Legendary investor Charlie Munger speaks at Daily Journal annual meeting - 2/12/2020

Investing legend Charlie Munger, Berkshire Hathaway vice chairman and chairman of the Daily Journal, speaks to shareholders at the newspaper's annual meeting. Munger is best known for his steady role as the right-hand man of investing legend Warren Buffett.
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Legendary investor Charlie Munger speaks at Daily Journal annual meeting - 2/12/2020

[@mikecancook]

1:48:59 Charlie answers student who wants to get rich in finance. “Live within your means...I think you’ll be happier if you reduce your expectations rather than satisfy them. “

[@JeanCharlesEvrard]

Glad to see Charlie is still doing well!

[@surajpatil7242]

He turned 96 on Jan 1

[@jameylane9196]

He has enough money for his own private hospital, of course he looks good.

[@carlschlettwein1963]

@@jameylane9196 thats not how it works when you´re 96

[@brocklesnar915]

What does "wretched excess" means?

[@JeanCharlesEvrard]

@@brocklesnar915 Terrible excess

[@Go4Yourz]

Talk starts @15:55

[@lorenzmuller3542]

The beginning is funny to watch. People taking pictures, Charlie eating cookies and not bothering at all.

[@forrestgump624]

Lorenz Müller In der Tat

[@InvestingwithTom]

See's Candy Peanut Brittle ;)

[@andresjimenez3811]

At his age and with what he accomplished. He’s like, look at all this people they’re still so dumb, i need to eat some energy to teach them something . Jokes aside my full respects to Charlie and Warren.

[@johndrunkenmiller9860]

I would do exactly the same haha

[@carlschlettwein1963]

i actually consider it quite disrespectful.They without asking for permission just take pictures of and with him. very rude.

[@StevenWilliams66]

"I don't play in a game where the other people are wise and I'm stupid. I look for a place where I'm wise and they are stupid." "God bless our stupid competitors"

[@darwinmcguilicuddy6083]

You are stupid in taking advantage of anyone. My guess is that you put fake money and things above human life. The golden rule is do unto others as you would like done unto you. It is obvious to me that munger has made his money muchlike the central banks make money, out of nothing. Then distribute amongst their friends. This is not genius, unless you think it should be done to you.... Bezos given his money, elon musk.... Their reckoning is upon us. By darwin All rights reserved

[@JimOgburnNC]

Charlie's still the fountainhead of uncommon common sense. Long live Charlie!

[@fight.2393]

🙌🙆✊ Long Live Charlie

[@CUINCOURT]

Long live Charlie M. You're so generous with your time and sharing your valuable thoughts and wisdom.. Live long and prosper as spoken by Mr. Spock

[@DividendGrowthInvesting]

Charlie and Warren are by far my favorite motivational speakers not only on the topic of finance, but also on living a successful, happy life.

[@deangulberry1876]

25:50 Charlie munching on candy right into the mic while the other guy is talking 😂

[@ahmadaburahma9756]

Dean Gulberry 😂😂😂😂

[@mikestevenson576]

I like when he's scolding excess while choking down peanut brittle.

[@gauravverma6775]

😂😂🤣🤣

[@booneguy]

Charlie's one-liners are still my most favorites. Great event!

[@zarinaromanets7290]

"Nepotistic monopolists, some of which drank too much..." XD

[@stevejurgens9836]

Charlie Munger is 96 and still sharp as a tack!

[@ek9772]

It is absolutely delightful to listen to the little gold nuggets of wisdom he shares at this business meeting. He talks a little bit of business, and he talks a lot of his personal views on stuff - a most unusual business meeting.

[@AuditorInvestor]

Great that this legend is still alive and sharing his wisdom.

[@1painter4hire]

This Man is like 95-96 years old !!!!! Still Sharp as a Tack !

[@asknorway]

Oh, Charlie

[@thomaswittmann95]

Great crowd, they asked very good questions.

[@Josh-pe5pl]

Will there be a TRANSCRIPT of Charlie's comments? I would love to have one, so I could read it periodically to keep my head on straight--the way I was raised.

[@ChristopherFortin]

Why don't you type one up ?

[@minghan1064]

Lawrence thank you

[@francoisbenoit8061]

He really should appear on a dollar bill

[@joofbing]

Admiring him as always. Also, I really like the way he uses the word “cabbage”.

[@lawrence4444]

no teleprompter also .. wise and impressive... so much wisdom

[@suuuning]

Glad to see Charlie enjoy the cookies so much! Stay long with us!

[@moizhd9132]

Coming to see you next year Charles, stay in great health!

[@mobyservices5080]

how the hell this guy do a 2 hours interview at 96 years old and make it look easy...

[@lawrence4444]

because he does not have egos and brought up properly...

[@amirjon]

he goes for 6 hours in May in Omaha.

[@TheKEprince]

it's because he likes what he is doing....

