(February 13, 2020) Charlie Munger, in the Daily Journal 2020 annual meeting, shares five main investing insights at the 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.

Key Moments:
0:00:00 Introduction
0:07:36 Formal business of the meeting
0:11:32 The election of the board of director
0:15:45 State of affairs
0:55:27 What should analysts and portfolio managers do to stay competitive?
1:05:14 Outlook for global market and economy
1:18:49 How many hours do you work a day?
1:31:59 Hydrogen fuel cells
1:36:33 Thoughts on nuclear power
1:38:46 Universal basic income
1:39:56 Inversion process
1:56:17 Power does corrupt
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