My notes from the Daily Journal meeting
Unattributed quotes are from Munger
Short [THREAD]
Unattributed quotes are from Munger
Short [THREAD]
1/ "I've never seen a company that serves customers as well as Costco does."
2/ Three mental tricks:
1) Always take the high road
2) Moral duty to be as rational as possible
3) Invert all your problems
1) Always take the high road
2) Moral duty to be as rational as possible
3) Invert all your problems
3/ Munger is bullish on China
"Chinese companies are better and growing faster" [than most US companies].
"Chinese companies are better and growing faster" [than most US companies].
4/ The number of quotes Charlie can just rattle off is amazing:
"Making a speech on economics is a lot like pissing down your leg. It seems hot to you, but it never does to anyone else." - Lyndon Johnson
"Making a speech on economics is a lot like pissing down your leg. It seems hot to you, but it never does to anyone else." - Lyndon Johnson
5/ On Elon Musk:
"Never underestimate the man who overestimates himself"
On Tesla:
"I'd never buy the stock and I'd never sell it short."
"Never underestimate the man who overestimates himself"
On Tesla:
"I'd never buy the stock and I'd never sell it short."
6/ "Anytime you've invented new names [for financial metrics] you've got to worry." @ adjusted EBITDA
"EBITDA = BS earnings"
"EBITDA = BS earnings"
7/ Paraphrased "Even if there wasn't global warming, it would be a good idea to conserve hydrocarbons. Not many people agree with that. Well, they're wrong and I'm right."
8/ Two more mental tricks:
1) "Look for areas you're wise and others are stupid"
2) "Knowing the edge of your own competence [is important.]"
1) "Look for areas you're wise and others are stupid"
2) "Knowing the edge of your own competence [is important.]"
End/
Munger is as sharp as ever. At 96, it's quite amazing to witness.
Munger is as sharp as ever. At 96, it's quite amazing to witness.
