger and Gerald Salzman. So you now know what I do in charitable institutions. But, no, I dont think Treasury securities are a big problem. Question: How important is the analysis of company culture in the investment process? Books to Berkshire Hathaway Shareholders Charlie Munger: Its very hard to have a shrinking business. He really knew everything you had to do to avoid credit losses in a small town in Illinois. But he was 90 years of age. And what did the Chinese communists do with respect to death taxes? Question: My question concerns China. Copyright FactSet Research Systems Inc. All rights reserved. I have a very simple idea on the subject. And we immediately ascended, we put Gerry in, and hes made every decision wonderfully ever since. 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. Question: You identified the opportunity in electrification and invested in BYD. And we pay huge taxes to a combination of the federal government and the state of California when we sell something. Warren Buffett is set to release his annual shareholder letter Saturday morning along with the conglomerates quarterly earnings. How can you not? Because we have the proxies those directors are now reelected. These are very difficult questions and most people assume that its simple. Its such a simple idea. And why did you feel that Amazon had more to fear from Costco than Costco had to fear from Amazon? Would you share a few stories about him and your fondest memory? What, for example, is to stop the Chinese government from simply deciding one day to nationalize BYD? Theyve served us well over the years. Of course, thats a useful thing. And what he does is he sells about half of them always. Im Charlie Munger, Chairman, and to my right is Jerry Salzman, CEO. SVB Shareholder Action Reminder - MarketWatch Theres a lot of temptation to do dumb things which will make the earnings next quarter go up but are bad for the long term. And when things get as crazy as they were in the event youre talking about, there are threats of clearinghouse failure. Charlie Munger: I think Im alive because of a lucky genetic accident. 2021 Without the method of learning, youre like a one-legged man in an ass-kicking contest. Of course, that history is useful to know. Has the quality gone down? To meet the surge in 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. WebDaily Journal. Charlie Munger: Robinhood trades are not free. Sources: FactSet, Dow Jones, Stock Movers: Gainers, decliners and most actives market activity tables are a combination of NYSE, Nasdaq, NYSE American and NYSE Arca listings. Youve even said business schools that dont adopt this method are doing their students a disservice. s=QFO?TT ze(0$ $$JI6[t_j%Suf.`2QW Charlie Munger: Well, heres what I meant. We miss Rick terribly. As a matter of fact, its not clear to me that China would have done better if theyd copied every aspect of English civilization. All rights reserved. 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. You get crazy booms. But I do admire what the Chinese have done. WebAnnual reports, proxies and shareholder letters. 02/16. Source: Kantar Media. Question: Charlie, you are known as an advocate for learning from ones mistakes. The disruption from the decline in newspapers has had a significant impact. Question: You have revised your famous talk on the standard causes of human misjudgment with considerable new material back in 2005. We cant promise what the outcome will be but we are trying pretty hard and we get some favorable impressions of progress. There are certain behavioral rules. Just time after time he would do something like that. At about the same time, we bought a newspaper in Phoenix and that worked out extremely well. If a civilization can progress only when it invents the method of invention, you can only progress when you learn the method of learning. Heres a full transcript of the entire meeting. <> Would you mind elaborating on how a professor or individual should go about building a curriculum around this approach? I dont think its easy for ordinary people to become great investors. Other. This helped drive average monthly order frequency higher in Q4 on both a Q/Q and Y/Y basis. Has the quality of the publication suffered as the employment levels have decreased? Charlie Munger: Well, Lee Kuan Yew had the best record as a nation builder.
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