Editor's Note

Recently, I read two articles online that were inspired by dinners with Munger in 2023 and 2019.

Both articles are quite short, and you can sense the excitement of the two individuals and the encouragement that came from their close interaction with Munger.

In their words, it may be something Munger forgets, but for them, it is absolutely unforgettable for a lifetime.

The commonality between the two articles is that the protagonists are not from strong familial backgrounds related to Munger or Buffett and are not their close business partners; rather, they are ordinary individuals who are fifty to sixty years younger than Munger.

One of them, David Senra, is the host of the podcast 'Founders,' which focuses on the life stories and entrepreneurial journeys of the world's most successful entrepreneurs and business leaders.

Shane Parrish is a blogger at Farnam Street and also the host of The Knowledge Project, a podcast that interviews top experts across various industries.

Their records include some quotes that I really like and resonate with deeply.

One detail that was particularly impressive was something Senra mentioned.

Munger has been learning from Ben Franklin and spending time with excellent people. He said that if he can't meet anyone, he looks for other smart people to chat with on Zoom. Yes, at 99 years old, he is still doing this.

"He is still full of curiosity, still reading, and still paying attention to business dynamics. He will never stop; it seems that only upon death will all of this cease."

At the event of the Munger Academy last Saturday, Li Lu, founder of Himalaya Capital, shared a little story about Munger, saying he bought a stock when he was 99 years old. Yes, he continues to learn and explore until the very last moment of his life.

It truly is a happy life.

And as Senra said, "If I spend all my time reading Charlie Munger's articles, watching his Q&A at Berkshire Hathaway meetings, listening to his speeches, reading books about him, and understanding those influenced by him, but my behavior does not change, then I am just wasting time."

Smart investors have translated two dinner notes for everyone, hoping it feels fulfilling as we read. Enjoy it～

A dinner with Charlie Munger.

David Senra / Article

Earlier this year, I had the privilege of having dinner with Charlie Munger. When I heard about Charlie's passing, the first thing that came to mind was a quote from Sam Walton, founder of Sam's Club, where he mentioned that he borrowed more ideas from Sol Price, considered the father of warehouse-style retail, than from anyone else.

In the same book, he also said, "Everything I do is copied from others."

This is also the significance of the podcast "Founders"; my work involves learning from other entrepreneurs.

The ideas I borrowed from Charlie Munger shaped my life and career more than from anyone else. Charlie was my hero, he changed my life, and I will miss him.

I hope you enjoy the record of my dinner with Charlie Munger.

I was invited to Charlie Munger's home for dinner because of the book "The Tao of Charlie Munger".

I spent over three hours with him, and I could ask him any question without limits; in other words, I could ask him for answers to anything I was curious about.

The Charlie you see at the Berkshire Hathaway Inc. meeting, the Charlie who gives speeches, the Charlie in everyone's books, is indeed the same person.

He has always been reading, with a bookshelf full of books at home. He would say, 'You should befriend those famous deceased people.' He claims to be a biography enthusiast. To be honest, so far in my podcast, I have covered nearly 300 biographies, but Charlie's knowledge of biographies makes me look like an amateur at best.

Charlie allowed me to browse his bookshelf. I originally planned to order some of them, but these books are really hard to find, and I am still working on it.

Charlie said everyone should find their area of expertise and strive for it forever. It took him 41 years to find his life's career. Once he became a full-time investor, he knew this was what he was meant to do for life, and he was very passionate about it.

He enjoys this way of having a flexible schedule and never wanted certain people to manage a large group of people. He just wanted to read and make money using his mind.

It was truly incredible to meet my idol. Charlie has had a profound influence on me. I prepared a bunch of questions in advance, hoping to get him to share.

During our meal and conversation, I never looked at my phone. When I returned to the hotel, I thought this might be a night that Charlie Munger would never remember, right? After all, he is already 99 years old. Just think about his life experiences and all the things stored in his mind, right?

But I will never forget. So I wrote down some things I wanted to remember.

Pursue excellence.

If all my time is spent reading Charlie Munger's articles, watching his Q&A at Berkshire Hathaway Inc. meetings, listening to his speeches, reading books about him, and learning about those influenced by him, but my behavior does not change, then I am simply wasting my time.

If I could summarize his points, it would be that Charlie is virtually indifferent to what we call various problems.

He would say, "It is normal to encounter trouble occasionally; they are an inevitable part of life. So why let them trouble you? Just deal with them and move on."

