Thread by @trengriffin

1/ No peanut brittle is in sight at the Daily Journal Meeting. One Diet Coke. Question period has started.

"The stock market frenzy is fed by people who are getting fees from a new generation of gamblers who have the mindset of race track gamblers."

finance.yahoo.com/videos

2/ "Don't invest in a parking lot by a courthouse. More and more of the business of the Daily Journal will move on line." Charlie Munger

3/ "Crazy speculation must end badly, but I don't know when."

"The investment banking profession will sell shit as long as shit can be sold."

"Behavior by market participants is most egregious when novice momentum traders are lured in."

Charlie Munger

4/ "Value investors want to get more value than they pay for pay for. That will never change.

Some people wrongly believe value investing is chasing companies that have some cash but a lousy business."

Charlie Munger

5/ "The trouble with banking is that we have more banks than good bankers. It is hard to run a bank intelligently. Investing successfully in bank stocks is difficult, but not impossible."

"We will not be following Tesla into Bitcoin."

Charlie Munger

6/ "BYD is very well position for the transfer of Chinese auto production to gas to electricity. On balance, we tend to hold positions like BYD even though they have substantially appreciated. We are likely to be a little to loyal to companies we admire like BYD."

7/ "I never owned a share of GE since I did not like the culture. The current CEO Larry Culp is very able. If anyone can fix GE, it is him." Charlie Munger

8/ "If a person is a chronic drunk, we avoid him. We all have shortcuts like that and we probably have and use more of these shortcuts than others." Charlie Munger

9/ "It is hard to know what macro policy is correct. I don't think we have any great gift about making macro predictions." Charlie Munger

10/ "Modern Monetary Theory's supporters are less worried about inflation than others. So far the evidence is that MMT supporters are right. Put me down as skeptical. I don't have an answer as to what theory is right." Charlie Munger

11/ "Real estate has always been a difficult field and some types of real estate in recent years has been particularly difficult. I think office buildings are now in some trouble. And of course, commercial real estate rented to stores has been a lot of trouble for a long time."