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Hello and welcome back to What Makes the Risk, Why You Get Rich? This is a show where we'll be analyzing experiences... Regarding the previous article about global investors. We've talked a lot about Warren Buffet already; this time it's Charlie's turn. Moner, this is me, Best Kirisak Kongka, and ST, the editors of investing.ts.
Anyone want to buy the book? For information regarding shares, please contact us via the page. investing.ths, or the website, is... So, how many different book covers are there now? The numbers are arranged in a sequence. The numbers in FP sequence now reach 31. Have you ever wondered about the order of the numbers?
This is what makes people who are... Perfectionist He's frustrated that some of these books are unavailable. They're no longer available, right? It is a kind of suffering for people who think about it. Do you realize that this idea is a source of suffering? That is the goal of... That will make everyone unhappy about going out.
His book, which I wonder why I don't have. Why is this number so creepy? Which is the latest issue of How Buffet It? Buffet, print a new one quickly! What is " How Buffet Dust It" about? It's Buffet's 24 insightful thoughts on investing. Read it in a simple way, very simple. Yes, it's light, 156. I've never read it before.
Yes, it was there 10 years ago. This was a quick print run for the series. Ah, if you have the old cover, you won't have the number 24, so you have to buy issue number 24. The solution is to buy every issue? Buy one! [Laughs] Otherwise, it won't be complete today. Last time we talked a lot about Warfate, really.
We didn't intentionally avoid it. Let's tell his whole life story because we want to. I will now tell you about his investment that day. Here we are with another one, Charlie Munger. Actually, Charlie Munger is from Fett's neighborhood, and he used to work at... That's Grandpa Buffett's grocery store, everyone!
Everyone agrees that Grandpa Buffett is very strict. He was fussy and silly, but that was during the time he was born. An economic crisis is a source of funding... That's the gold, Charlie Munger, as you said. The story Stamp told last time, and now we meet again. Once upon a time, at the ages of 21, 29, and 36, so today we'll go back again to...
Who is Charimanger, where did he come from, and why? That's why he's known as the person behind the scenes. The throne of Berkeley, huh? Uh, the year that uh, Charlie Munger passed away was 2023, and then in 2024, a letter uh, to… The shareholders' list that appears on the front page every year. There will be a table showing how much return was earned, how much it accumulated over the years, boasting and showing off, "Wow, I'm so good!" Well, I've collected a lot of things, but that year was a special one, about...
The architect who praised the architect of Erhai Way was... Charlie the Monster spoke, and it gave me goosebumps. [Inhaling sound] I'm a huge Charlie Munger fan. He's my idol, I really like him. And, well, their lives are quite a bit harder. The buffet that we talked about last time, oh... Oh, Buffett went through the economic crisis of the 1930s.
Actually, to put it another way, in the 1930s, Buffett was just a young kid. But Munger was born in 1924. That means his childhood was during his elementary school years. He really went through the economic crisis. Well, uh, Monger is a kid in Omah City, about 3 blocks from Buffett, but we've never met because it's like...
Their families weren't close at all. But, as we said before, My grandfather, who owns a shop [clears throat], would... They send the kids for internships, and they pay them very little. They're so stingy, like, ridiculously stingy, that you guess it's fitting for their family. Same as the duck. Well, we're from the same family, you know.
When he was a kid, he was a lucky boy. It's the same because he 's a boy, because he went. Study whatever you want to study, wherever you want to study. Oh, and he also has a younger sister, but she's younger than him. This girl, who is into this, is... To begin with, I already had a disabled younger sister.
After starting school for a while and graduating from what they call high school (grade 12), which in our system is equivalent to secondary school (grade 12). 6. Then I went to university, but I only lasted one semester before I was drafted. I went to join the military, and back then I was drafted. He's a soldier, and his mother is afraid that her son will have to go.
He went to battle, but his son ended up taking two tests: an IQ test and another test. One of them is about mechanics. Regarding mechanics, I'd get a 0. And their IQ test scores are extremely high, according to the military department. So they sent this person to study weather forecasting instead. That's how he ended up working behind the scenes, doing the calculations and stuff.
That's without necessarily having to delete it. This page is about my life from growing up to studying. There's one thing I'm curious about at university, and that's about him. You read so many books, why wasn't I like that when I was a kid? That's why Munger has a problem; he can't read. When I was a child, around 7 years old, I went to school and couldn't understand anything I read.