To understand this perspective, it should be combined with the other two points he discussed at dinner, which he often mentions in books, speeches, and other occasions.

Firstly, Charlie views everything almost from a historical perspective. He says you cannot change human nature; things will always repeat themselves. Because of his profound historical knowledge, he understands that no one can go through life smoothly all the time.

Secondly, he concludes that he hopes people's behavior will change, which is actually part of learning. "Wisdom is reflected in preventing problems from occurring."

His emphasis is on: problems are inevitable, but you need to do your best to avoid them. And to achieve this, the third interconnected idea is to pursue excellence.

Pursuing excellence is difficult, but it will make your life easier.

Great businesses are rare, and great people are also rare, but they are worth taking the time to find. The problems faced by great businesses are far fewer than those of average or poor businesses. Like great people, they create far fewer problems in your life compared to average or low-level individuals.

Another statement from Charlie that is insightful is, 'What you need to worry about is not how to create wealth, but how to stay sane.'

Most people can never find a good business, right? Once they find a good business, they become bored or distracted, and in either case, they mess it up by running around. That's why Charlie always emphasizes patience, and more patience.

At the dinner, Charlie mentioned that the advantage he and Warren have, and the reason for their success, is partly due to possessing an unusual quality of extreme patience and fierce ambition when discovering good business opportunities.

They will wait for opportunities and, once they find them, act at an incredible speed.

Some other lessons we've talked about include not wasting time on regrets. This does not mean you shouldn't learn from mistakes. Everyone makes mistakes, and you must learn from them to ensure you don’t make the same mistakes again.

He mentioned this in the early stages of his career when they were only acquiring 'high-value but terrible companies.'

He said, you must learn from it. There is a reason you can buy those poor-performing companies at that price. By just paying a little more, you can get a good company and own it forever.

These are his thoughts: "I do not regret making these mistakes, nor do I regret investing in those terrible projects or entering those awful industries because they taught me something, and I just move on. I won't worry about it."

I spent a lot of time thinking about Charlie and Warren's early lives, rather than them at 90, 80, or 70 years old.

What was 20-year-old, 30-year-old, 41-year-old Charlie doing, and how did he decide, "I want to be a full-time investor. I am no longer practicing law"?

I talked to him about this, saying that when I was young I read your story, and it seemed like you were feeling your way through your thoughts, trying to figure out all the pieces, and getting closer to the future of Berkshire Hathaway, even before Berkshire Hathaway existed.

I am now at the age you were then, would you be surprised by your success today? He replied, "How could I not be surprised?"

Then the topics we discussed gradually drifted. You can ask Charlie a question, but Charlie talks about whatever he wants to talk about, which he should do because his mind is filled with too much information.

The whole evening, he kept telling stories, one after another, about the amazing companies they acquired, remarkable deals, reasons for certain deals failing, and even about the "I thought this was right" anecdote.

Then, he suddenly said, "Actually, I think that Warren and I have received too much praise."

He mentioned that he is very wealthy and well-liked, and he finds that strange. He believes this is not a normal person's reaction, as there is a sense of egalitarianism in human nature, and people generally do not accept any degree of success, especially someone like him, who has created billions of dollars in wealth for himself and his family.

In retrospect, I wonder if it is because he and Warren have spent too much time guiding others. Think of "Poor Charlie's Almanack," think of the various questions he answered at the Berkshire Hathaway meeting, and think of Warren Buffett's letters to shareholders.

Those can be seen as lessons, as if everything they do is saying, "Now we write it down in the form of a shareholders' letter, and we also share the knowledge we have learned at the shareholders' meeting."

They have been doing this for half a century cumulatively. They have整理 their experiences and lessons and share them for free with others.

How many entrepreneurs, investors, and people interested in business have received teaching from Warren and Charlie in their lifetime? Millions, it is by no means an exaggeration. If it were me, I would not want to do this; many of the smart and successful people I have encountered are still full of jealousy and worry.

What I learned from Charlie is: "This world does not operate on greed, but on people's jealousy and desire. If you want to live a better life, you have to overcome jealousy."

Others becoming wealthier is something that will always happen, it has nothing to do with you, so why worry about it?

Most people don't just think, "These two individuals are incredibly wealthy and very successful." All the valuable information they share is about how to change your life.

I had never even thought about this (seemingly contradictory) issue; I only realized it while writing these notes.

Why is there such a big difference? No one protests outside Warren Buffett or Charlie Munger's homes.

