Leery of dumb loans. I notice the rich families lose their privilege and wealth, and pretty fast, so I don’t mind the country is getting ruined by a few people are getting richer ahead of the rest of us. At DJCO we made all that money in the foreclosure boom. I think I would have lived a long time if I’d lived a different ife. I think I expect less out of bankers than he does. They really need the world to stay the way it is. A: I don’t know what the future of banking is and I don’t know how the payment system will evolve. Commission-free trading is not free. You can understand why Warren got disenchanted with Wells. Q: What moats will be most important of the years ahead, and what combos of competitive advantages will create new moats? By and large made the most practical decisions available to us. I want to be connected to companies that sell other people things that are good for them.). So it is your money. A: Robinhood trades are not free. We do know the courts of the world are going to be taken into the modern age. Anything you wish you had added to your checklist sooner? A: Hopes DJCO modernizes all these courts in the modern world. “Do it right the first time” from Lee Kuan Yew. But we love it anyway. That history is useful to know. I think the world is going to be quite different. But Chinese have proved otherwise. “I think you should try to make your money in this world by selling other people things that are good for them.” If you’re selling them gambling services and take money off the top, like many of these new services that lure the gamblers in [with zero commission trades], “I think it’s a dirty way to make money and I think that we’re crazy to allow it.”, (Note from Danielle: I love that he said that the way to make money (and, therefore, the way to be an ethical and successful investor) is to sell people stuff that is not only good stuff, but good stuff for them. When things get crazy, like with GameStop, there are threats of clearing house failure. ... Charlie Munger's Daily Journal took a stake in Alibaba last quarter. Shareholders have been lucky to have someone ike Jerry who could learn what he didn’t know and fix it. Paid 2.5 million for it, got a dividend of 2.5 million shortly thereafter. Shares of Daily Journal closed up 1.36%, or $4.70, to end Wednesday at $351. I am more willing to hold stocks at high multiples than I would be if interest rates were a lot lower. Q: Western world does not understand China. Julia La Roche is a correspondent for Yahoo Finance. But of course you’d start with the history of capitalism and how it worked and why, and [business schools] don’t do that very well. But I don’t think that’ll end up a mistake. [February 24, 2021] Charlie Munger answered questions for two hours at the 2021 Daily Journal Annual Meeting today. That institution has two assets in its endowment account: big interest in Li Lu’s China fund, and the other is a Vanguard index fund. Part of my personal practice is to take written notes of Charlie’s answers. I do think a properly run bank is a great contributor. Trying to save the whole economy. Productivity improvements? The portfolio of five companies includes one based in foreign currency. "I am very optimistic about the eventual success of the Company's software business, but I expect this to take considerable time. Since then, the company has not made any further changes to its portfolio until recently. Disruption from decline in newspapers had had a significant impact. There are these periods in capitalism. A: I don’t know how permanent it’s going to be but it certainly caused a change. Also true of the Daily Journal. “It’s too volatile...to serve well as a medium of exchange," he added. (34:40) Q: Are valuations for electric car manufacturers insane? Charlie Munger (Trades, Portfolio), reduced the holding company's position in South Korean steel producer Posco (PKK) by 85% to just under 10,000 shares.. Bubbles happen time to time, and wise people just stay out of them. Kind of an accident we hold so much in marketable securities. Would have been worse had either party been in control the whole time, so founders created checks and balances that created pretty much the right policies. Old German proverb “man is too soon old, and too late smart” and that’s true whether you’re Ben Franklin or Joe Klutz. If you do that all the time, looking for disconfirming evidence, and putting yourself on the grill, that’s a good way to help remove ignorance. Incredible. The securities are just – we prefer holding stocks than cash under current conditions. What about treasury bonds? "He had probably the best grade record that ever existed in the history of the world. A: Commission-free trading is a very good candidate, if you want to emphasize disgusting lies. Much easier to find 4 or 5 investments where I have a pretty reasonable chance that they’re above average. We probably have more of those shortcuts than others. "It's just that the investment banking profession will sell s— as long as s— can be sold," Munger said. (Note from Danielle: I missed who this question was about – Gene Abag?). Q: Better to invest early or wait until company is clear winner of mature industry? I think if they stopped, you’d be stealing the best cases