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| Name | 2017 Daily Journal Annual Meeting with Charlie Munger |
| Video Uploader | Video From Buffett Online |
| Upload Date | This Video Uploaded At 06-10-2018 06:30:12 |
| Video Discription | (February 17, 2017) #Berkshire Hathaway Vice-Chairman Charlie #Munger was in top form chairing the 2017 Daily Journal Annual Meeting. Here are a few highlights from my notes. #Munger is doing the talking, but it would be pushing it to call this a transciption. On Ethics Of course you want to be ethical. On the other hand, you can’t just be dreaming about how the world should be run. You can get so consumed by some kind of ideological notion (particularly at a left-wing university) that you think you are handling ethics and what you’re doing is not working and maybe smoking a little pot to boot. This is not the #Munger system. My hero is Maimonides. All that philosophy, all that writing he did after working all those hours a day as a practicing physician all his life. He believed in the engaged life. I recommend that you engage life. If you spend all your time on how some politician wants it this way or that way and you’re sure you know what’s right – you’re on the wrong track. You want to do something every day where you’re coping with reality. You want to be more like Maimonides and less like Bernie Sanders. #Munger on Airlines Imagine, all of a sudden we’re [Berkshire Hathaway] in the airline business. What have we said about the airline business? And now, if you put all the stocks together, we own one minor airline. We did the same thing in railroads. We said railroads are no damn good, there are too many of them, there’s truck competition. And we were right – it was a terrible business for about eighty years. Finally they got down to four big railroads and it was a better business, and something similar is happening in the airline business. On the other hand, this very morning I went down to my library, and my daughter-in-law had booked a round trip to Europe, including taxes, for four or five hundred dollars, and – we’re buying the airline business? How Warren Buffett’s Investing Has Evolved In the old days, what we did was shoot fish in a barrel. It was so easy, we didn’t want to shoot fish while they were moving, so we waited until they slowed down and then we shot them with a shotgun. It was just that easy. It’s gotten harder and harder and harder. Now we get little edges. It isn’t any less interesting. Remember when Warren bought Exxon as a cash substitute? He never would have done that in the old days. We had a lot of cash and he thought that Exxon was better than cash over the short term. That’s a different kind of thing from the way Warren came up. He’s changed. He’s changed when he buys airlines. He’s changed when he buys Apple. Think of the hooey we built up over the years: we don’t understand it, it’s outside our circle of competency, the worst business in the world is airlines – and what appears in the holdings? Apple and a bunch of airlines. Have we gone crazy? I think the answer is, we’re adapting reasonably to a business that’s gotten much more difficult. I don’t think we have a cinch. We have the odds a little bit in our favor. We have to live on the advantages we can get. I used to say you have to marry the best person who will have you. I’m afraid that’s a rule of life. Things have gotten so difficult in the investment world that we have to be satisfied with the type of advantage we can get. On Trump Just because he isn’t like us: roll with it. If there’s danger, what the hell – you’re not going to live forever anyway. --------------------------------------------------------------------------- Subscribe NOW to Warren Buffett: https://www.youtube.com/c/BuffettOnline?sub_confirmation=1 Learn more from Warren Buffett: Visit us: https://buffettonline.com/ Like us: https://www.facebook.com/buffettonline Follow us on Instagram: https://www.instagram.com/buffett.online/ Follow us on Pinterest: https://www.pinterest.com/buffettonline Follow us on Twitter: https://twitter.com/buffettonline #BuffettOnline uzWAvxcb1qE |
| Category | Education |
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