Why are they the exceptions? My guess is that they are willing to spend a lot of time mentoring others.

I also asked a question I care about, "What role did your parents play on your path to success? Did you try to show them, 'Look, this is what I can achieve.'"

Charlie's answer was, "No," he said, "I've always had an inner standard. I only do what I want to do, and I don't care about others' opinions or thoughts."

When he talked about this inner standard, it reminded me of many trades he turned down. You can imagine, given their status, it's easy to come across various crazy trade ideas. They had the chance to make a lot of money without risk, but they chose to decline, including trades that might harm others' businesses, or just because they didn't like them.

That's his inner standard. It's as if he's saying, 'I only want to do what I want to do.'

One of Charlie's favorite entrepreneurs is Jim Sinegal of Costco.

I asked him, "Why can't I find any information about Jim? He doesn't give speeches and has no books." He said, "Because he is busy working."

He would say, let's establish a business that helps others. Costco's business model leverages its scale to negotiate incredible deals for customers, rather than raising prices like other companies do; they return the savings to millions of customers.

I remember reading that they have 0.15 billion transactions per year. This information may be ten years old, so there might be more now.

What benefits do Jim's ideas and the money saved from his decades of efforts bring to customers and society? Because of the unique business that Jim founded, everyone saved a significant amount of money.

I think this is also the advice that Charlie would give. Go do things that provide value to others, then stick with it in the long term and fully commit.

If you immerse yourself in an industry that you are very interested in, most of the problems will be easily resolved. You will continuously think about the issues and keep improving, not giving up halfway. This probably addresses 80% to 90% of the problems.

Knowledge accumulation

The discussion that evening began in Charlie's study, with several of us seated around him, and behind him was a bookshelf.

I casually noticed several books I had read, so I mentioned these lesser-known books.

For example, I mentioned that I saw the biography of Henry Kaiser on the bookshelf. I had read this book about four years ago.

Then Charlie started talking; his memories of Kaiser were simply incredible. He hadn't read the book in a long time, but he remembered about Henry Kaiser's partner and the businesses Henry had created.

He could also tell you how he constructed Liberty ships during World War II, and we talked about the story of his help in building the Hoover Dam.

You can casually mention anyone, and he could go on for half a day. This made me realize that anyone would experience a decline in cognitive ability at the age of 99.

So you can imagine how smart this person must have been when he was young; he must have put in a lot of effort for it.

He had read thousands of books, spent thousands or even tens of thousands of hours—I don't know the exact number, but it certainly exceeded 100,000 hours thinking deeply about what he was learning, thinking about what was happening in the world, thinking about what he wanted, like what kind of business to build.

He accumulates knowledge like a learning machine. He says that every night when he goes to bed, he is a little smarter than the day before. If you can persist over the long term, you will find something unique.

It's like he's saying, I just share the ideas that I use in my life; if they are valuable to me, they might also be valuable to others.

His wisdom lies in simplicity. Charlie would tell you: "If this is a simple suggestion, why aren't more people using it?"

He said, "Human nature likes to complicate things."

This is the crux of the issue, why he emphasizes this repeatedly, because we must keep things simple as our nature easily complicates life.

Inevitably, we talked about Ben Franklin because Franklin is his hero. Charlie made a bust of the one he idolizes, as well as a bust of Lee Kuan Yew, whom he called Singapore's Warren Buffett.

When we talked about Ben Franklin, I mentioned the book "Franklin In Washington," which discusses their collaborative relationship. Charlie said he hadn't read the book, but he knows about the relationship between Franklin and Washington.

He believes it is unlikely that there will ever be another extraordinary life like Ben Franklin's. He was ranked first in business, science, and politics during his lifetime, all at the same time, and we will not see such a thing again.

If you have read the works of Ben Franklin, you will find that what Charlie did was adopt many of Franklin's views, then update and restate them.

Their thoughts and communication style are very similar; Ben Franklin spent his life looking for impressive people like George Washington.

He said that one very smart thing Ben Franklin did in his life was to find exceptional figures like George Washington and others. He did this when he was young, continued to do it when he was old, and did it throughout his life.

I then asked, "Is this something you have done in your life?" He immediately replied, "Of course, and I am still doing it now."

Returning to the previously mentioned theme of striving for excellence, to find like-minded individuals, you first need to make yourself someone not to be underestimated. This requires a lot of effort; once you do it, you will find others like you and then establish relationships with them.

In many cases, they maintain friendships and business collaborations with people they met in their youth until they grow old.

