Charlie Munger: Ben Franklin was one of the wisest men who ever lived. We have offices in all the major cities in California and also in Logan, Utah. At this rate, He had excellent judgment. 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. I think that that will probably continue. One of my smartest friends in venture capital is constantly getting huge clumps of stocks at nosebleed prices. Charlie Munger: I think Im alive because of a lucky genetic accident. 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. I admire him that much. Lesson 1: Choose your words wisely. And interested and up to speed and didnt have to take a lot of time to get background information to make his comments. Copyright FactSet Research Systems Inc. All rights reserved. We focused and de-risked the company through strategic portfolio actions, significantly accelerated our debt reduction, Warren Buffett is set to release his annual shareholder letter Saturday morning along with the conglomerates quarterly earnings. xZF}W3y%Y{mZ#fHSMR-Er``F(VuSE()|"MT/+AIE"WUVm &IN/ qD2OM~-e.kvwySQ;&m.rOqK[z=7r|>*a[9ATrv92==I>6n2- ` #? If anybody can fix it, he can. Well, I dont think the quality of publishing public notice advertising has gone down. And I think the directors of GE deserve a lot of credit for making Larry Culp the CEO. It wasnt some malevolence of the rich that caused it. What would be a mistake at the Daily Journal which we can all learn from? He was very courageous and generous in helping everybody around him all his life. And you mentioned technologythats very, very important. Question: Last February, you spoke about the wretched excess in the financial system. WebDaily Journal Corp. balance sheet, income statement, cash flow, earnings & estimates, ratio and margins. I dont think Im likely to have any new thoughts that are going to work miracles either. I think all of this activity is regrettable. Question: What books are you currently reading and what can you reccomend? 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. And, of course, I think its vastly stupid for any state to be user-friendly to the rich people. And, we hope to do well in it. And its a shame that the economics textbooks dont emphasize how much a growing economy needs poverty in order to get out of poverty. Of course, its going to be difficult. Hell be able to do it. I think the result would have been worse if either party had been in control all by itself for the whole period. But I dont think everybody can be a great investor or a great chess player. Chinas economic record among the big nations is the best that ever existed in the history of the world. Theyve served us well over the years. I gave at the office is an unassailableassertion when made by Generally, what people do is they have financial reserves so they have some options if trouble comes, and they adapt the way Gerry has to require downsizings or require upsizings. Charlie Munger: Well, of course, if they bring in a brand new technology you dont understand at all, youre at something of a disadvantage.
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