 All right, good evening everybody. If you can hear my voice clearly, can you type C in the chat, all right? Can you type C in the chat? Because today we are here to learn about what will happen to Berkshire after Charlie's passing and also using this very special sharing. I also want to commemorate Charlie Munger because I have personally learned so much from him over the years, right? Reading through his wisdom of words and watching through all the different kind of interviews that he has been invited before. And there's just so much to really learn and that's why I also want to share with you something that I have personally learned from him over the years and today I also invited the same investor Ken to be here, all right? So both of us will also be going through different case study together with you, all right? So hi, good to see you Kelvin, all right, fantastic. All right, so if you guys are ready to get started, okay, and you can, if you can hear my voice clearly, clearly, can you type C in the chat? Okay, C stands for Charlie Munger, all right? Because today this is what, this whole episode I want to dedicate to him and yeah, he has really impacted me a lot as an investor. So all right, I can just want to make sure that my video is going live and I can hear all, I can see all of you guys, yeah, fantastic. Great, I can see you guys as well. All right, thank you so much Kelvin. Now I'm going to share my screen and how many of you are actually very curious? The moment that you heard Charlie Munger passed away and how many of you have this question that, oh, then what will happen to Berkshire Hathaway? All right, if you have this question, can you type B in the chat, okay? B stands for Berkshire. Now, unfortunately, all right, one of the greatest investor on earth, he passed away just two days ago and because he himself, he's the vice chairman of Berkshire Hathaway, definitely his existence really played a crucial part to how Berkshire is being run. And that's why I think it's also very, very common to have this question that, oh, then what will happen then after Munger passed away? And in fact, this question may also be relevant to those who are wondering, oh, then what will happen after Buffett passed away? All right, how many of you also have this question thinking about what will happen to Buffett after, oh, to Berkshire, after Buffett? All right, if you have this question, can you type B in the chat? I really love to have you guys interacting with me, right? So that I know that you guys are learning a lot from this as well, all right? So if you can make sure you hear me, all right, make sure that I can see that you guys are interacting, can you type B, all right? So far, I only can see Kelvin typing, all right? So yeah, Kelvin is saying that it's a, it's a invest as usual, very surprising. Now, today I'm going to share with you, is it indeed invest as usual or not, all right? This is my personal opinion, and I hope that you can also find it useful as well. Now, let the first thing ask, right? Before I go into sharing with you my thoughts on what's going to happen to Berkshire after Munger's passing, all right? I firstly want to share with you, Berkshire Hathaway's business model, all right? So how many of you are curious to learn about Berkshire, right? If you just think that Berkshire is just another company that keep on having, it's just a holding company, right? Having a lot of investor stocks like Apple and all this, then you are wrong, okay? Because Berkshire, it's not like that, it's way more than that. So many, many years back, okay, Warren Buffett actually purchased Berkshire Hathaway in 1965, and at that time, Berkshire was actually a tax, textile mill, all right? So Buffett, when he first bought it, all right, he based on the book value per share, every single thing that Berkshire was being sold at that time was super undervalued, and that's why Buffett went to buy it, right? However, he didn't know that actually to run this business as a textile mill, it was super, super difficult. So eventually after many years, he decided to just really wind down the entire business, Berkshire Hathaway as a textile mill, and he transformed it into the Berkshire that we know of today. Now, the thing is, all right, in terms of Berkshire Hathaway, how many of you know that it actually has a lot of privately listed, privately held companies as well, okay? So not just publicly listed like Apple, like Coca-Cola and all this, it has a lot of privately held business as well, right? So that's why it's a conglomerate that has a lot of different businesses under its arm. So which actually relate to the first point that I'm going to share with you very soon, that you really don't need to worry so much, right? Because when you see how Warren Buffett runs the business, how Charlie Munger runs together with him, right? It's a totally, you will be, have a piece of mind, right? Because firstly, as you can see, if you can go to this website, it's called Indie Fin, right? These are the, actually wrote down every single thing that Berkshire owns, right? Be it privately or be publicly. Now in terms of private company, it has many different companies that you might have heard of as well. For example, Daily Green, right? Or for example, Berkshire. All right, this one is a jewelry company, right? And on top of that, it has, you know, cloaked manufacturing fruits or fruit of the loom. This is about clothing, right? And it also has a lot of very, very delicious company like Seas Candy. How many of you have actually tried Seas Candy before? If you have, can you type as in the chat? All right, how many of you have tried Seas Candy? Now in my opinion, I think Seas Candy is one of the best candy chocolate shop I've ever had. When I went to Berkshire last year, I purposely bought back Seas Candy because it was really, really delicious, right? In fact, in Singapore, there's a brunch. If I'm not wrong, in Orchard, I went once. So you have to