If the book isn't published, the teachers at school won't know what to do. How did I teach her until my mom had to be the one to teach her how to read? Spell it out letter by letter as you begin to read. Okay, after that he just went all out. Read and absorb everything you come across. Schliemunger is a person with a distinctive personality.
The basics are somewhat different from a buffet, but they're really similar if you look at what people prefer. Anger is a person who likes a wide variety of things. He likes a lot, and goes with the flow. He reads about art and everything else. An architect observes if something is a ball effect. See, we see them saying "focus, focus, focus." Yes, they only read about companies, companies, companies, and money.
Especially after the Graham era, they only read this one thing, like the annual report. They don't read anything else. They're the type of person who... It's like they have very limited interests. Let's stick with this, it's different from Schlinmannger's situation. It's very clear that it's someone I like.
I like history, politics, and art. I'm a person. Having such diverse interests is also revolutionary; it's about finding different elements for one person. Which I like because I personally enjoy... It's diverse, and I feel like, yeah, it is. It proves that it's actually both ways; it leads to both destinations.
So let's go back to him after he started. From the beginning, a wealth of knowledge has been accumulated. How is this related to investment? Follow me. As I understand it, he comes from the real estate industry. Well, uh, when the war ended, when World War II ended... Regarding the World War, I'd like to put that topic aside for a moment.
Because it will be related to Kecher. Because why did it come down? Yeah, at the end of World War II, there was going to be... Government support provided to soldiers who have completed their service. The battle for free education... go enroll in that school! This student, Bunker, chose to study to become a lawyer.
I went to study law, but actually I'm just a person. He studied math before. Yeah, and after studying math, he met a certain teacher. He wrote the formula on the board and calculated the numbers. I told them I couldn't compete with this person anymore, so I changed. He went to study physics, but only studied for half a semester before he had to go serve in the military.
Things changed so drastically for him. Then, after finishing his military service, he came back to study. The law was something I learned when I went back to study law. Uh, Dad said you're really going to study law, right? If she studies law, she cannot work in the city. You can do the same as me because we'll be competing for jobs.
Oh wow, you're being so serious! Yeah, because legal work back then was... Here, we see that many lawyers are... They are very rich because they earn a lot of money from each drawing. But back then, it wasn't like that. It was a very low-paying job. So, if we had two or three really good lawyers in town, they'd be competing for the jobs because my grandfather happened to be a judge.
In this city, everyone's into law, so Munger was thinking, "What am I going to do?" When he was in the military, he went to LA, and he saw that, oh, this city was growing. They probably needed a lawyer, that's why they moved. I went to work in law in LA. When I was in LA working in law, it was going to be a while before I could get back.
Regarding investment, there's a client who came in. I consulted someone about a will, and it turns out this person already has one. The rental house is across from, uh, if I remember correctly. That's right, it's Stanford University, he said. He said he was going to divide the house up to do this and that, like a monkey.
Having read a lot of books, I can say, "Hey, this house..." The structure is still in good condition, why not cut it down? Then you rent it out so you can, uh, get some income. We got that from there, so we joined hands with the client and went on to build the building. I was really confused because I actually understood it.
One thing I've heard is that waffles... They call Changer an architect, a professional architect. Well, he actually graduated in law, that's correct, but he likes architecture. Yes, because I remember working there. To summarize, he/she graduated with a law degree. I graduated from law school, became a lawyer, and now I have clients who...
There were problems with real estate, so I went to help with real estate. And helping with that was profitable. So I thought, "Why don't we just do this?" And when I was working in law, that's usually the case. He had to type everything himself. He was one of the first people in LA to hire a typist.
Now that I've typed it out for you, we can talk about whatever comes to mind. Everything's all set [clears throat] [coughs]. We can close the deal that same day, so... I liked it so much that I started queuing up and my spending gradually increased. Gradually, once I had saved up a decent amount, I decided to go into real estate.
That means buying land, drawing up the plans, designing them myself, and... Permission has been obtained from the government. Let's create and sell things! Their way of selling is so cool! Before, there was a lot of space, so we didn't... We need to build it high; we're making the front of the room wide.