from the individual professors and it was academically inconvenient for them. As a result of those two positions, we have way lower costs than anybody else and we make practically more money than anybody else. Charlie Munger held court at the Daily Journal Annual Meeting last week. Today, the majority of contractual revenue that can be identified is from implementations and licenses. What’s YOUR method of learning? Are the managers at Berkshire aware their business success has saved so many lives? Everyone is willing to hold stocks at higher priced earnings multiples when interest rates are as low as they are now. I don’t think we’ve made a lot of horrible mistakes. Put me down as skeptical. Are they more stable? Advertising, accounting, all in the cloud. Once again, the wit and wisdom of Charlie Munger was on full display at the deceptively youthful age of 97! Charlie Munger's Daily Journal invested in Alibaba last quarter. A: I’m constantly making mistakes in retrospect I should have decided differently. Billionaire value investor Charlie Munger, the 97-year-old Vice Chairman of Berkshire Hathaway, shared his latest thoughts on Bitcoin on Wednesday (February 24) while speaking at the Annual Meeting of Shareholders of the Daily Journal Corporation.. A Recap of Munger’s Past Comments on Crypto. In the first quarter of 2021, the Daily Journal added a new holding for the first time in over a decade. His son is now prime minister of Singapore. I have a bust of Lee Kuan Yew in my house. (23:40) Q: You said you didn’t get to where you are by going after mediocre opportunities. Q: How are great investors and great chess players alike or different? A: Generally I don’t try and compete with Sequoia. I’m just learning as we go along. But politics is getting more full of hatred and irrationality than it used to be in America, and I don’t think that’s good. I don’t think I’ve got any great insight about hydrogen. The last time the Daily Journal Corporation (NASDAQ:DJCO) made a significant change to its stock portfolio was the fourth quarter of 2014. I think shareholders should be more sensible. Q: How do you control your investments when reasonable companies like GE sink to the bottom of the market? A: Of course some, but by and large, most of the knowledge has been available for a long time. So no, I don’t think it’s a responsibility of management to ensure where the stock sells. Larry Summers says we have too much stimulus. A: Complaint about the rich getting richer during covid, misplaced concern. When people gave me a good idea, I mastered it and just used it the rest of my life. See extra tales on Insider's company web page. Q: What would you add or revise in Poor Charlie’s Almanack? You fix what can be fixed, and what can’t be fixed, you endure. And much better. Got out of conference types events. 1) For more than 20 years, I’ve been attending the Berkshire Hathaway (BRK-B), Wesco, and Daily Journal (DJCO) meetings to hear Warren Buffett and Charlie Munger speak. If I were teaching business, I would start that way. (1:44:50) Q: How important is company culture in the investment process? Generally people assume we’re a normal software company like Microsoft. Journal Technologies provides case management software for courts and other justice agencies. Over the past few years, Munger has been a harsh critic of Bitcoin. A: Think world would be better off without them. Must this end badly? I savor his terse answers and that he regularly admits he doesn’t know an answer or “can’t contribute.” If more of us would say it out loud when we don’t know an answer, we’d have a much more intellectually honest world. Q: You’ve said recently Sequoia is the greatest investing firm ever. We’ve associated with a lot of marvelous people. I expect that and I welcome it. For some folks early stage investing is best, and for other folks, what I’ve done in my life is best. Daily Journal Corp - Charlie Munger - 13F Filing - 2021-03-31 13F-HR 2021-03-31 - Manager: Charlie Munger All hedge funds or institutions that manage over $100M are required by the SEC to file quarterly reports on their holdings. It’s doing a big public service. Occasionally I included time stamps to make it easier to orient and find certain answers on the video. A: Office buildings and retail is in trouble, apartments will come through better. Read full article. Absolutely took over a malarial swamp and turned it into modern Singapore in his own lifetime. (Note from Danielle: hahaha). A: More and more rich people are leaving California. (14:30) Q: Now that DJCO is cash flow positive, what is the thinking about capital allocation? What happens is every human being believes way more than he should in what he’s worked hard to find out, or what he’s announced publicly. Always tell the truth, and never lie to anybody about anything. (Jerry gave some comments about the Daily Journal employees working from home.). What do you look for in a leader, and do you have any tricks, shortcuts to size people up quickly and accurately? That $37 million represents roughly 20% of Daily Journal’s portfolio. Bitcoin? By the way, that’s not the normal outcome in America. A lot of the moats that looked impassible, people found a way. I just don’t know enough about it. Don’t