Change value during the period between open outcry settle and the commencement of the next day's trading is calculated as the difference between the last trade and the prior day's settle. Sources: CoinDesk (Bitcoin), Kraken (all other cryptocurrencies), Calendars and Economy: 'Actual' numbers are added to the table after economic reports are released. <>>> Question: Do you believe the valuations for electric car manufacturers are in bubble territory? Culture is very important. He absolutely took over a malarial swamp and turned it into modern Singaporein his own lifetime. As a matter of fact, it will be here for a long, long time if we stop using many hydrocarbons in transportation. Its not generally noticed by the public but clearinghouses clear all these trades. It seems to involve a lot of your standard causes of human misjudgment. 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. But he previously worked for Rick Guerin and me in running a little mutual fund that we bought control of. My guess is we have suffered some editorial quality. We were together in that for a long, long time, and then Rick and I did the Daily Journal together on another occasion. Question: I enjoyed your Caltech interview and wanted you to elaborate and provide more insights on your point of great investors and great chess players. And he said; I cant decide the order of presidency between a flee and a louse. WebIn 2021, we continued adding new restaurants to our Marketplace and third-party data suggests we remain the selection leader in the U.S. What, for example, is to stop the Chinese government from simply deciding one day to nationalize BYD? Charlie Munger: I think Im alive because of a lucky genetic accident. The one thing I will say is that a lot of the moats that looked impassable, people found a way to displace. There are these periods in capitalism. And thats not a sure thing either. I said to Rick, were going to make Gerry the head of the Daily Journal. Reddit and its partners use cookies and similar technologies to provide you with a better experience. 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. He had a long and wonderful run. Its just not gonna work. They do way more good than harm. You have said that the single best way is to deserve a good spouse because a good spouse is by definition not nuts. WebDaily Journal Meeting Transcript 2021 fs.blog Page 1 of 32 Julia La Roche: Hello and welcome. Gerald Salzman: Well, we dont think about mistakes. Its doing a big public service. 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. It showsed how wise we were to put him there in the first place. Tom Murphy used to say that his system of management was to delegate just short of total abdication. So, I dont mind a little inequality and what I notice is that the rich families generally lose their power and wealthand pretty fast. And so, the stock went way up. Gerrys lived a long time too and I think we both have been lucky. Bitcoin at 50,000 or Teslas fully diluted enterprise value of 1 trillion. There are certain behavioral rules. Question: What is the wisdom behind holding bank stocks compared to other stocks. In his early education, he was the second-ranked student in the school. I think civilization would do better without it. Ive been engaged in recent years in trying to create a better type of student dormitory. The directors are Gerry Salzman, Peter Kaufman, Mary Conlin, Gary Wilcoxwhos retiring nowand myself. That happened because Gerry and I bought these little newspapers all over the state just as a precaution to make sure we could serve public notice advertising wherever it arose in the state. I recommend that other people follow my practice. Charlie Munger: Well, I certainly hope that they succeed mightily in their software endeavor to automate all these courts for the modern world. I predict that if they do that, a lot of people will leave Washington. I didnt get to where I am by going after mediocre opportunities. When it gets difficult, I dont think theres any automatic fix for difficulty. He had excellent judgment. Given the developments over the past year, could you give us an update on your assessment of wretched excess in the system? 2021 Key Results Total net revenue grew 55% year-over-year (YoY) to $2.765 billion Platform revenue increased 80% YoY to $2.285 billion Gross profit was up 74% YoY to $1.409 billion Active Accounts reached 60.1 million, a net increase of 8.9 million active accounts from Q4 2020 Streaming Hours increased by 14.4 billion hours YoY to Its one of the most ignorant professions in the world. Charlie Munger: Its a huge field in which we have a very interesting toehold with the strongest toeholds in Australia and California. Some people have a natural trend toward good judgment, and with other people, their life is just a series of mistakes over and over again. Charlie Munger: Well, of course, the places downsized. Never before in the history of mankind have we seen such a rapid eradication of poverty, pulling approximately 800 million people out of destitution. Thats one you can easily arrange. I think were into a lot less travel and a lot more Zooming. And that isnt necessarily right for its customers. Creating 360 value. Always tell the truth and never lie to anybody about anything. That approach will never go out of style. Or, has the digital revolution caused enormous productivity improvements in those businesses? But its hard for anybody. I think they stopped because if you taught that course, youd be stealing the best cases from the individual professors of marketing and so on and so on. As a matter of fact, what happens is to make a nation rich, you need a free market system. 