It's wide enough, so just make it a single-story building, especially in the middle. Make it a big garden and plant big trees, so that nobody will want the land anymore. There's no green space while I'm staying here. So we'll focus on the condos we're selling. We had more green space than others, and we had a swimming pool and everything – back then it was… It's a very new story.
And then they put everything up for sale, all six projects were sold out, and it became Millen Air. Yeah, I guess so, because that's actually true. Actually, it's a job. Wow, that's difficult, isn't it? But for the most part... Even today, we still see people like this, don't we? Building a housing development or selling any kind of property does n't necessarily require starting with a lot of money.
There are quite a lot of them, because you can borrow a pretty large amount. You borrowed a lot because of the bank. We got the loan, and we were successful, yes. And then it became Millennium, Millennium from a job in real estate, yes. But I quit doing it because of this bad thing. When project number 7 started having problems, bad things happened.
Then we changed business partners several times during that period. Once a city has grown to a certain level, time will tell. Over the years, it hasn't become as popular as it used to be. So we broke up, and he didn't just do work on the condo, you know. Yes, they also built a shopping mall. So, you 're the designer, right?
They built the area like an old-fashioned department store. And this person has really good taste. He drives a fancy car, and his clothes are tailored to fit him perfectly, you know? It's not like Buffett. Yes, it's true when someone says, "Oh, you should go see Charlie's first." That's quite something, and I think this is a key point.
Charlie Munger is important because he comes from a real business background, so... It's safe to say he 's the one who instilled a business mindset in Buffet, because Buffet before him was more like... Benjamin Graham said, "Oh, I have assets!" How much does it cost? Add, subtract, multiply, or divide to figure out how much to buy; consider everything.
It 's a share certificate, but it turns out to be from Schliemunger. This is the kind of person that Charlie Munger also brought along. He's pure business-minded; he wasn't an investor before at all. It came straight from the rate, yes. All in all, when they reached project number 7, they decided to quit.
So, you're quitting and going back to basketball, right? Not yet, at that time... uh... Doing this makes me feel like this is my life. I got a little carried away and started working in Real Estate. I felt like the level requirement was really high, so I decided to open my own law firm called Moner Toen.
Wow, I'm going back to being a lawyer again! Ah, back then I was a lawyer but an employee. Right now, I'm going to be a partner, so it's Moner To and Oon. And besides that, I'll be doing... I'm even going to create another fund for this one. With my friend Monger and this fund right now. The returns haven't been very good yet because...
That means I did n't buy any shares that are listed on the market. He bought small companies, like companies that make water heaters. This is the cooling system of a car. Well, it's not on the market, but he knows about it. It has value because it's a business, and he came up with the legal aspect of it, so he bought it.
Once you buy it, other people will start to find out about it. Oh, so this person is buying this small business. So, I started selling more to Wheeler Monger, and that's how I got a business portfolio. But there are no physical shares in the market; it's real businesses—I bought businesses that I thought were good.
Fair value, or something like that, but it's not accurate. I was n't looking at it in terms of selling it, like with Fen. Back then, I was n't thinking about what it would ultimately be. We met in the middle ground of business, but our perspectives on how we got here are vastly different. It's very different.
And during that time, uh... Uh, well, it's going to start to decline a little bit, and he... uh... he has a lot of children. He has eight children in total. Munger [sound of breathing] has a lot of children, uh... with... His first wife had a child who, uh,... Leukemia is a type of cancer that is incurable.
I got goosebumps back then, I was only 8 or 9 years old. Munger worked in many places, but later... After work, I have to go to the hospital every day. Then, after I finished seeing the kids, it was morning and I had to leave. I work late, come home to see my child, but it's incurable. No matter what we did, it couldn't be cured, so my wife...
The problem started when he refused to come back and take care of things. Why do n't the other children come back to take care of him? So they decided to get a divorce, but at the time of the divorce... So, this wife is going to take their two daughters to live with her, and also their youngest son.
He eventually died. He passed away at that moment. The asset division involved taking the entire bunker and the whole house. They gave me all the money. So, we had to start from scratch again. This man's life is truly a mess. He's really pushing things. Then, when we started resetting to zero, well...
Going to work is the same as always, just take it slow. I've been collecting them over time, and some things I bought on Wheeler Monster can be sold for cash. Once they get the cash out, they go and do other things. During that time, he switched from driving a bicycle back to driving a turtle. He could get on and then retract his body, you know?
