Original author: Bu Shuqing, Ge Jiaming, Wall Street News
On the morning of November 28th, "Stock God" Buffett's investment partner and companion for the past half century, Charlie Munger, peacefully passed away at a hospital in California at the age of 99.
Shortly before his passing, he made a rare appearance on the popular business podcast Acquired, discussing his investment views, experiences, and lessons.
In the program, Munger talked about his investment experiences and unique insights into many well-known companies such as Costco, Coca-Cola, Apple, BYD, Tesla, and General Motors, as well as his insights into the Chinese and Japanese economies and investments, and his views on the future.
It is worth mentioning that Acquired is the first podcast Munger has ever appeared on in his lifetime. Acquired is dedicated to revealing the untold stories behind the tech industry giants and has consistently been at the forefront of popular podcasts in the United States this year.
Here are Munger's key points:
Retail investors are just chasing prices up and down. If I were a manager, I would tax short-term profits and drive these speculators out of the market.
It is almost impossible to succeed repeatedly in VC investments. All investment projects are very popular, and investors must make decisions quickly. This means that most people are just gambling.
The prospects for the Chinese economy in the next 20 years are better than any other major economy. China's leading companies are stronger, better, and their valuations are much cheaper. Therefore, I am naturally willing to include certain Chinese risk assets in Munger's investment portfolio.
When you hold a stock for 5 years, you may slowly integrate into it, or your understanding of it will be deeper. However, when you realize that you have an advantage, you should double down. You must double down on the best investments!
If we (Berkshire) had used a little more leverage from the beginning to the end, our current leverage would be three times what it was originally, and the risk would not be so great. We do not want leverage to destroy our hedging position.
This (Japan) is an obvious investment opportunity. Japan's interest rates have been only 0.5% per year for the past 10 years. And these companies are indeed deeply rooted old companies, they have all these cheap copper mines and rubber bases, so you can borrow all the money 10 years in advance, buy stocks, and pay a 5% dividend.
Some (investment) opportunities will be found, but it is becoming increasingly difficult. I think the opportunity to buy companies like (See's Candies, Hermès) is very low, so I don't even look for them. I only believe in and look for investment opportunities that I think are possible to find.
I like companies that truly have brands like Apple. Great brands should be bought at the right price, and the trick is to seize truly cheap rare opportunities.
If some companies' stocks are really cheap, even if it is a bad company, I would consider holding it for a while.
Wang Chuanfu is a passionate person, obsessed with making products by himself, so he is closer to the front line. In other words, Wang Chuanfu is better at manufacturing than Musk.
Walmart is too attached to existing ideas, which is everyone's problem. They just can't accept new things because the space has already been occupied by old ideas.
I won't casually give advice to any young person, I will carefully consider the timing and the object, and I don't want to be a spiritual mentor. The world is full of deception and madness, and it's getting harder for young people.
You need to get along with every family member, you must help them through difficult times, and they will help you too. I don't think it's as difficult as it seems. I think half of the marriages in the United States are very smooth.
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