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Charlie Munger: 2022 Daily Journal Annual Meeting Transcript
Charlie Munger: In my whole adult life, I’ve never hoarded cash, waiting for better conditions. I’ve just invested in the best thing I could find. I don’t think I’m going to change now. The Daily Journal has used up its cash.
Now, Berkshire has excess cash. Quite a bit of excess cash. But it’s not doing that because it knows how to time investments. He just can’t find anything he can stand buying.
So we don’t have a solution to your problem. We’re just coping with it as I’ve described.
Question: Given the valuation and market correction in early 2020, why is Berkshire not picking up or adding any new companies to its profile? Is the management getting too conservative with M&A? Of course, kudos to the team for picking up Apple shares a couple of years back. That’s paying off for sure.
Charlie Munger: The reason we’re not buying is that we can’t buy anything at prices we’re willing to pay. It’s just that simple. Other people are bidding the price up.
A lot of the buying is not done by people who really plan to own them. A lot of it is fee-driven buying. Private equity buys things so they can have more fees by having more things under management. Of course, it’s a lot easier buying something when you use somebody else’s money. We’re using our own money, or at least that’s the way we think of it.
By the way, it’s not a tragedy that Berkshire has some surplus money they’re not investing. And you can argue the little Daily Journal, what a good thing it was we had 30 million extra coming in from a foreclosure boom and that we invested it shrewdly. It gives us a lot of flexibility. And by the way, that piled-up money helps us in wooing these governmental bodies we’re selling the software to. We look more responsible with the extra wealth, and we are more responsible with the extra wealth.
The shareholders who are worried about the future because it looks complicated and difficult, I want to say to them what my old torts professor said to me. He’d say, “Charlie, tell me what your problem is and I’ll try and make it more difficult for you.” He did me a favor by treating me that way. I’m just repeating his favor to you.
When you’re thinking the thoughts you’re doing, at least you’re thinking in the right direction. You’re worried about the right things—all you people that are worried about inflation, the future of the Republic, and so forth.
l'allocazione della famiglia Munger:
Question: How will this all play out? And what’s the best advice you have for individual investors to optimally deal with the negative impact of inflation other than owning quality equities?
Charlie Munger: Well, it may be that you have to choose the least bad of your options. That frequently happens in human decision making. The Mungers have Berkshire stock, Costco stock, Chinese stocks through Li Lu, a little bit of Daily Journal stock, and a bunch of apartment houses. Do I think that’s perfect? No. Do I think it’s okay? Yes. I think the great lesson from the Mungers is that you don’t need all this damn diversification. You’re lucky if you got four good assets. If you’re trying to do better than average, you’re lucky if you have four things to buy. To ask for 20 is really asking for egg in your beer. Very few people have enough brains to get 20 good investments.