2023 Daily Journal Annual Meeting | 2023-02-15

The Daily Journal Corporation shareholder meeting Q&A, moderated by Becky Quick, features Charlie Munger addressing a range of topics from investment strategies to societal issues. Munger critiques the overvaluation of companies like Alibaba, which he considers one of his worst mistakes, and expresses strong disapproval of cryptocurrency, labeling it "crypto shit." He defends Berkshire Hathaway's investment choices, including its holdings in BYD, while acknowledging the challenges in the semiconductor industry. Munger also shares insights on leadership, praising figures like Jim Senegal and Greg Abel, and emphasizes the importance of rationality and deferred gratification for success in both business and life. He touches on the inevitability of business failures and the need for adaptability in a changing world.