In other words, when we shout our knowledge out, were really pounding it out. Because if you do that, Im a moral leper. I do think that Im way less afraid of inequality than most people who are bleeding about it. tzJ/wa*''=`R9+eJ}hv&iA+sn\/t`5q2(5l.h% dD2)ls.sz M4Z6X_h+ak,+,D^'a%&2K~SO@z'9f)xC? 6ZERFyGh.Q{BoM$k2YNNV'Vq3yd;6. There are these periods in capitalism. Privacy Policy. Youre better off concentrating your decision power on one person the way the Li Lu partnership does and then choose the right person. In a shareholder letter, Barra said 2023 will be a "breakout year" for GM's Ultium-based EVs. And the next time around the poor will get richer faster than the rich. We love it anyway. Gerry, you have a comment on that? When you respond to software by the RFP process, its a very difficult, demanding business and its less profitable and less sure than what Microsoft does. We have our crotchets and I just dont know enough about it to want to go into that activity. Thats been greatly curtailed. Some people think that value investing is you chase companies that have a lot of cash and theyre in a lousy business or something. The death tax in China is zero. Im Charlie Munger, Chairman, and to my right is Jerry Salzman, CEO. Charlie Munger: Well, I have the same difficulty that Samuel Johnson once had when he got a similar question. In fact, what a lot of shareholders actually do is crowd in buying stocks on frenzyfrequently on creditbecause they see that theyre going up. And that isnt necessarily right for its customers. Charlie Munger: I think Ill skip that one. The most important decision in life to benefit those who are single, perhaps including some of your grandchildren and great-grandchildren. Hed been a receiver for a bank. What could investors do to cope better with periodical frenzy? This is cheap compared to Tesla currently valued at over 1100 times P/E and 24 times sales. It was a background that helped everybody. All except for the legal advertising system which we had to build because nobody else has the volume that we have. Is it Bitcoin, decentralized finance, or something else? But he could play chess blindfolded at just below the Grandmaster level. 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. s=QFO?TT ze(0$ $$JI6[t_j%Suf.`2QW I dont think Im likely to have any new thoughts that are going to work miracles either. Has the quality of the publication suffered as the employment levels have decreased? The wealth management industry has a crisis on its hands. I prefer the United States. When the pandemic is over, I dont think were going back to just the way things were. You used examples of Lee Kuan Yews good judgment in choosing someone with brains over certain physical attributes in your past interview. If you dont have master the rest of the knowledge you cant synthesize it with psychology. Theyre no longer using peasant girls to beat the brains out of our little shoe companies in America. Question: Of the various types of moats and competitive advantages, which types do you think will be most important in the years ahead, and what combinations of competitive advantages can you imagine will create any new types of moats? If you go to a little country like Estonia, the whole damn country is on the internet and its a very good idea. FOURTH QUARTER 2021 FINANCIAL RESULTS AND SHAREHOLDER LETTER We generated $97 million of free cash flow in the quarter and $477 million for the year, inclusive of a $191 million increase in inventory of which approximately $60 million is due to increased transit times and the balance targeted to alleviate our unshipped Would you share a few stories about him and your fondest memory? Considering their system, that is not what he should have been doing. Everybody is. The stock appreciated probably way more than intrinsic value. Questions: Why are some people incapable of learning new ideas and behaviors? Shareholder Letter A lot of people assume that since England led the Industrial Revolution and had free speech early that free speech is required to have a booming economy as prescribed by Adam Smith. Bitcoin reminds me of what Oscar Wilde said about fox hunting. Always tell the truth and never lie to anybody about anything. In Singapore, you get a savings account the day youre born.

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