Many of them have passed away, and Charlie is still doing this; he is looking for other young, interesting, and smart individuals. Just like the five people who dined with me, we are all 50 to 60 years younger than Charlie.

Charlie also said that if he cannot meet people in person, he will look for other smart individuals to chat with on Zoom. Yes, at 99 years old, he is still doing this.

He is still full of curiosity, still reading, still following business trends. He will never stop; it seems that only his death will bring an end to all of this.

Those who benefit from the teachings of Munger and Buffett often think of them first, allowing them to prioritize many trade proposals, and they always have a large amount of Cash / Money Market on hand to act quickly.

Charlie told us about some trades, including some crazy examples, like someone calling on a Saturday saying, "If there are some troubles here, we need $0.45 billion if you want it. We need this money by Monday."

But the lawyer told Warren and Charlie: "No, we cannot do this because we have not signed the contract yet. We need to check this carefully."

Warren and Charlie completely ignored the lawyer; they could only think, "This is a good deal." So the first thing Warren did on Monday morning was to wire the money.

No contract, no email, just relying on a relationship with someone, and their knowledge of the real value of the Assets being purchased.

Charlie said they made billions of dollars risk-free in this trade.

This is just one of many examples.

He introduced us to their way of thinking. If you look at Berkshire Hathaway Inc. today, it is incredibly complex, and it is hard to imagine how this came about.

But if you look at it from their perspective, it is simple. We had an idea, we made mistakes. We quickly corrected our course, then we won't make the same mistakes next time, and we continue to work hard and improve.

Time will take care of most of the responsibility. For you and me, the difficult part is finding a truly great company, surrounded by genuinely talented people, and staying there.

About Parenting.

Not all of his advice was business advice. For example, there are several people there who are parents. In many cases, if you are interested in entrepreneurship and investment, life is very successful, especially financially.

Then suddenly, your children grow up in a comfortable environment that you never experienced. How do you cope with that?

Charlie said, "Of course, some people lack ambition because they were born wealthy." As if there is no solution to this problem.

Then he talked about the difficulties people face, for example, when they have money, what do you do? Don't you want to leave the money to your children?

His advice is very unique, and his point is that you have to give them money, otherwise they will hate you for it.

You have children, and you want to build a good relationship with them. You try to lead by example. You accumulate wealth and then say, "Sorry, kids, I am going to donate all of it."

This is not human nature; remember we mentioned earlier that he views everything through the lens of history. You cannot change human nature, things will just repeat forever.

Have you really learned from history? Charlie clearly learned from history, he said, "Oh, they will definitely hate you for it."

So when his wife passed away, he said something like they divided half of the property among the children and grandchildren. Even though it involved many people, it was still a huge amount.

He believes this is what you should do.

He said that at the end of life, if you have a bad relationship with the children or they resent you, it makes no sense. In some cases, they do lack motivation because they were born rich, but that's also human nature.

Charlie likes good trades. He would say, "Look at this shirt I bought for only $12, and I've worn it for a long time." The watch was also incredibly cheap. He lives in an ordinary house, I mean the house is actually nice, but you would never guess that a billionaire lives inside.

Returning to the question of who he is.

He enjoys reading, thinking, earning money with his intellect, talking to interesting and smart people, contemplating everything around him, and building his own world around them. Coincidentally, Charlie is very skilled in all the aforementioned aspects, leading to the generation of infinite wealth.

This reminds me of the last sentence I wrote, 'If you can achieve the highest level of venture capital, you can create the most wealth in the world.'

This is not hard to understand, but it is not easy to accomplish. It will fight against every bone in your body and all of your instincts.

As Peter Thiel said in 'From Zero to One', the problem with the technology industry today is that they sacrifice durability, which makes no sense.

The value of a company is only reflected in the future 10, 20, or 30 years, yet everyone gives up before realizing that value.

Charlie and Warren would say: all of this will generate compound interest, and we will practice it throughout our lives. This is clearly a very smart thing to do and will achieve great success.

He ultimately said that being skilled at investing is a very rare ability. This skill is not widely distributed and will never be widely distributed.

When thinking about entrepreneurship, it is not an art or a science, but a practice. When I heard Charlie say this to me, I thought about how being an excellent entrepreneur is also a very rare skill. This skill is not widely distributed and will never be.

Therefore, I plan to apply this information in practice for as long as possible. I will draw on historical experience, leverage the power of entrepreneurs, and then let time take on most of the responsibility. Ultimately, I will master a very rare skill.