[@cliftt]

"An old tongue loves to wag..." G. Clason from "The Richest Man in Babylon"

[@johnnybravo5962]

Coca Cola and Peanut Brittle

[@garygreen4250]

one hell of a tuff cookie Charlie Great to see you looking so well and healthy. Thank you.

[@davidallen8611]

This guy is awesome. Forget the celebrities. This guy is a hero

[@anthonyeghosaewone7841]

Starts at 6:40 but the beginning is funny & worth one's view with Charlie munching on peanut brittle.

[@happyuk06]

It's great to listen to this splendid man.

[@jeanbonneau6711]

Is it me or most people who ask question like that. They do it more to show their peers that they know better than for the actual answer.

[@idontlikeyouyo]

Questions like what?

[@cyberft]

I was there yesterday, and the questions were actually quite good.

[@johndrunkenmiller9860]

I used to think the same too haha, but I guess it's a matter of staging the question, and to make it as specific as possible but it's hilarious when he just shuts down big questions in 10 to 15 words or less sometimes even by 1 word haha.

[@Phlegethon]

Stay in good health Charlie!

[@richardplace4856]

Thanks for this. My wife and I could not make it this year.

[@a.b.1044]

This month just gets better & better

[@kevincloete3297]

Examples of "Inversion" starts at 1:40:00 .... My favourite Munger technique to use in daily life

[@rajpaul447]

I don't even know how u get together but u guys r amazing

[@cameronfasching6415]

You have saved me , with this type of DEMAND TO KNOW ,,, NOW Court Software Systems.. Thank You < Thank You< Thank You..

[@varunjain5789]

His words are liquid intelligence..

[@happyuk06]

Its good that he understands real-world software development - hard and takes a long time to do.

[@jp1367]

So sharp and witty at 96

[@yananma1979]

A mentor with knowledge and wisdom.

[@Wangsta100]

44:00 Awesome message to people Charli thank you

[@rohitrohan2009]

who the hell are these people that just go around disliking videos like this? God, 71 people. just wow. and in some videos it goes up to thousands. Just speaks a lot about the people

[@benbakhshi]

Starts at 6:33

[@gourabbanerjee3075]

Legend..... My idol..

[@NasdaqSlayer]

So sad to see all these people asking him questions about how to get a job in finance............do you even know who this man is and what his investing style encompasses? Get a bloody clue..

[@christianpenchev2689]

They are asking him question that can be answered in a 10 minute youtube video.

[@EgorSebastianBach]

Munguer👏🏼👏🏼👏🏼

[@thelaw3536]

That was brilliant

[@cccccuy]

How can this guy be constantly shoving food down his gullet, and live so long?

[@BigDogBNB]

cccccuy very little monetary stress

[@guharup]

Does this only two days every year, daily journal and Berkshire meetings. Clarified that in an yahoo finance interview I think.

[@vitaliyfursov2011]

Those people are Real Americans, they say it like it is, they make sense, they are loved by me. And I just hope that they can be here for me for as long as possible. And hopefully my son will listen to them too.

[@rajpaul447]

Ur suggestions give us life

[@khizarqureshi8840]

1:28:17 Charlie is so focused wow

[@goesdownsinging]

One of the many brilliant things Charlie does is surround himself with old people so moribund that he looks that much more spry in comparison.

[@gregorybattis9588]

Should be renamed "Two hours and six minutes of uncommon sense: The Truth"

[@llMarsII]

the question at 2:00:32 about jumping into the market now vs waiting for a correction - what is your take on Charlie's answer?

[@TheBluedragon317]

He started talking about deferred gratification and not wasting money, which doesnt answer the question of whether to invest now or wait for a correction. Can you explain what his answer was to the question if I missed it?

[@fatalconceit9713]

Why do people ask such questions of Charlie and Warren? It’s cringeworthy.

[@llMarsII]

@@TheBluedragon317 I think he did answer the question, just in his own way. It'll probably me up to everyone's own interpretation of what he really means.

[@llMarsII]

​@@fatalconceit9713 I think it's a fair question. What would you have asked him?

[@fatalconceit9713]

@@llMarsII There are literally hours of footage of Warren and Charlie on KZbin, and they have repeatedly said that they make their investment decisions based on their estimation of the intrinsic value of individual companies. What the broader market is doing never factors into their decision making. It's a core Buffett/Munger principle. Did the questioner think Charlie would now change at 96?

[@thekongstocks]

theMAN, theMYTH, theLEGEND: CHARLIE MUNGER!!!

[@raoulduke8340]

Charlie Munger lingers like Monty Burns

[@brocklesnar915]

What does "wretched excess" means?

[@CommandoMaster]

Chinese people have shorter holding periods in stocks because they don't understand that time in the market beats timing the market.

[@TB1M1]

1:47:15 "Hatred is too intense, it's cabbaging up the minds". Never a truer word been spoken... people must think for themselves. Could listen to Charlie for hours, but the pre ww2 generation and their values/work ethic is rapidly dying off, we are dumber for it no doubt.

