Long Term Stocks

[gfp927z]

Charlie Munger speaks at the Daily Journal's Annual Shareholders Meeting on 2/15/2023 (link below).

His comments on BYD and Chinese companies start ~ 36 minute mark. Other topics include arbitrage (Activision Blizzard), the use of leverage (to buy BYD), what happened with Jack Ma and Alibaba, the potential for conflict over Taiwan (has decreased), the semiconductor sector, crypto, shorting, Costco, taxing stock buybacks, the eventual break-up of Berkshire, future performance of investing in general (more difficult because valuations are higher, governments will be more anti-business, higher taxes), effects of higher interest rates ('just one more damn thing to adapt to'), higher inflation (inevitable due to politics in a democracy), and how inflation encourages owning stocks rather than government bonds. And lots more -

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