It's strange, really. He's the kind of person who seems like... Yeah, it went up to the millennial level, but it's possible. Stepping back, I felt like I wasn't suffering at all. He seemed like, he said he was suffering, but he had... One thing my father taught me was that no matter what you encounter—for example, if you're a soldier and face any obstacles—you must...
They had to walk right through it, so they did. Keep going through it. He 's just a typical, unscathed person whose life hasn't been very eventful. It was n't very smooth. Uh, and then he remarried. His new wife has two children from a previous relationship, and then she had another child with him. So now I have seven children in total, and I don't know how I'm going to raise them all.
How did that happen? So he had to find an extra job now. My father passed away right then, so I flew back from LA to Nebasco. I unexpectedly ran into Buffet at the time, when I was 36, and then I unexpectedly met him again. Buffett, they had already thought that... He won't be a lawyer forever just because of the money.
It's rare, and these are the businesses that buy. Well, no matter how much you buy it, it's not going to grow much because... It's a small business, it can't compete with them. Businesses in the market don't just encounter buffets. All the information is mixed together perfectly in the middle. Yeah, it's like a jigsaw puzzle, because one person fits together perfectly, but they only look at big companies, they only look at things that are bought and sold in a very strategic way.
How much are the assets? Another person is calculating it, and then they're looking at it from a business perspective. Like, wow, a businessman. And then we meet, and it's like, you know, I'm going to... I 'm more of a buffet person, and then... I can really see the change after that experience. Monger is quite straightforward.
And then it was mentioned several times, which is normal. With buffets, they don't usually talk about it that much. So, how do we value stocks? Many people... Occasionally he did slip up, but that was more of a latent issue. The era after encountering Munger. That's when we started using what we call numbers in a literal sense.
In terms of increased profitability, there is... When discussing profit, the topic of Obida is mentioned. Which was completely absent before. It would simply state that this asset is worth... With this many shares, how much cash is available to liquidate? How did that happen? Well, we met again in Nebbar.
Yes, someone introduced us back then. At that time, there was a doctor who was a close friend of both sides; they knew each other, so... Ah, I think we should bring these two together. When they met, the doctor didn't really talk to him. These two talked all night, and then Moner flew back to LA. Buffet continued the partnership, but he was seeding something in Moner's mind, like, " Hey, you should quit being a lawyer, you're too smart." At this size, you should invest, so I opened a fund similar to the Buffet Partnership, but it's a Fun of Fun fund.
It's called Fun of Fun, and you invest in it like before. That's what Buffet does. There are deals they do together, like diversifying retailing. Both of them buy from each other. Like, Sec Candy, no, Se candy, Blue Ship. Before buying Blue Ship, they also bought Blue Ship Stamps, but... There was a time when a Monger died, and some people said that...
Monger got rich because he bought shares in KGer Hway when the price was cheap. Monger never even bought KGer Hway shares. But he got those shares from the merger, actually. It's better to explain it like this: two nerds met and both had a fund in their hands. When they're a couple, they're talking and saying, "Hey, this stock looks interesting." Everyone wanted to go buy, everyone wanted to make a deal, everyone wanted to do whatever.
Like this: We might encounter some kind of atmosphere; I've been there before. That's what it's like when we come across this stock... Okay, sometimes we just want things simple, like "want" or "desire." Having the power to vote requires finding a way. The partner asked for a lot of support, and then...
This is like having a mutually beneficial conversation, speaking the same language. They also have their own way of going here and there. Buying multiple stocks, like the one I heard about, and Candy, is clearly an idea coming from the Monarchy side. For me, Candy is a landmark. This marked a turning point in Buffett's life, and it was probably one of the first stocks he invested in.
The first time I heard, uh, Buffet talk about cash flow, he talked about... The ability to generate profits, which would likely be a key factor. The important thing is that the buffet has actually changed. But they like to brag, they're such braggarts. [Laughs] I'm 85% Benjamin Graham and 15% Philip Fer, but if you look at the methods...
Honestly, nowadays they hardly have any days left. The resemblance to Benjamin Graham is so minimal it's almost nonexistent. It's nothing more than a veneration of teachers. Oh, I wanted to give this person respect, but after that... When I met Munger, he leaned heavily towards business and was kind of like a businessman.