[@lawrence4444]

Rude of them to take pictures without asking him first... so very rude

[@mikecancook]

2:01:18 Delayed gratification

[@CameraGuyRy]

The beginning is a little sad to watch. Not one person even greets or says hello to Charlie. They snap a photo with him like he’s some monument, just so they can post it on Facebook and satisfy their ego.

[@ceejaydeesoozaa]

gosh he looks GREAT for his age.

[@rochester3]

he sounds just like warren buffet

[@MrRentgould]

Brilliant

[@magalengo]

Master

[@QuaaludeCharlie]

Long live Charlie! :) QC

[@truthtv999]

3:06 , rejected

[@Cutix]

So much rational wisdom in this video.

[@pfschuyler]

"And I sincerely believe with you, that banking establishments are more dangerous than standing armies; & that the principle of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale" - Thomas Jefferson

[@josereydabalos185]

AI-JOSE REY Q. DABALOS-PH.1700.CITY OF PQUE.PEOPIL RESPONCE TO ESPECIALLY CLAIM.

[@aliqazilbash5231]

so basically when you said, "you must build a latticework of mental models that unites all the big ideas in the world" ...you hit the nail on its head right there! sorry, i couldn't write you a meaningful piece of literature, since I faced an ever growing influx of information from all walks of life, my diary goes from, psychology, stewardship, dollar, values, economy, quantom field theory....God!, cultures, language......all within one sentence! any special topic to write on?

[@DanielRucci]

It’s very Interesting how similar Charlie and Warren’s speaking cadences are. Close your eyes and they literally sound the same.

[@guru96973]

Legend on seat

[@Traps_Trades]

Guru Allu agree guru!!! I try and mirror my trading with munger and Buffett’s philosophy! I’d love to have you on my team as a subscriber and follow me in my trades every 2 weeks! I’d Love to get your thoughts on my decisions!

[@rajpaul447]

Charlieuger sirr n burren sirr iamdying to listen u

[@rohitrohan2009]

why is the man on the left of charlie so sad/angry?

[@jocycles]

Mr. Munger looks a lot like Yoda. Guess great masters tend to look alike. :)

[@edh6062]

He's eating peanut brittle, that's just awesome.

[@AllThePiecesMatter]

Q&A starts at 50:30

[@aliqazilbash5231]

greatest poly math of Al time, in other news, i have been chinese this whole time..

[@jeoboden]

at time of speech we were at all time highs and he kept saying wretched excess, week later 10% crash

[@zarinaromanets7290]

Things eventually get corrected by a reality that wasn't planned for in advance

[@rajpaul447]

Please be their for more than hundred year

[@MichaelGordonFinance]

Rush Limbaugh is more accurate than Time Magazine!

[@mikecancook]

1:44:54 BYD

[@dataassassin280]

mikecancook thank you!

[@arnabbhattacharya6579]

Touchwood. ..he'll go past 100 !

[@basti1993x]

My role model.

[@rajpaul447]

Please IAM praying to God live more play more us for

[@rajpaul447]

I don't know know why

[@oliversungjunto]

I transcribed the entire sitting here: junto.investments/worldly-lessons/daily-journal-2020-transcript/

[@Stewiehleba]

I was about to say "how the hell does Charlie speak from December 2020? Is he a time traveler?" Damn Americans and their mucked up dates. :D

[@leehyunsong7001]

Charlie Brown grew old and rich

[@kevinho8637]

Why I like Mr. Munger much more than Mr. Buffett? Is being idealistic a possible reason? That puzzles me.

[@zibtihaj3213]

96 wowwww

[@rajpaul447]

Specially chariler monger my love # c Charles.... Please live for universe

[@hamzariazuddin424]

anyone know when he refers to tesla?

[@cyberft]

1:12:50

[@dataassassin280]

cyberft you are a god thank you

[@dataassassin280]

cyberft youre superior to god

[@henrikjohansson4426]

funny how tesla investors ask for a time stamp. Instant gratification needed....

[@dataassassin280]

Henrik Johansson im no tesla investor

[@c.s.d6961]

I love Charlie Munger!

[@LolkeDijkstra]

Cookie monster

[@investornabil8825]

Anyone understood the Israel Mexican joke at the end ?

[@alextoderita3636]

I did happen. Check this book: www.straitstimes.com/singapore/new-book-details-how-israel-helped-build-up-the-saf

[@lc285]

Why was Mr. Buffet not in attendance? Thank you.

[@idontlikeyouyo]

They had a fight and they ended their friendship.

[@thekongstocks]

@@idontlikeyouyo NO THEY DIDN'T, STOP SPREADING FALSE RUMORS! He caught the cooties and called-out.

[@mattl6506]

Mr. Buffett is not on the board of the Daily Journal, but Mr. Munger is chairman. We typically see them together at the Berkshire Hathaway annual shareholders meeting, typically early May.

[@rajpaul447]

Just one lesson for a hundred year

[@mikecancook]

56:54 Index funds. Individuals in China stock holding period

[@stefannodias5944]

i should have known to sell all my stocks cuz of covid when he refused to shake the man's hand at 3:09