This is my story. My favorite quote from Charlie was said at the 2010 Berkshire Annual Meeting, where he mentioned that the best thing humanity can do is help others grow their knowledge.

I had dinner with Charlie Munger and Peter Kaufman.

Sean Parish / Text

In August, I was fortunate enough to have dinner with Charlie Munger at his home. I would like to share some notes and reflections from the dinner.

It should be noted that:

1. These notes are not direct quotes, but are compiled by several other attendees. I have edited them, removing most names, private details, comments on public market investments, and discussions that I believe are best kept confidential.

Peter Kaufman, who organized the dinner and is a lifelong friend of Munger, and a Director at the Daily Journal, said this was the most active Charlie had been at a dinner so far, indicating that he really enjoyed it.

About Wealth/Family

What are the downsides of becoming rich? This is an interesting topic. Charlie expressed regret that his children do not work, which sparked a discussion on whether children should artificially be made poor.

Peter pointed out that if you want to live in a good Community, it is unrealistic to exclude your children from the social environment.

Humans have two basic needs: to be part of a social group and to obtain social status. If you deprive them of these two needs, it is akin to being tormented.

Children must live with their peers. If you are rich and they work at McDonald's, they will resent you and eventually hate you.

The medical care sector usually outperforms the overall market during economic downturns due to its low correlation with economic cycles. For example, in the global economic recession of 2009, the pharmaceutical and biotechnology industries had steady performance and limited impact on sales and profits.

Charlie is very skeptical about the solutions to Medical issues due to problems such as wrong incentive mechanisms and bad behavior.

I feel that he believes Atul Gawande's efforts to improve the Medical system are commendable, but there is little hope.

Beat the market.

Munger said that Todd Combs and Ted Weschler, both of whom are investment managers under Buffett, almost cannot match the performance of the Standard & Poor's 500 Index.

He is skeptical about their, or one could say anyone's, ability to beat the market in the long term.

Seize the opportunity.

Munger said the most important lesson he learned from his grandfather is that there are only a few opportunities in life, and when the opportunity comes, you must seize it without hesitation and swallow it whole.

Portfolio construction.

Charlie believes that having three Stocks in a portfolio is sufficient.

Culture

Peter mentioned the standards for keeping employees happy and motivated, which generally include being able to afford a house, send children to college, and have prospects for promotion.

Charlie took the restaurant as an example, stating that washing dishes and serving customers are very tough jobs. Peter responded by asking, if that’s the case, why bother trying to retain employees?

Peter offered several insightful views on corporate culture—employees should see themselves as owners rather than workers: owners will strive to eliminate waste, oversee company operations, and consider long-term development, while employees will not do these things.

As a loyal fan of Costco, Charlie spoke about the company’s goodwill towards customers and employees. Peter used the metaphor of watering a lawn, believing that by doing so, problems wouldn't lead to a fire.

3G Capital

Charlie's skepticism towards 3G (which partnered with Buffett to acquire Heinz) is greater than that of most people. He believes they are merely a one-trick pony but have already run out of steam. The issue is that they have many young people wanting to make trades, and they don't want to disappoint these young people.

Charlie believes that making money through layoffs, reducing marketing, and cutting research and development is not a respectable way to earn profits.

(SP: There is a viewpoint that 3G Capital has destroyed the acquisition pipeline that Berkshire Hathaway worked hard to establish.)

Coca-Cola

Coca-Cola remains an outstanding company. 60% of its profits come from Diet Coke – "it's sugar-free sugar water." Its success is attributed to the lack of taste memory.

There is significant waste in this area. They even hire people to sit in the hallways to ensure nothing unusual occurs. However, Coca-Cola does not intervene because it prefers to selectively instigate battles.

Luck.

Luck plays an important role in investing. They were able to purchase Berkshire because they previously found a buyer for a mediocre department store.

Mediocre and cheap.

If the price is low enough, Charlie is willing to own average companies. But he prefers good companies. I believe he wouldn't buy below-average companies at any price.

Regret.

Charlie would not dwell too much on the past unless there are important lessons to learn for the future. After learning the lessons, he would move on.

Cash alternatives.

Berkshire invested in Exxon Mobil and Airlines as cash alternatives. Although these businesses are not great companies, they should be better than cash. They are not investments that Berkshire would have made a few years ago.

If Buffett were only 25 years old today, what would he do?

He would focus on areas that others are not paying attention to.

