Charlie Munger Daily Journal 2020 Annual Meeting

1. The current stock market situation is not as crazy as the Nifty Fifty or the Tech Bubble of the late 1990s.
2. The old classical moats are disappearing rapidly. It’s probably a natural part of the modern economic system that the old moats stop working.
3. You don’t think of what you want, you think about what you want to avoid and invert.
4. Being able to recognize when you are wrong is a godsend. I actually work at trying to discard beliefs.
5. It’s no good to pretend to be something you are not, because you eventually become what you pretend.

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