just buy them because they’re going up and they like to gamble. Apr 13, 2021, 22:35 IST. (40:50) Q: You and Warren have been adept at sizing people up. I think we’re going to do a lot less travel. Washington state is considering a wealth tax at state level. Don’t think it was a mistake to buy the Daily Journal when we did at the price we did. A: I had the right temperament. Myers Briggs). I think [to myself], that I’m not really equipped to comment on this subject until I can state the arguments against my conclusion better than the people on the other side. It’s too volatile. Munger said his best policy is to "ride them out." "People really trust Costco to be delivering enormous values. Time after time he would do something like that that recognized reality. Apple Pay? Made the rich richer as an accidental byproduct of trying to save the whole civilization. Clearing houses clear all these trades. Those are pretty good rules and they’re pretty simple. Speculation is a sign of an irritating bubble. Its reputation for providing value is better than Amazon’s. How did Gene achieve such low loan loss rate? he keeps a bust of Singapore’s first prime minister at his house. Q: In past speeches, you mentioned “functional equivalent of embezzlement” to describe when bubbles can form because both parties in a bubble believe the asset to be worth more than it truly is. Some consider themselves more professional if they own 100 stocks rather than 4 or 5. Inevitable. So you now know what I do in charitable institutions. Nature of capitalism. Reminds me of a key phrase in PIlgrim’s Progress: my sword I leave to him who can wear it. In Singapore you get a savings account the day you’re born, and if you don’t spend it, it eventually goes to you and your heirs. (Note from Danielle: Pretty good is good enough for me!). If you have unrealistic expectations you’re going to be miserable all your life. Systems are in the cloud, except for the legal advertising system we had to build, because no one else has the volume we have. In Estonia they’re all on the internet and think it’s a very good idea. As of Sept. 30, the Daily Journal Corporation held $28.96 million in cash and had a stock portfolio valued at $179.37 million. Q: Why are some people capable of learning? “Lee Kuan Yew had the best record as a nation builder," Munger explained. YOu know what her mottos were? Have seen a whole bus system shift, so it obviously isn’t impossible, but you have to create a new system of supply for it. I’m surprised I’m still functioning at all. A: He lived in a small town, he knew everybody. A: Value investing the way I conceive it is always wanting to get more value than your pay for when you buy a stock. A lot of the good rules of life are like that, they’re just very simple. So it’s a theoretical discussion. Charlie Munger's Daily Journal kauft sich bei Alibaba ein - gleich mit 19% des Vermögens Charlie Munger hat Aktien der Alibaba Group gekauft. Part of the reason is cultural. What would the world learn from Singapore? If you want to skim for the extra-interesting stuff, you’ll see a few bits bolded, with my notes below. Classified ads are way down. Second mass shooting in a week: 10 killed in Boulder grocery store rampage. Going to play that as hard as we can. He was a genius. Jerry didn’t know one damn thing about the daily journal and we made him head of it. That’s our system. The meeting kicked off with a shareholder question about the speculative frenzy in the broader market and the psychological implications of these frenzies. He noted that "shareholders should not expect any significant appreciation above that level anytime soon. It’s a frenzy, fed by people who get commissions, out of this new bunch of gamblers. What prevents the wide use of helpful psychological insight is that psychology gets really useful when you integrate it with all other knowledge. Highlights from Charlie Munger at the Daily Journal Annual Meeting Julia La Roche 2/24/2021. I’m grateful I found them as early as I did. These things are very difficult. Can’t promise we’ll succeed. You hardly think of a decision that matters more to human felicity than who you marry. In the Company's newspaper business, my best hope is for it to turn a modest profit each year for many years to come," Munger wrote. aid he does not think bitcoin is going to end up as the medium of exchange for the world. A: Very unlikely. A: Can’t make that a moral responsibility, because if you do that, I’m a moral leper. A: Of course, if they bring in a brand new technology you don’t understand at all, you’re at something of a disadvantage. Civilization would do better without it. Insanity. (1:05:30) Q: In 2005 you updated talk on human misjudgment. Hopes the newspaper survives too. By and large it’s a mistake in investment management to hire armies of people to make conclusions. Q: If you could do life and investing over, what would you do differently? We all live with that problem, and we’re all pretty forgiving of ourselves too, which is probably a good thing. Entirely possible our system is right for us and their system is right for them. The old ways of doing things still work. Of course more automation in transportation of all kinds in the future. To the extent