not try Seas Candy, you can buy from Singapore as well, right? So the thing is, apart from all this, right? It also has insurance businesses, right? And the reason why insurance company is a very great businesses after Berkshire's up is because it provides Berkshire a lot of float. That means all these insurance premium that Berkshire able to collect, right? Charlie Munger and Warren Buffett, their job is to reinvest them, right? So most of the other businesses, actually they don't really care, right? So they basically just let the management of all these companies continue to run its business. And in fact, Charlie Munger and Warren Buffett, they don't even micromanage, right? In fact, they don't even manage them, right? All they want to make sure is at the end of the year, right, they will have the float produced by all these companies and they will use this float to go and reinvest, right? So the capital allocation is their main job. If you guys understand what I'm saying, can you type C in the chat, C sense of capital allocation, right? Now, the thing is, then what does that mean is even after Munger passed away, or even after Buffett passed away, all of these businesses, they are going to continue to be run by themselves, by the great management team that they actually bought over in the first place, right? So this one has nothing to do with whether Charlie Munger or whether Warren Buffett is still around. So the float will still come in, right? And then of course, on top of that, right, there are people, there are also companies that Berkshire owns which are publicly listed, right? So be it your A-Max, your Bank of America, Coca-Cola, Apple and all this, right? So what does that mean as all these companies, right? Firstly, they are not run by Warren Buffett nor Charlie Munger. So they are also not going to be impacted as well, right? So if you guys can see why this business model doesn't require Buffett and Munger to be scrutinizing them every day, that means they can be really relaxed, right? If we vote without them, they can still ongoing, they can still go on. If you can see that, can you type me in the chat, right? So that is point number one that if you are thinking about should you be worried or not, then definitely point number one is no, right? Because it's a very decentralized business structure, right? If you can understand the power of decentralization in this case, can you type D in the chat, right? So that's why point number one in my opinion it's definitely not a concern when how Berkshire being run in general. Now, of course, very importantly, right? We also want to share some of the very, very famous quotes that Charlie Munger has once shared and how it has actually impacted the business of Berkshire and how it has actually impacted me as well as the safe investor, right? As an investor in general, right? And I want to share with you some of the quotes that I found that it's super, super meaningful, right? And Munger, he once said, right? A great business at a fair price is superior to a fair business at a great price. Now, what does that mean as? In Munger's opinion, right? If this business is a great business, for example, like Apple, right? Like Apple, right? He doesn't mind, oh, he doesn't mind paying, right? Even though Apple might not be at a good discount, right? As long as Apple is at a fair price, he will think that this is a good price to buy, right? Versus another company, which is called a Rotten Apple. Let's say this is like a Rotten Apple with worm inside, right? Then he will think that because this is not a quality business, right? Even though it's been sold at a great, great discount, he will not buy it, right? And this is a philosophy that actually impacted greatly on Warren Buffett because back then, Warren Buffett, when he first started investing, he learned from Benjamin Graham, right? So value investing to him is about buying businesses like this at a super, super discounted price, right? And that, in the opinion, that is the margin of safety. That is where the safety comes in, right? But Charlie Munger realized that, you know, through his years of investing, right? Even before he met Warren Buffett, he himself already runs a super, super successful and super profitable fund management company, right? His fund was doing very well. And he told Warren Buffett that you should focus instead on this kind of company, you should focus on these type of quality businesses and buy them at a fair price. And actually because of that, right? He convinced Warren Buffett to buy over this company called the CIScandy, right? How many of you have tried CIScandy before? If you have tried, type S in the chat, right? So at that time when Warren Buffett first bought over it, it's definitely not at the cheap price, right? So if Warren Buffett didn't get influence or didn't get persuaded by Charlie how he invests, Warren Buffett wouldn't have bought this, right? Because it's definitely not a discounted price. But eventually, right? When Warren Buffett get to realize that after they acquired, right? They basically bought over the entire CIScandy, right? They kept to see the cash flow keep on coming in. And in fact, because CIScandy is such a well-known brand, the prices of the candy shop, right? The prices of all the chocolate continue to increase, right? And people are willing to pay. And this is called pricing power, right? And because of that, right? The cash flow keep on coming in and that's how they use the cash flow to reinvest, to buy more great businesses, right? And this has impacted Warren Buffett a lot in terms of really making him to start adopting the philosophy of buying a great business at a fair price, right? How many of you can see Warren Buffett's transformation? If you can see that, can you type T in the chat, right? And I also hope that through this, right? You can also start to transform because in the past, right? Maybe later on, I can do share as well because in the past, I also