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. Charlie Munger: Its quite importantpart of the success of a company like Costco. Of course, people behave more sensibly when theyre spending their own money. On balance, we hold in certain of these position when, normally, we wouldnt buy a new position. Question: Your advice given on choosing a good spouse in Poor Charlies Almanac is terse. Part of the reason for that was cultural. WebCharlie Munger at the 2021 Daily Journal annual meeting spoke once again at great length. When the pandemic is over, I dont think were going back to just the way things were. Charlie Munger: Well, heres what I meant. Its entirely possible that our system is right for us and their system is right for them. I never buy any and neither does Daily Journal. Question: Ben Franklin said: Were it offered to my choice, I should have no objection to a repetition of the same life from its beginning, only asking the advantages authors have in a second edition, to correct some faults of the first. He didnt know one damn thing about the Daily Journal when we made him head of it. 2022 . In December 2019, we had a peak of 10 million daily meeting participants, but by April 2020, we were averaging 300 million daily meeting participants 30x growth in about three months. Chinas economic record among the big nations is the best that ever existed in the history of the world. So, the shareholders have been lucky to have somebody like Gerry here who could learn what he didnt know and fix it. But, I find that the old ways of doing things still work. 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. % This years annual report suggests that the traditional business has 97 full-time employees. WebDaily Journal. Buffetts donations to the foundation have obviously helped to save many millions. Theres an old German proverb Ive always liked. The number of people who ever got a chance to do it again is zero. Join 4,000+ investment professionals and curious generalists by getting my latest articles, research, and insights directly to your inbox. And, I think Jack Ma was very arrogant to be telling the Chinese government how dumb they were, how stupid their policies were, and so forth. endobj They really need the world to stay the way it is. What I think is interesting about chess is, to some extent, you cant learn it unless you have a certain natural gift. I think the world is gonna be quite different. Inside Daily Journal Corp's 10-K Annual Report: Financial - Expense Highlight. I think the bankers of today could learn a lot from Eugene, but little is known of him. << /Filter /FlateDecode /Length 2607 >> Thats the nature of capitalism. Now, it sounds like anybody would know that made sense. GE released its 2021 Annual Report today. And if there is one thing the world could learn from Singapore, what would that be? God knows it was difficult but I dont think its a mistake. Charlie Munger: Well, Im constantly making mistakes where I can, in retrospect, realize that I should have decided differently. One is a big interest in Li Lus China fund, which is a limited partnership, and the other is a Vanguard index fund. I think you should try and make your money in this world by selling other people things that are good for them. The first order of business is to reelect the four directors and the votes are as follows: Charles Munger, 679,481, Gerald Salzman, 660,287, Peter Kaufman, 593,336, Mary Conlon, 651,493. We miss Rick terribly. Question: In your past speeches, you have mentioned the term functional equivalent of embezzlement to describe situations where bubbles can form because both parties involved in a bubble believe the asset to be worth more than it truly is. [As for] marketable securities, we prefer owning common stocks to holding cash under current conditions and its kind of an accident that we have so much in marketable securities. Charlie Munger: Well, commission-free trading is a very good candidate for that if you want to emphasize disgusting-wise. Sources: FactSet, Dow Jones, ETF Movers: Includes ETFs & ETNs with volume of at least 50,000. I think theyre probably right, by the way. They have created a strong culture of fanaticism about cost, quality, efficiency, and honor. Charlie Munger: I dont know how permanent its going to be but it certainly caused a change. If youre willing to count small nations in the group, he had probably the best record that ever existed in the history of the world. If its not good enough for Berkshire, shouldnt we have the same standards? The votes in favor of that are 995,356 against 120. I think all good investing is value investing. 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. Thats the good news. Classified advertising is down significantly. Last year it quintupled. Dimon, the banks chairman and CEO, laid out all of this and more in his annual letter to shareholders, released early Wednesday. It doesnt happen anymore. Thats what the communists are doing. And I think thats what shareholders do. Charlie Munger: Well, the people doing the computer software are doing magnificently wellthe people under Gerry: Maryjo and Danny. I know Berkshire is a long-term owner and rarely sells securities of high-quality companies it owns in its portfolio simply because its overvalued. Question: You and Warren have been adept at quickly sizing people up, particularly business leaders and potential business partners. Question: Many believe that inequality accelerated by this pandemic has reached alarming levels that demand drastic solutions such as a wealth tax. Think of whats died in my lifetime. To meet the surge in When these people go, there is none replacing them.
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