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13 core viewpoints from Charlie Munger's podcasts before his passing.

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Retail investors are just chasing the ups and downs of prices. If I were a manager, I would impose a tax on short-term profits and drive these speculators out of the market.

Source: Bu Shuqing, Ge Jiaming, Investment Workbook Pro

On the morning of November 28th, "Stock God" Buffett's investment deputy and partner for the past half century, Charlie Munger, passed away peacefully at a hospital in California at the age of 99.

Shortly before his passing, he made a rare appearance on the popular business podcast Acquired, where he discussed his investment views, experiences, and lessons.

In the program, Munger talked about his investment experiences and unique insights into many well-known companies such as Costco, Coca-Cola, Apple, BYD, Tesla, and General Motors, as well as his insights into the Chinese and Japanese economies and investments, and his views on the future.

It is worth mentioning that Acquired is the first podcast that Munger has ever been a guest on. Acquired is committed to revealing the untold stories behind the tech industry giants and has consistently ranked among the top podcasts in the United States this year.

Here are Munger's core views:

1. Retail investors are just chasing the rise and fall of prices. If I were a manager, I would impose short-term profit taxes and drive these speculators out of the market.

2. It is almost impossible to succeed repeatedly in VC investments. All investment projects are very popular, and investors must make decisions quickly. This means that most people are just gambling.

3. The prospects for the Chinese economy in the next 20 years are better than any other major economy. China's top companies are stronger, more excellent, and their valuations are much cheaper. Therefore, I am naturally willing to include certain Chinese risk assets in the Munger investment portfolio.

4. After holding a certain stock for 5 years, you may gradually integrate into it or have a deeper understanding of it. However, when you realize that you have an advantage, you should double down. You must double down on the best investment!

5. If we (Berkshire) had used a little more leverage from the beginning, our leverage now would be three times what it is, and the risks would not be so great. We do not want leverage to destroy our hedge position.

6. This (Japan) is an obvious investment opportunity. Japan's interest rate has been only 0.5% per year for the past 10 years. And these companies are indeed well-established old enterprises, they have all these cheap copper mines and rubber bases, so you can borrow all the money 10 years in advance to buy stocks and pay a 5% dividend.

7. Some people may discover some investment opportunities, but it is becoming increasingly difficult. I believe that the chances of buying companies like (Hershey's, Hermes) are very low, so I wouldn't even bother looking for them. I only believe in and search for investment opportunities that I think are possible to find.

8. I like companies that truly own their brand, like Apple. Great brands should be bought at the right price, and the trick is to seize rare opportunities to buy them cheaply. 9. If the stocks of some companies are really cheap, even if it is a bad company, I would consider holding it for a period of time.

10. Wang Chuanfu is a passionate person who is obsessed with personally creating products, so he is closer to the front line. In other words, Wang Chuanfu is better at manufacturing than Musk.

11. Walmart is too fixated on existing ideas, which is a common problem for everyone. They are unable to accept new things because the space has already been occupied by old ideas.

12. I won't give advice to any young person lightly. I will carefully consider the timing and the recipient, and I don't want to become a spiritual mentor. The world is full of deception and madness, and young people are finding it increasingly difficult.

13. You need to get along well with every family member and help them through difficult times, and they will also help you. I don't think it's as difficult as it seems. I think half of marriages in the United States are very smooth.