Yeah, they both came. There was a turning point with him. At that time, it would be like it had all its teeth together. A lot of them, right? And they all came together at KG, didn't they? Yes, yes. So, Buffet closed his partnership around the 1970s and let the people in the partnership choose how to take the money.
There were three options: diversify retailing, or you could hold shares in Kiare. Or would you rather invest with someone else? He's into dental care, you've heard of it, right? Buroon, who's currently investing in VC firms, isn't doing so well, but it's growing in a different direction. However, Moner refuses to close down.
Because they think they can still make a profit in the market. This means the market is going up! Nifty 50 years, 73 shares... what do you call those unit trusts? The investment units have dropped below their cost basis. Everyone who put money into this pile, uh, suffers because of the loss of profits.
The stock price didn't go down. First, we need to go back to the fact that the buffet was closed. Okay, let's open it with the reason that we couldn't find it. The stock is one that has gone up a lot, they said. Nothing could be found to be right at that time. Well, there are still opportunities to buy stocks that are extremely cheap.
It said it was unbuyable because the stock market went up. There are many options for refunds, so you can choose whether you want to go or not. "Are you going to buy the Berkeley shares I still hold?" If you're going to buy dentures from another place, I can recommend one. Something like this. But it turned out that Monger continued and then came back.
It's subsidized because the market is really cash-heavy. Yeah, it's subsidized for 2 years, that period was probably... The moment that changed Monger's perspective. It's similar to wanting to use Levelate to make yourself look good, like in real estate, you used Levelate, right? Fun of Fun also used Levelate.
Then I started thinking, "This isn't working anymore, I should take care of myself better." After another year, or about three years after it started to decline, the stock price rose back to break-even. It was originally sold out and the fund was closed. Like many of us, we use the name of a province.
Right now, I'm feeling really frustrated with being stuck on the mountaintop (referring to a stock market term for being stuck with losses). It's been a long time, I'm just asking for the capital back, something like that. Yes, once it goes up, if you sell, the stock will continue to rise. Or whatever it is that comes along.
Sell it, close the fund, return the money, and keep the rest for yourself. The remaining amount is actually quite substantial and diverse. The shop already existed, so they came to invest further, investing in... They even went in and bought some items under their own name. As we've heard, I think Costco bought about 5%, if I remember correctly, and donated some of the money.
That's a lot! It's amazing how they could buy 5% of Costco in 1977. They must have been rich! They're rich, really rich, not just ordinary rich. Don't even think about it. Buffett and Munger were poor people, and they became... They're richer than you think! Buffett has had 10 million in cash since he was 26 years old.
It really grew very quickly, especially in the early years. That's because he gets a lot of management fees. Ah, yeah, at that time it seemed like there were some numbers there. So, Buffett pays $170 a month in rent, but he owns $170,000 in assets, and he thinks he's going to be... Milliair will get it in the next 4 years if...
He invested like this... back to Moner, meaning Moner has finished closing the deal... uh... uh... period... That's suffering, emotional suffering, but it's not. Financial support and because they started having money. Now, he's going to use some of that money to buy things. The company is called Blue Ship Stamp.
Uh-huh. Blue Ship Stamp is kind of like an insurance company. Uh, so, Blue Ship Stamp sells the stamps to small shops, not to individuals. It only includes gas stations. Small shops would deposit money into BLIP and then use the stamps to get their orders stamped. We gave them away to customers as a promotional item; the giveaway is complete.
One hundred customers collected stamps and brought this book back to exchange for BLIP. I had to dip into my own pocket to buy the merchandise and give it to customers during that promotional period. But 7-Eleven also sells those stamps to smaller shops. Because you're letting small shops run the promotions, When the time comes, you've got the stamp and you're back.
In exchange, he would get a lot of money in the beginning because... Selling to retail customers or something like that. Like that, but in the end, there has to be someone like the customer. Nobody's willing to buy it at full price, right? Well, you'd need a disc to get it from. The exchange of goods is an incentive for them to run promotions.
Yeah, but it's kind of like an insurance company, kind of like a FL (Financial Services) company. It's not really a typical business model. It's insurance, but it's a business with a lot of cash flow. A lot of money has been circulating, and that's what's coming in. Being stagnant within the company is like wanting to find a way out.