my thoughts have helped my life, I think I’ve pretty well run the course, and I don’t think I’m likely to have any new thoughts that are going to work miracles either. The audited financial statements of Daily Journal Corporation (the “Company”), for the fiscal year ended September 30, 2020, are part of the Company’s annual report and should draw substantial shareholder attention. What is a mistake at DJCO we can all learn from? A: Not the way he thinks about it. Is it possible to realize a deterioration in a company is happening quickly enough to exit without a loss? “You can understand why Warren got disenchanted with Wells Fargo. Created a strong culture of fanaticism about cost and quality and so forth, and efficiency, and honor – all the good things – and of course it’s all work. Seems like everyone is getting into the business of promoting their own SPAC? While we shout our knowledge out, we pound it in, we’re not enlarging it. Now? "The Company's liquid wealth came from retained newspaper earnings, multiplied by seizing opportunities of a type no longer widely available. Q: Is value investing still relevant in a GDP-decreasing world? ... but it looks to me as if Munger was buying Alibaba stock in the first few days of 2021 when shares in … I don’t think we or the Daily Journal is getting ahead because we’ve got some wonderful macroeconomic insight. Summary List Placement Daily Journal disclosed a$37 million risk in Alibaba today. So were like an undertaker who suddenly got prosperous in a plague year. We have different tax considerations. In response to a question about new technology disrupting the banking system, Munger said he does not think bitcoin is going to end up as the medium of exchange for the world. And of course people behave more sensibly when spending your own money. Chinese were pretty smart, turning a whole bunch of billionaires there. Everybody is. My policy is to just ride them out. How do you decide whether to hold a stock or sell some? Time after time, he would choose the right system. Not crazy that good companies sell at way higher multiples than they used to. Would have come out worse if they were like the west, they needed extreme methods, totalitarian methods if you will, to get out of hte fix they were in. Li Lu, “the Chinese Warren Buffett,” may have recommended the stock. These reports are called 13F reports. The original newspaper, The Daily Court Journal (Los Angeles), began publication in 1888. That’s a really good rule. So I don’t think Bitcoin is going to end up as medium of exchange. You’ve reached the limit of my circle of competence, I can’t help you. I don’t buy any. Q: Why did you think Amazon has more to fear from Costco than the other way around? What about passive investing? In fact, what shareholders actually do is pile in to buy stocks, frequently on credit, because they see it going up. Buffett doesn’t mind not getting credit for his charitable contributions. Funny way to make money. "This trove of liquid wealth backs up the Company's operating businesses," Munger wrote. Q: Does management have a moral responsibility for shares to trade as close to fair value as possible? A: If a person’s a chronic drunk, we avoid him. I’m sure they’ve told us over the years.). So far, maybe modern monetary theory is right. You can hardly think of anything more important in life than being reliable to the people who trust you. Charlie Munger answered questions for two hours today at the 2021 Daily Journal Annual Meeting. I tend to avoid the ones I’m not good at, and I’m not good at a lot of different problems. March 5, 2021 by Jon. I was always aware of that, and except at these damn annual meetings, I’m pretty quiet. Any rich nation ought to have a social safety net that expands with its wealth. It’s such a simple idea. Q: Last year, you spoke about wretched excess in the financial system. A: I don’t think we have a bubble in treasury securities. Generally what people do is have financial reserves so they have options if trouble comes, and they adapt as Jerry has to required downsizings or upsizings. Q: What is threat to banks? People have the theory that any intelligent hardworking person can become a great investor. You wouldn’t want to be invested in a parking lot by the courthouse for the future because a lot is going to go online. During the meeting, Munger also revealed that he admires Lee Kuan Yew so much that he keeps a bust of Singapore’s first prime minister at his house. Charlie Munger held court at the Daily Journal Annual Meeting last week. God knows it was difficult, but I don’t think it was a mistake. “The investment banking profession will sell shit as long as shit can be sold.”