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I find it much easier to find four or five investments where I have a pretty reasonable chance of being right that theyre way above average. Shareholder This years annual report suggests that the traditional business has 97 full-time employees. Charlie Munger: Well, Lee Kuan Yew had the best record as a nation builder. How do you reconcile the idea of paying 50 or 60 times revenue for a growing but unprofitable business with the more traditional value investing concept of a margin of safety? So we were like an undertaker who suddenly got prosperous in a plague year. I dont follow that practice but I dont criticize it either. What, for example, would you recommend as course materials? And I dont know whether hes right or not. Practically everybody does that. Of course, it really helped to know everybody in town. 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. So, Im kind of pleased that Im still functioning at all. If so, how do you think society should address it, especially because poor countries require much more cheap energy to reduce poverty? These actions have given some shareholders more visibility and comfort on their investment. In his early education, he was the second-ranked student in the school. Question: Eugene Abegg seems like he was one of the best bankers of the last century, achieving both extremely low loan loss rates and earning around 2% on assets over a long time period. You know what her mottoes were? How would they think about current opportunities with low rates and low inflation? Its entirely possible that our system is right for us and their system is right for them. Charlie Munger: Well, Im constantly making mistakes where I can, in retrospect, realize that I should have decided differently. And, I think that could happen, but, of course, thats not a sure thing. That thing circulates. Youve said recently that Sequoia is the greatest investment firm ever. We have different tax considerations. They just copied Adam Smith and left out the free speech and it worked fine for them. Heres a full transcript of the entire meeting. Theres hardly anything he touched he didnt improve. In other words, when we shout our knowledge out, were really pounding it out. 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. Do you agree with the premise and if so how would you address inequality? And we cant go to many offices because theyre closed.