didn't believe in this, right? I didn't believe in buying great businesses, you know? When you ask maybe just, I think, if you ask me five years ago, right? If you ask me, hey, Chloe, you should look into Apple, right? You should buy Apple. I'll be like, huh, but Apple is so expensive, right? Apple is constantly so-called overvalue, right? It's definitely not cheap, right? There was no time that Apple was ever cheap, right? But because of Charlie Munger, my thinking start to change, right? Because I also see how Warren Buffett invests, my thinking start to change as well. And over time, I started to buy more and more Apple shares, right? And this company, Apple, has definitely done a very fantastic job to my portfolio as well because over the years, because it's a quality business, the stock price eventually reflects the business nature, right? If it's a good company, it can make more money for this shareholder, the stock price will continue to go up eventually, right? And that's how it has actually done for me pretty brilliantly for the past few years while I was holding onto Apple shares, right? So that's how, right? In fact, this also inspired Warren Buffett to buy Coca-Cola, right? And Warren Buffett, when he bought over Coca-Cola, he held on to it even until today. And Coca-Cola share price has actually increased tremendously as well, yeah. So yeah, by the way, if you guys have any questions, feel free to leave it in the chat, okay? Because I want to make sure this is interactive session. You have any questions, feel free to ask us as well. So in the meantime, yeah, can you have anything that you want to add on regarding what you learned from Mungo for this quote? Yeah, look, hey guys. All right, so guys, so how many of you have this constant struggle before? So if you have wondered, oh, should I buy a cheap company or should I buy a expensive but a well-known company? If you have this struggle before, type S in the chat for me, it means struggle. Type S in the chat for me. Because sometimes when after you learn from Chloe, you learn about valuation, sometimes you fall into a value trap and think that, oh, this is a cheap company, but sometimes you bought the cheap company, but the company never goes up. So it's actually like saying that you can place 10 bets on 10 different companies. Who would you bet on, right? So most of the time, people will look at a company's past history. It's earnings, revenue and all that stuff and think that most of the time, the company itself is gonna act like as before. So definitely, definitely should go for a quality company than a cheap company. And that's how you can 10X, 20X your return. All right, okay. Thank you so much for your sharing. Okay, now let's continue point number two, right? Because I think people are also curious then, of course, right? I think what Munger, another quote that impacted me a lot is the big money is not in the buying and selling, but in the waiting, right? How many of you agree with what Munger said in this quote that waiting is in fact, the most agonizing thing, right? That's the most painful thing, right? A lot of times, like great companies, like Apples, like Microsoft and all this, they could be keep on going up. And because of that, sometimes you just feel like you have this tendency, oh, should I just buy now? But at the same time, if you just waited a little, right? Really wait for the price to really drop to a fair value, right? That means it's not too expensive. You don't wanna buy things too expensive as well, right? When you drop it to the fair value, that is when the huge profit actually lies here, right? And this is what you mean, right? But sometimes you really don't know how long would that be, right? How long would that be? In fact, recently the stock market has gone up so much, right? Later on, we are actually going to look into Berkshire's cash holding and you will know whether the Warren Buffett and in fact, Charlie Munger, do they actually think that it's over value or under value right now? Again, because you can actually observe how they invest and how much cash they have, right? So that's why right now, okay, in my opinion, I am constantly trying to practice patience when it comes to learning how to invest. How many of you will also love to practice patience when it comes to investing? If this is what you want to achieve, can you type P in the chat, right? Because patience is gold when it comes to investing. Now, the thing is when it comes to Warren Buffett, right? And Charlie Munger, they always wait very, very patiently when it comes to opportunities that they want to invest in, right? Because back then Coca-Cola, they bought 23 million shares in 1988, right? And then they wanted to buy it again, but they didn't anyhow buy it in between. They waited, guys, can you see? They waited six years before they increased their stake again, right? So what does that mean as this is what they're practicing? They're practicing patience. They only strike, they only take action when the market gives them opportunity, right? And for Buffett, right? They also know how to do options. So at that time, actually, they also use options to increase their stake coding for Coca-Cola as well, right? So for those who are keen, what is options you don't know? Well, at the end of this sharing, I will also be sharing with you some additional resources because I already think that there's so many things that we can keep on learning and keep on improving as well, right? So this is what Buffett and Munger, they have been doing. And secondly, right? For succession plan, in fact, this is the question that so many years, right? Every single time you go to a Berkshire AGM because both of them are pretty old, right? But Buffett and Munger are already pretty old. And these are the questions that keep on appearing again and again, right? And that's why over the years, actually Buffett and Munger has actually planned out successes, right? So for the non-insurance