Charlie Munger on virtual currency

1. Investors asked Mr. Buffett what he thought of bitcoin, which has been popular recently. In this regard, both Mr. Buffett and Mr. Munger said they knew nothing about this and clearly pointed out that they were not optimistic about this virtual currency. "None of our $49 billion in cash is bitcoin," Mr. Buffett said Munger said, "bitcoin will not become a universal currency. I have no confidence in it. "

2.

The answer is yes. < / EM >

① the rise of Warren Buffett

Warren Buffett does not look at the valuation, only looks at the quarterly financial statements, and makes analysis and investment according to the quarterly financial statements. Only if the investment cycle is long enough can quarterly analysis work

Therefore, most of his investments are in instries closely related to our lives, such as banking, medicine, oil and beverage. These are traditional instries that everyone touches every day. These companies can maintain a good upward trend

and digital currency is more difficult to understand than the Internet of things. Digital currency has no concept of cash flow and quarterly financial statements. It can only carry out basic valuation according to the comparison of similar projects, and there is no clear valuation model

based on financial statements, Warren Buffett certainly can't accept such a minimalist financial report, an incomprehensible and imprecise economic model, which may be explained only by a fraud in his eyes. In Buffett's eyes, digital currency has no intrinsic value support

3. Some of the tasks in the legendary world's King City Mission are to be handed over to the mission mine. Some task mines are difficult to dig, such as 12 copper mines and 13 iron mines. These relatively difficult task mines are very valuable. The common task mines are as follows:
iron ore: 8 iron, 10 iron, 13 iron, 15 iron, more than 15 iron
copper ore: 12 copper, 15 copper, more than 15 copper
silver ore: more than 15 silver ore
blackbody:
more than 10 black iron
in addition to the task mine required by the Royal City Mission, other mines, such as gold, silver, copper and iron with purity of more than 15 plus a piece of wood, You can use it to forge your destiny. If you are lucky, you can forge your destiny at level 35, especially the soldier's. Black iron of various purity can be used to upgrade weapons, and black iron of purity more than 20 can be used to forge Dark Armor of stepping on cloud. The price of task mines varies from district to District, and the price of all kinds of task mines is also different. For example, the price of black iron above 20 is 100W in our district, and the price of black iron of 20 in our district is 1 yuan. So a lot of people can make money by mining~~~

4. The company of intelligent hardware that Jingdong plans to establish recently is the leader of Jingdong intelligent cloud

5. For this old man who has lost his sight in his left eye, Buffett once said, "I am his eye, and he is my ear." Buffett also said of Munger, "he used the power of thought to expand my vision and let me evolve from orangutan to human at an extraordinary speed, otherwise I would be much poorer than I am now."

6. Value investment criteria
business principles - three basic business characteristics. Is the enterprise easy to understand? Does the enterprise have a sustained and stable business history? Whether the enterprise has a good long-term prospects (2) management criteria - three important executive quality. Is the management rational? Is the management honest with the shareholders 3) Financial standards - four crucial financial standards. Pay attention to return on equity rather than earnings per share. Calculate the true "shareholder surplus.". Looking for enterprises with high profit margin. Every dollar of retained profits creates at least one dollar of market value. Market criteria - two related cost guidelines. It is necessary to determine the market value of the enterprise. Relative to the market value of the enterprise, can it be purchased at a discount price?