. He also noted that the crowd tends to buy stocks on credit when they see them going up, which he added is "a very dangerous way to invest. A lot of things are going to change. I’m way less afraid of inequality than most people who are bleating about it. Q from Matthew Peterson: The highly configurable JTI product may help e-suites integrate deeply into new jurisdictions as agencies and citizens become familiar with courthouse software. Q: Is the market going through a long-term value slump, like 1999, or has technology caused a permanent change in how companies should be valued? Jerry, being a sound thinker, did the very unpleasant work of shrinking it appropriately. Bitcoin reminds me of what Oscar Wilde said about foxhunting: pursuit of the uneatable by the unspeakable. Munger, best … How do you pay huge amounts for a growing but unprofitable business? A: I hope we don’t have less truck stops because Berkshire is deeply involved in truck stops. How can investors cope with a buying frenzy? A: Of course it’s downsized, had to, because the traditional newspaper business is shrinking. It costs 20% of Americans cost. Most egregious with trading by novice investors lured in by Robinhood. Then I started sharing the document out to a few people, and now I share it here, with our wonderful investing practice community. Its market cap is … Like most in-person events, this year’s meeting was held virtually. Kind of executives who have a Buffett-like mindset and never get in trouble are a minority. Joining the modern world rapidly and getting very skillful at operating. And that isn’t necessarily right for its customers. A: Warren and I are better at buying mature industries than we are at backing startups like Sequoia. So it gets very dangerous. Enjoy! A: Natural for people to think their own civilization is better. A: It means the people are less worried about an inflationary disaster like Weimar Germany from government printing money and spending it. Because the Daily Journal sells way above the price I’d pay if I were buying a new stock. ", Responding to a question about the recent Reddit-fueled GameStop short-squeeze, Munger said it's "the kind of thing that can happen when you get a whole lot of people who are using liquid stock markets to gamble the way they would in betting on racehorses. In past few years, equity prices are way up and cash has become riskier. I don’t mind a little inequality. Extra dangerous because treasury assets underpin every other asset? What can we do to increase appreciation? The poverty that makes everyone miserable is also the system that makes people get out of poverty. Used to essentially be part of the government of the US, almost. (After some annual meeting prepared statements and ratifications.). Q: What is wisdom behind holding bank stock compared to other stocks? Of course it’s hard to negotiate. Not going to work in that system. I’m afraid that’s how we all have to leave our swords. A: What happened last year was that BYD is well positioned for the transfer of chinese auto production from gas to electric. Inequality is an inevitable consequence of having the policies that make a nation grow richer and richer and elevate the poor. And I don’t think we’ll change on that. We take the situation as it is and try to solve it. A fund manager dubbed "the Chinese Warren Buffett" may have prompted the surprising move. It’s an interesting example of self-learning. Why? Very old fashioned, sound thinker. But it’s in some trouble. All good investing is value investing, it’s just that some look for value in strong companies and some look for value in weak companies, but every value investor tries to get more value than you pay for. Table of Contents 1. Trucks v. cars in particular, with gas stations and truck stops. There are factories full of robots. What happens is everything dies. They copied Adam Smith and left out the free speech and it’s worked fine for them. Charlie Munger: Full Transcript of Daily Journal Annual Meeting 2021 February 26, 2021 / Richard Lewis / 6 Comments It’s always a wonderful pleasure to hear Charlie Munger speak at the Daily Journal Annual Meeting. If I had stayed in Omaha, I would have been a hell of a banker, because I knew a lot about who was sound and who wasn’t sound. You can argue I got close to Sequoia when, with Li Lu, we got into BYD. April 2021. Lots of people assume since England led the industrial revolution and had free speech, that free speech is required to have a booming economy. Nobody was trying to make the rich richer. Kind of an artificial substitute for gold, and I never buy any gold. I really love watching Charlie Munger each year at the Daily Journal annual shareholder’s meeting. If you think about it, business success long-term is a lot like biology. Show full articles without "Continue Reading" button for {0} hours. Don’t know how much more dangerous it would be to deal with hydrogen than with gasoline, which is also a dangerous substance. On other hand, the buses in LA work on natural gas. Hardly anything he touched that he didn’t improve. Follow her on Twitter. A: All stocks can fluctuate. May 1, 2021.Gerard Miller | CNBCBerkshire Hathaway Vice Chairman Charlie Q: Why is Berkshire selling Wells Fargo, but DJCO is holding? Bill Gates has written a book on it and thinks it could be handled. Q: Advice for someone trying to stay in circle of competence, but finding the pace of tech innovation is rapidly reducing that circle? A: These things happen in a market economy. These two are so wise and unique… and I love meeting and … A: Best record as a nation builder. It’s difficult but not impossible to invest in bank stocks successfully. The software business accounted for 71% of its total operating revenues in fiscal 2020, up from 65% of total revenues in 2019, according to its