Charlie Munger at the Daily Journal meeting yesterday; I learned some trauma treatment; Airport pictures with 14 bags

1) The Daily Journal (DJCO) annual meeting, hosted by one of my heroes, Charlie Munger, took place yesterday...

Normally I would have been there in person, as I have been pretty much every year for more than two decades, but for health reasons (Munger is 99), it was streamed by CNBC instead. You can watch all two hours and 35 minutes of it here.

I haven't had a chance to listen to it yet, as I was traveling all day yesterday, so I'll share these articles/posts/tweets and add my own commentary in a future e-mail...

Here's a CNN article about it: Charlie Munger still likes big banks and hates crypto. Excerpt:

Munger was also asked about some of Daily Journal's investments in China, particularly in light of the suspected Chinese spy balloon controversy and the country's crackdown on many of its homegrown companies.

Munger said he remains optimistic about China's economy, but conceded that Daily Journal's investment in Alibaba was "one of the worst mistakes I ever made."

"I never stopped to think was still a retailer. It's going to be a competitive business," he said.

Munger was questioned as well about why he (and Buffett) prefer to own shares of Chinese electric vehicle maker BYD as opposed to Elon Musk's Tesla (TSLA).

"BYD is so much ahead of Tesla in China it's almost ridiculous," Munger said. But he conceded that it's an expensive stock. Berkshire has been trimming its stake in BYD over the past year.

Munger, who has been a significant critic of bitcoin and other cryptocurrencies, continued his attack on digital assets Wednesday, continuously referring to crypto as a four-letter curse word used to describe excrement.

"I think people who oppose my position are idiots," he said, adding that investors should avoid people who promote cryptocurrencies, once again saying that cryptocurrencies are "worthless," "crazy," "ridiculous," and "unspeakable."

And here's a summary by Reuters: Charlie Munger discusses China, crypto, other topics at Daily Journal annual meeting. Excerpt:

Munger says he believes potential China invasion of Taiwan is "off the table" for a long time, after Russia's invasion of Ukraine proved not to be a "cakewalk."

Munger calls Taiwan Semiconductor the "strongest semiconductor company on earth."

Munger says Berkshire is a pretty good bet for investors to hold for a long time.

Munger, 99, holds up piece of See's peanut brittle and says "this is the key to longevity."

Munger declines to answer question about who he would inaugurate as U.S. President after the 2024 election: "I think I'll duck that one."

Munger on Buffett and Berkshire Hathaway: "Warren and I still care about what happens to the Berkshire shareholders, a lot, and I think that's what helps us."

Munger says Berkshire vice chairman Greg Abel is a "tremendous learning machine" and "sensational at being a business leader," and that "Berkshire is very lucky to have him."

Munger says "it's easy" to explain why he prefers BYD to Tesla; says Tesla has cut prices in China while BYD has increased prices.

Munger on Costco: "I love everything about Costco. I'm a total addict, and I'm never going to sell a share."

Munger says "as interest rates have gone up, it's hostile to stock prices, but you couldn't have kept them forever at zero."

Munger calls Federal Reserve Chairman Jerome Powell "about as good as anyone we have a right to expect... I'm glad we have him."

Munger again touts investing in China, saying investors can buy better, stronger companies at cheaper valuations there than they can in the United States.

Here's a short Twitter thread with some funny comments:

2) As part of my preparation for the trip I'm on to a dangerous part of the world, a doctor friend of mine came to my apartment on Tuesday – just hours before I went to JFK to catch my flight – to deliver $5,000 of emergency medical gear and give me a crash course on how to treat (and self-treat) trauma.

To make sure I really learned it, he had me open up the kit and use the gear, which resulted in some funny/not funny pictures...

Here I am holding a medic's backpack and with my arm in a split, held up by gauze:

Here I am with a tourniquet on my arm (the key words are "high and tight") and a wound wrap on my leg:

Hopefully I'll never need to use these things, but it's good to know what they are and how to use them!

3) I arrived yesterday at an airport closer to my ultimate destination and was somewhat surprised and totally delighted when all 14 checked bags (weighing a half ton) came out! Here I am with all the bags, waiting for my friend to pick me up:

They all just barely fit into the big van my friend rented:

If you're interested in learning more about the humanitarian mission I'm on and supporting it, you can send me an e-mail by clicking here.

Best regards,

Whitney

P.S. I welcome your feedback at WTDfeedback@empirefinancialresearch.com.