Something like that, and then we realized, "Okay, this is it." It's similar to an insurance company, isn't it? " Will it grow?" he wondered, so he gave it to his youngest son. Ah, that thing called IP Monitor, I was studying back then. Physics – you're a physicist, let's do the calculations. What would a photo look like like this?
It's a cumulative effect. "Okay, so do you think like Dad?" Then they talked amongst themselves, saying, " Dad thinks like this, and you think like..." This ultimately summarizes that this is a model that is a safer level than leveraging real estate or leveraging the fund's margin. So, the approach is to try to find companies that have...
This kind of business model, and buying at that time, BLIP, the selling price was around $30, but FL was $60. Nowadays, it's hard to find stocks like that. And I couldn't find any; they're very rare. There were some available for $60 per share. I've encountered that before, but it was never because of the management.
[Laughs] Then keep your money. Okay, I don't want it anymore. So, I told Buffet and also told my friends to eat. I know that person, the one who plays poker with me. Many people said, "Hey, come and buy! Come and help us out!" So he went in and bought a buffet, using both his own money and his wife's money.
He's a big spender, using both his own money and his wife's money. My wife went in to buy something, thinking of the parliament. Then everything got tangled up. These days, investors are like, "Hey, you're something else!" This is a good stock, a really good stock, let's all buy it! So, hey, did you borrow money from your mother?
Did you borrow money from your wife? Hey, I know someone with a big mouth, I invested in buying their stuff. Give it all away, keep spinning it like this, which is what's happening now. It became a problem. Now it's become a problem. Uh, the problem is that the problem stems from this. Before the initial purchase, everything was fine.
But, the way they bought the company, they used FL, the one we've heard about with Candy, not with their own money, but with BLI's. So, they bought BLI using their own money, 60 million, and then used 25 million to buy SE Candy. And because SE is a business that Monsters are familiar with... I bought it during the Monarch sale, so it's normal, but...
The remaining money was used to buy a company that happened to be a mutually saving arrangement, which involves... well, a potential gain. Approval has been obtained from the government to release [the animal]. This is how much of the loan was approved; that's starting to become a problem. They focused on it, and later, West Financial acquired another company called WestGo, but there were people involved.
The shares he holds are meant to be offered at a price that Buffett thinks is fair. Hey, it's correct! Jungker thinks it's correct, so... They used their own money to buy voting power and prevent the merging of that document, the granting of that document, from happening. Now, the federal government sees this and thinks, "Oh my god, this is..." Did they intervene to manipulate the price of Westgo?
Did they adjust the price? That's the kind of Wesco we're talking about, so the girl from Wesco went up there. The girl from Bushehr went back to the girl from Becherer. Who owns them? It's all mixed up, so the police came to investigate. The problem is that in the beginning, he seemed like... You didn't know, did you?
They bought it through this person or that person. That's it, it's like you took over. He took control of the company and used company money to buy it. It's a form of state exploitation of small businesses. At that time, there was an investigation report that stated... Hey, if you do this, what about the small investors?
Otherwise, sometimes you might encounter problems like this: ask the buffer/moner to buy or buff the stock beforehand. The first payment ran out of money, so I went to get some Bushi instead. Buying some, like getting a company's membership card, is similar to getting a personal membership card. I can't own 100% of the shares; I bought them based on speculation.
Hey, are you manipulating the stock market? Did you buy any stocks? They set a trap like this, then you come and buy CROS by CROS, and in the end, you end up in a lawsuit, right? This has become a major case. It was a big case, and it was a time when I almost went to jail. Yes, it went to court, and it was based on...
Well, you can kind of get hooked, you know. It's like, you know, it's about how you interpret things, like if you study life... We know he's a transparent person. But if we look at it from the perspective of someone who doesn't know anything at all... From a judicial standpoint, there really is... It's easy to misinterpret it, it depends.
So, what is your purpose? It was done because all the money was there. It's the same money, I'll buy one. I don't care if you buy the right bag from my left pocket. But maybe it's because you're carrying one bag on your left. Go to the right and buy it; there are many minority shareholders. Your bag isn't 100% yours, and it wasn't bought at the price you paid.