side, which includes just now what I shared with you, right? The side where they have the energy, they have the railroad business, they have the candy business, right? Overseeing, right? Grad Able is the one, right? And then at the same time, Ajit, he is the one who will be overseeing, in fact, he is already overseeing the insurance operation, right? So that's why in terms of succession plan, Berkshire already has this in place. And why I personally choose to believe that these two will be the great leaders for Berkshire Hathaway because both of them have been working in Berkshire for so many years. Now, how many of you agree that for Charlie Munger and Warren Buffett, they are very wise, right? And not just in picking stocks, but also in picking the right people. How many of you agree that? If you agree, can't have A in the chat, right? And I think that, you know, when it comes to the people's capability as well as the integrity, the true color of the person, right? Buffett and Munger would definitely be able to see whether are they capable of leading Berkshire for after so many years of working with them, mentoring with them, mentoring them. And that's how really grooming them to be where they are today, right? In fact, for Ajit, right, he was constantly praised by Buffett by how good he is in terms of really managing the insurance operation. So that's why I think Berkshire's culture is definitely in place. I personally am not worried if anything should happen yet Buffett even passed away eventually, right? And later on, okay, I will also be sharing with you, when Buffett passed away, I mean, definitely there will be some fluctuations to the stock price than what could potentially happen. So this is what I will be covering later on as well. But in the meantime, how many of you thought that whatever things that we've been sharing has been quite useful and quite insightful if it has been useful for you, can impact you in the chat, right? Now, the same thing as, right, why I personally believe Munger and Buffett have been constantly making sure that the management, right, their successes are in the right place is because you can see that for Munger, he constantly say, right, he see people rise in life, right? Not because they are the smartest, sometimes they are not even the most diligent, but they are learning machines, right? And they constantly go to bed a little wiser than they were when they got up. And by keep on doing this over a long period of time, that's how you become successful in life, right? And that's how I believe, even for both Arjit as a grad able, they are people who keep on learning, right? And that's why Buffett and Munger appointed them to be the vice chairperson of these very, very two important arms of the company, right? So if you can see the importance of learning, right? Can you type L in the chat, right? And this is what I will personally also encourage you to do as well because nobody is born perfect, nobody is born to be a great investor. So I personally like to keep on learning as well. So for myself, I like to read different kind of books, like including the Tao of Charlie Munger, right? Getting wisdom. In fact, next month, I will also be interviewing William Green who has the ability, wow, I think I really salute him. William Green, he managed to interview many, many great investors, including Munger personally. So I'm really looking forward to learning from William Green next month during our interview. Yeah, so keep on learning, keep on reading, and that's how you keep on improving as well. Yeah, so for Ken, for this part, do you have anything that you want to add on? Yeah, so hey guys, let me ask you a question. How many of you read books nowadays? So if you consider yourself as a reader, if you read books, type R in the chat for me. If you have not, if you don't consider yourself as a reader, type NR means that you're not a reader. So let me share a little bit about my journey about transformation. So if basically I was, when I started investing, it was probably like any one of the single one of you, I started with technical analysis. I started with following the trend, trying to trade forex crypto, no crypto, but forex at that time. And at that time, I didn't even realize how powerful a book can really transform you. So at that time, if you go and study the book, the dial of Charlie Munger, you will actually see that most of it is actually, it's not gonna teach you about valuation skill. It's not gonna teach you about so-called any financial skills or even technical results. It's all up here. And the mindset. It's all up here. So basically at that time when I started, I didn't really, I thought like a mindset thing, like who in the world teaches mindset, right? But then if you go and if you don't study the most, I would say the most highly paying course that you ever attend, like Tony Robbins, they, you know, what does Tony Robbins teach you? They teach you about the mindset. So it was until then, it was until then I started to really go and study about Warren Buffett and study about Charlie Munger. And that's when you really tap into the mind to fix your mindset, then that is where the big money comes in. So whether it Chloe or I have taught you in the past before about valuation skills, about technical analysis, that's just the tip of the iceberg. If you can strengthen your mindset to become, have a huge, huge become the like, if you treat yourself as a great investor, that's how you can succeed. Okay, so if you understand, if you agree type A in the chat for me, okay? Back to you Chloe. Yeah, and I totally agree with what Ken said. Like, I mean, like there are so many things that about technicals of investing that can be learned anywhere, right? If you find information online, it's just everywhere. But the most difficult part about investing is really about that psychology and the mindset stability. How many of you encounter these kind of challenges before that, you know what