You can focus on certain areas and succeed, such as being able to identify five dining concepts that can develop well in the USA in the long term, right? I think such things can be done.

If Buffett were to re-establish Berkshire Hathaway Inc. today, would he focus on Insurance?

I don't believe that Insurance is a good Business – just because Ajit Jain (Vice Director of Berkshire Hathaway Inc.) does well doesn't mean it's a good Business. How many Ajits are there?

Truly good Businesses are rare, but they are exactly what you need. Costco is an amazing company.

Peter provided a more vivid example, that in college, no one washes their clothes in time, and your closet is full of dirty shirts. You need to wear a shirt every day, so you can only choose the least visible dirty one. By the weekend, the shirt that looked terrible on Monday now looks pretty good.

The same logic applies to Stocks; if you spend all your time looking for Stocks, you'll end up buying some very 'dirty' Stocks. If you spend all your time on dirty shirts, they become normal, and you forget how dirty they were.

Both Munger and Peter emphasized that the number of truly great companies is extremely small.

In the long run, is it better to have excessive trust or excessive distrust?

You need to trust correctly – he told a story about starting a business recently with some Hasidic Jews because he liked them, and the collaboration went well and was full of fun.

Peter talked about pressure.

Matt Ridley, author of "The Gene Trilogy," wrote that the most counterintuitive laboratory result in history is that the closest relationship to longevity is low stress, defined as trying to control what you cannot control.

Munger Talks Investment

When you understand how difficult this is, half the problem is solved.

The most important thing is to know where your limits are, which is more important than your brain; when the world tells you that your abilities are not needed in a certain field, listen carefully.

Peter's Three Metaphors for the Circle of Competence

1. Can speak a foreign language

2. Can play a musical instrument

3. Can do crossword puzzles in the New York Times

If this is understood, it will be realized that it can practically eliminate everything - some people have been working at Glenair (an aerospace company producing electronic fiber optic products, where Peter serves as Director and CEO) for 30 years and still have not reached this level of proficiency.

The circle of competence means a clear understanding of the actual situation.

Peter discusses the advantages of Glenair.

We have accumulated such a large inventory that the outside world considers us crazy, and some people inside do not understand it either, but this allows us to control the entire Industry Chain and create astonishing franchise value in niche markets.

It is simple, but it requires understanding and expertise.

What prevents others from replicating Glenair's advantages?

There are two points:

1) Others do not have such personality traits or skills.

If they are smart enough to want to imitate our methods, they will instead turn to imitating others; smart people do not imitate strong competitors, but rather weaker ones.

Over time, has Charlie become more indifferent to politics?

Yes. It's difficult to know the answer; for example, you may not like someone like Trump, but do you know what is better?

It is wrong to hold strong ideological beliefs about almost everything; it is better to maintain skepticism.

Is there anything you wish you had valued earlier?

I do not indulge in regrets; I try to learn from lessons and then not dwell on them.

Have you thought about writing a book?

I have thought about it, but have not written one because 1) it is work, and 2) it is hard to avoid self-aggrandizement when writing a book.

Munger talks about seizing opportunities.

I realized early on that my financial achievements in life depend on how I perform when seizing the few opportunities that come my way. I know I will only have a few such chances.

Munger talks about mistakes.

Quickly correcting mistakes while there is still room for improvement is very beneficial.

What expectations are there for Berkshire after Buffett and Munger?

The performance of these enterprises is far better than the S&P 500 index, and Berkshire Hathaway Inc. will operate well, with some enterprises performing much better and some areas having potential yet to be tapped, for example, BNSF has at least 1 billion dollars in excess profits.

How beneficial is the Internet to Costco?

If you have a large and efficient warehouse system, a massive purchasing system, and a brand that people love and trust, then the benefits of the Internet will be significant.

I noticed that when he spoke of this place, he seemed very enthusiastic, which is starkly different from his usual cautious tone.

Which industries will be terrible in the next decade?

The retail trade will continue to be very bad. The competition in the auto industry is also too fierce, as Tesla has to compete with too many wealthy companies.

He believes Elon Musk is an arrogant person and that Tesla will go bankrupt. Due to some issues with Tesla cars, Geico has raised the insurance premiums for Tesla vehicles.

This is a data-driven decision, but Musk did not accept it; instead, he engaged in a Twitter feud with Geico.

Peter talks about relationships.

Stay vigilant so that when bad things happen, they do not turn into disasters—this requires actively maintaining every relationship in life.

Editor/Somer