It's all equal now, sometimes this person went in first. After all, some people have an advantage or disadvantage. That's how it was, but in the end, they all survived. We survived because we had to shut down one company, right? So we sold off the company called Mutual Saving to cut out the problem of diversifying retailing.
[Sound of breathing] Uh, it's been cancelled and now we're here. Restructured everything. That merch came in, this merch came in, up to this point. After another three years, K asked to merge with Blue Ship. So, they merged Blue Ship into K. Now, Blue Ship has become a separate company. It's a small company, a subsidiary of Eraway, but when Merge was talking about holding 30% of the blue-chip stock, that's Moner.
When they converted it to shares, they gave shares, so Moner became a major player. At that time, if someone hadn't been following the Moner issue closely... I would have thought he would come in a way that was like, like, like... My friend then came and helped out at the company. They actually bought apartments and shares; that's their history.
There's also that sense of pride that comes into play. They're very similar; it comes with the same characteristics as you. It's a battle, it's a fight, it's a blessing, it's here .... Let's stick together under one umbrella today, maybe... There could be another one, even bigger, because... At that point, it turned out that you also had to include it.
Well, there's no other choice, but... no. So, they might end up becoming another company. Maybe he has his own Bushi or something like that. Okay, so today we've reached the point in the Munger story. This is where we come together and meet. I think many people have already seen the picture of Munger.
Who is it? Everything will be the same as before after this. It's time to pick up the investments we had earlier. I've put in a lot of money; there's this C-Class, this Costco, everything. Studying is so much fun, but going to school is even more fun than this! Watching my mistakes is fun, isn't it?
(I'm good at it.) Even I, who am supposed to get the money [laughs], am still wrong, unlike everyone else. If something like this happens, then everyone is at fault. But I might have a grade that I really like today. Buffett went to court or something like that, it's a matter of time. When I go in and speak, I have to explain why I did it.
I did n't cheat, I'm really proud of it. Like, this is me. Ah, he's a very transparent person; he's been making money since... A tax-paying child is someone who... We are very proud of our financial transparency, and we do n't want our reputation to be tarnished. Yeah, he's the type of person who would talk about reputation and all that.
Things like this and that, we felt like at the time... We went and read a chapter where he was talking about himself. It's like a scene from some kind of show. [Laughs] Like, I'm such an innocent person. I feel like it's cool to be a quirky person. It's similar, roughly the same. I'm a weirdo in my own way, that's just how I am.
He is a transparent person. Yeah, I'm the type of person who's obsessed with transparency, saying I'm transparent. It's the clearest way, if I had $10 I would... Paying taxes and things like that, that's what kind of person you are. I have a feeling that this kind of person looks... And he's really proud of his tax payments.
Many people are still criticizing Donald Trump. Last year, it was in the letter to shareholders. They said, "The Birchshire clerks pay the taxes for us." The government earns a million baht a day. But when the year is up, you have to pay another installment. That's a lot of taxes I have to pay! I'm very proud of myself today.
We should now have a better idea and understand the point of why " what makes the risk" is risky. As you can see, we talked about money and buffets first. In order to find out, hey, what is life really like for people? These aren't perfect pictures. Uh, I'm not a god, I'm just an ordinary person. We've been through both highs and lows, and next time...
He's probably talked about his investments by now. That means next time we'll bring in his investment. This is arguably the number one investment in the world, no matter what your background is, if you talk about it. When will this individual stock become a stock? It's undeniable that it's number one day.
Forever for Let's talk about thinking like an investor. Thank you all so much for today, and I'm very happy. Having been on the second episode alone was a lot of fun, in general. It's okay if nobody's watching. Recording it and watching it alone is enjoyable anyway. Everyone is welcome to comment on this topic.
Feel free to come in, or let me know if there's anything else you'd like to know. Feel free to add more; I'll make sure to include them. Please give Stamp some credit and find more information. Because I'm the type of person who just sits around and says "uh-huh" without any real thought. If you know anything, please leave a comment, like, and share.
Let's support each other and see each other again. Welcome back to What Makes the Rising Rich with me, Beskitka, and Stamp. Holy Stamp. Okay, for those who are excellent speakers. [Laughs] Everything on this tape, really. And then I said, "Oh yes, that's right, we're back together." See you next time! Thank you for today. Hello everyone! [Song] Hello everyone!
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