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8. Jingdong's advertising department

9. For this old man who has lost his sight in his left eye, Buffett once said, "I am his eye, and he is my ear." Buffett also said of Munger, "he used the power of thought to expand my vision and let me evolve from orangutan to human at an extraordinary speed, otherwise I would be much poorer than I am now." Munger's answer to the question at the beginning of this article is: first, you have to understand your nature. In Munger's view, everyone must consider their marginal utility and psychological enrance before they start to join the game. If the loss makes you painful, it's best to choose a very conservative way of investment all your life wisely. Second, you need to collect information. Munger believes that through reading to get a variety of business experience, and in the subconscious to develop a habit, this can graally accumulate investment wisdom. What's more, just these two points? Yes, Munger's answer is so simple. Obviously, to enrich Munger's answer, the author can only find it from Munger's life experience. Munger, 85, was born in Omaha and became a serious lawyer after graating from Harvard University. But in order to avoid killing himself while satisfying difficult clients, Munger quit the legal profession in and began to pursue the road of finance. At the same time, he became a partner with Buffett. In the author's opinion, although Munger started to invest at the age of 41, it was his self spirit that was embodied in his life path choice at that time and ran through his 44 years of investment career, which laid the foundation for Munger to become a great investor. This self began to manifest in Munger's childhood. Munger is a star student, but at the same time, he is also the most difficult child to deal with. He thinks so much that he exceeds the expectations of some teachers, and even drives them into a dilemma. Munger once said of himself, "I like capitalist sex, and I have always had a gambler's personality. I like to figure things out and bet, so I just follow my gut The pursuit must be yearning. During World War II, Munger became a weather forecaster and was promoted to second lieutenant because of his high grade test scores. In the ice and snow tent, Munger imagined that he "wanted a pile of children, a house, a lot of books in the house, and enough wealth to live". People with self spirit often immerse themselves in their own world and think about things with some arrogance. Munger, who was born into a family of judges and lawyers, is no exception. But then Munger realized that this kind of arrogance brought about by the argument is not only stupid, but also hindered his progress in life, so he began to become humble. In response, Munger's daughter said: "a good explanation is that he is a very emotional person. He successfully conceals this point with his strong psychological control ability. He is a unique contradictory combination of Emotionalization and anti Emotionalization." Perhaps, as Munger said, once arrogance is a family trait. Then, rigor, justice and conscience are also the genetic characteristics of this lawyer family, and run through Munger's investment career. Rigorous and focused, contributed to Munger and Buffett to carry forward the value of investment. "Munger's portfolio is concentrated on a few securities, so his investment income record fluctuates a lot, but it's still based on the same method of looking for value depressions," Mr. Buffett said But Munger's strictness and seriousness made him separate from his first wife. Years later, Munger compared the process of marriage and investment. "Life is a series of opportunity costs. You should marry the most suitable person you can find. Investment is almost the same thing." The way of thinking makes a billionaire. If self lays the foundation for Munger to become a great investor, it is his way of thinking that makes him a billionaire. The author strongly suggests that friends who read the biography of Charlie Munger savor Appendix 3 of the book. Munger's speeches are "interdisciplinary skills: the meaning of ecation" and "pragmatic thinking about pragmatic thinking ability". This is also the most impressive part of the translation process. It can be said that Munger's only one method will make many management experts, marketing experts and psychologists blush. It can also lay the foundation that he is a great investor, and the answer to this is in the first chapter. The ultimate achievement of conscience benchmarking is great. A self-motivated billionaire is not necessarily great. Money has nothing to do with greatness. In the author's opinion, it is Munger's yearning for fairness and conscience that finally made him. Investment and conscience seem to be far apart, but in Munger, it's a perfect combination. In the late 1980s, Reagan relaxed the credit expansion of savings and loan institutions, and the prevalence of speculation led to the bankruptcy of the instry. However, the American Savings Association tried to block the restructuring of the instry by lobbying. In this regard, Munger announced that Berkshire's mutual savings withdrew from the alliance, and pointed out many dark scenes of the alliance. This letter eventually promoted the reform of the instry, and Munger became the conscience benchmark of the investment community. Munger confessed that to some extent, he regarded himself as a moral prosecutor, pursuing finance, but did not expect that he would become a billionaire. He participated in community work, in order to alleviate the guilt caused by accumulating a lot of wealth and comfort his conscience that he felt uneasy because he earned more than he deserved. Munger strongly agrees that the rich have an obligation to support those aspects of society that cannot be achieved through field capital.