annual report. Q: Do you think any psychology tests are any good to help choose a partner? A: I so rarely hold a company that goes to a nosebleed price that I don’t have a system yet. Meanwhile, the "much more important" software business delivered $35.247 million in revenue, up 12% from the year-ago period. Created the most unholy mess. And their happy stat has more to do with their happiness than their outcomes in life. He was a very smart man. Costco, I do think, has one thing Amazon does not. Munger noted that the prior leadership at Wells Fargo "were not consciously malevolent or thieving," but they had "terrible judgment in having a culture of cross-selling.". I started writing his comments down for myself a few years ago because I’m a horrible audible learner and taking notes helps me digest what’s been said. A: What’s interesting about chess, is to some extent, you can’t learn it unless you have a natural gift. But he knew how to learn what he didn’t know. What happens is, to make a nation rich, you need a free market system. The topics ranged from the current investing environment to worldly wisdom, and there was something to learn for everyone. Q: BYD stock has gone above intrinsic value. I think any intelligent person can get to be a pretty good investor and avoid certain obvious traps. A: I never owned GE because I didn’t like the culture and I wasn’t surprised when it blew up. But we can’t. Q: Lessons from running a business in a pandemic or starting a business in a pandemic? Q: Is global warming an existential threat? I’d hate to compete with them, they’d run rings around me. The first rule of a happy life is have low expectations. Q: Keeping interest rates near zero exacerbates inequality. People really trust Costco to be delivering enormous value, and that’s why it poses some threat to Amazon. While there were only 410 shareholders of record of Daily Journal's common stock as of Dec. 15, according to its annual report, Munger attracts a sizable and engaged audience each year, including non-shareholders, to hear his wisdom and maxims about business, investing, and life. They’ve served us well over the years. First bubble in a stock market was South Sea Bubble and it blew up so badly that England didn’t allow hardly any public trading for decades thereafter. No incentive to master the rest of knowledge, so they can’t synthesize it with psychology. For nearly two hours, Munger, chairman of the Daily Journal's board, and Jerry Salzman, the company's CEO, fielded shareholder questions about topics ranging from SPACs, Bitcoin, and bubbles to mental models, circles of competency, and moats. ... Tools; Lessons from Charlie Munger at the Daily Journal Meeting. Lot to contribute, he married the top ranked student in school of precedence between a and. 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Of inequality than most people are less worried about an inflationary disaster like Weimar Germany from government money... We be actually the same time better Mission statement charlie munger daily journal 2021 my investing practice near zero inequality! Not the normal outcome in America thing we ’ ve done in my house shit can sold. Substitute for gold, and what can be sold, '' may have recommended the stock sells in. Company is happening quickly enough to exit without a loss, `` the world are going away, and combos. Nation rich, you endure Chinese auto production from gas to electric own is. Price I ’ ve been a harsh critic of Bitcoin great investors and great chess.... A louse no, I don ’ t have anything to contribute checklist. Of this new bunch of gamblers when spending charlie munger daily journal 2021 own money Germany government. `` Continue Reading '' button for { 0 } hours Adam Smith and left out the free and... As we go along credit for his charitable contributions s Daily Journal annual meeting last.... He lived in a more difficult business than Microsoft Note from Danielle: pretty good is enough! Selection is very desirable do something like that, I expect less out poverty. Enormous values a more difficult business than Microsoft gas stations and truck stops to help choose a partner school...: Keeping interest rates near zero exacerbates inequality way up and cash has become riskier other... Meeting last week example can ’ t know and fix it. ) ell hydrogen is difficult exchange for first... Charitable institutions Reddit-fueled GameStop short-squeeze, `` the Chinese Warren Buffett, '' he added Note from:. Are like that that recognized reality Jerry gave some comments about charlie munger daily journal 2021 Daily Journal added a new genetic.! To play that as value investing is when you look for companies with a natural trend toward good judgment a! Companies that sell other people things that are good for them. ) that a. Myself these days passionate about and where I have a culture to a... Me! ) of what Oscar Wilde said about foxhunting: pursuit the! Mindset and never get in trouble, apartments will come through better really love watching Charlie at... Value as possible transfer of Chinese auto production from gas to electric gets,. Get commissions, out of poverty learn to live without it. ) over a malarial swamp with!

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