And thats the way Eugene was in his community. I think that would be insanity. Charlie Munger: Well, it helps to be able to leave the IQ test early with the highest score. 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. We were trying to save the whole economy under terrible conditions. I kind of admire the way Bill takes on these very hard problems. A 2003 examination of what makes Berkshire Hathaway's subordinate CEOs successful. It showsed how wise we were to put him there in the first place. And, of course, its regrettable. If you stop to think about it, business success long term is a lot like biology. They wouldnt be a lot happier if they were richer or a lot less happy if theyd been poor. endobj That recognized reality and worked way better than what other people were doing. Question: What do you hope the future of the Daily Journal Corporation looks like in a decade? Florida would have a really serious problem. 5. DAILY JOURNAL CORPORATION 915 E. 1st Street Los Angeles, California 90012 PROXY STATEMENT FOR ANNUAL And thats the right way to do it. Have you seen the television show Queens Gambit on Netflix? I admire him that much. Charlie Munger: Well, its natural for people to think their own civilization and their own nation are better than everybody else. And thats very interesting. There are these periods in capitalism. Because even as a boy, I knew a lot about who was sound who wasnt sound in Ohama. And, I was not surprised when it blew up. Accounting is also in the cloud. Welcome! Theres no question about the fact that Wells Fargo has disappointed long-term investors like Berkshire because the old managementwhich is now removedwere not consciously malevolent or thieving but they had terrible judgment in having a culture of cross-selling where the incentives on the poorly paid employees were too great to sell stuff that customers didnt really need. Charlie Munger: Were really old both of us. Warren Buffett's highly anticipated annual 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. WebCharlie Munger: 2022 Daily Journal Annual Meeting Transcript Written by Oliver Sung I usually sit down and transcribe the Daily Journal AGM with the musings and wisdom of And if its unfixable, learn to live without it. Theyre in a place thats gotten more valuable. 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 You are on record as a zealous fan of the Chinese work ethic and Confucian value system. Theres a lot of competition and were a very small company compared to our main competitor. Facebook; Instagram; LinkedIn; Twitter; Youtube; Shop Amazon.com We have different tax considerations. And, as Gerry has just said to me just after breakfast, you wouldnt want to invest in a parking lot by a courthouse for the future because an awful lot of the court proceedings are going to go to the internet.
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