is the right thing to do. But when the market goes against you, you kind of just finally suddenly feel like, oh my God, you know, like you show all the things that you are supposed to do up off the window. How many of you experienced that before? If you experienced emotions before type E in the chat, right? So that's why when it comes to mindset, it's definitely not something that can cultivate overnight. So I'm also constantly trying to cultivate to become a better investor, right? And that's why I've been reading, help, right? Reading people's famous quotes, get to see how successful people, great investors like Munger, like Buffett, they think, how they act, even though you cannot immediately cultivate, but over time, all these little reminder builds up, right? And the environment that you surround yourself with will help as well, right? When you surround yourself with an environment that practice a lot of stability, that practice a lot of really, how can I call that? Instead of emotional investing, emotional trading, more like step by step, really following the rules, and following the right thing to do, then you will eventually have that ability over time. So that environment is something super important. Can everybody type E if you agree, right? E stands for environment. So continue to surround yourself with the right environment, with the right mindset, the right reminder, and that's how we keep on improving everything. And in the past, yeah, since I was talking about reading, actually in the past, I wasn't a reader at all, right? I actually hated reading, right? I was like, why on earth would people want to read, right? But until one day, I just decided to really sit down and start to read about a topic that I was personally interested in, right? So at that time, I was more interested in developing relationship, better relationship. And that's how triggered me to start reading. So if you do not have a very, very strong interest in reading, let's say, businesses or investing, then it's okay, right? Find a book that you enjoy reading first. And from that, cultivate the habit. And once you build yourself into an identity that you are a reader, then you become a reader for life. So that identity is very important. And not to build that, you want to pick something that gets your interest first, right? Pick a topic, right? So can everybody type I in the chat, okay? I sense what I want to say. So tell yourself that you are a reader and I truly believe everybody will definitely benefit a lot from reading, right? Because that's what Manga said as well. In another quote, I remember he said that he has never seen anybody be successful in life, not by reading a lot, right? Warren Buffett reads so much every single day and that's how he becomes super successful. So you want to be a successful person, then start reading, cultivate that habit and cultivate that identity, right? And that's how Manga, he also said something that I thought that it was very, very interesting perspective. Because he said, it's remarkable how much long-term advantage of people like us have by gotten by trying to be consistently not stupid instead of trying to be very intelligent, right? How many of you can relate to this quote? If you can relate to that, can type I in the chat, right? So what Manga is saying that don't try to be too intelligent because a lot of times intelligence for us instead just by being not stupid, don't go and do stupid things, don't go and make silly mistakes, right? For example, even though you're super bullish about certain strategies, right? Be it options or being certain stocks, if you go 100% in one single strategy, 100% in one single company, right? Then it could be a very, very silly mistake eventually because nobody can ever control or predict what will happen, right? So that's why portfolio sizing is also important, right? And think invert, right? Today I was just recapping some of the interview, right? In fact, you can go and YouTube it, right? Some of the interview that he gave before, he said that a lot of times, right? We are constantly trying to find how to, right? How to become successful in life, how to become a better investor, right? This is the how to solution, but Manga said actually a lot of time it's way easier if you ask yourself, how not to? What does that mean as instead of asking yourself how to be successful in life, you ask yourself, how not to fail in life? How not to, right? How not to fail in investing? And that answer will come to you more naturally. And this is the power of thinking invert, right? So inversion is what Manga has been practicing all these years, and that's how he invert by not doing a lot of silly mistakes, right? He doesn't invest in like companies that have erratic but high exponential growth. You will keep asking yourself, what could go wrong with that company? And that's how he prevented himself from making silly mistakes, right? So yeah, it's okay. You have anything that you wanna add on here? Yeah, all right, so guys, let me share with you something very interesting. It's a true story. So before I read this book, before I read this book, I was a very new investor. I was doing my trading and then, okay, so later on you tell me if you have experienced this before. When you, as a beginner, when the stock price crash drop, you feel, oh, is it gonna crash more? I wanna buy cheaper. And then you don't buy it. And then it comes down even more. And then you feel, oh man, it's a good deal, but then, okay, I'm gonna buy one share. And then it comes down even more. You're like, oh, holy shit, this is going down. I made a big mistake. It's gonna crash all the way down. So you end up not buying shares, right? Because you were thinking that the share price is gonna come down. So, but then eventually, right? If you just buy one share and then you will see the price start to shoot up, at first you'll think, oh, maybe this is a fake rebound. You'll think it's a fake rebound. And then you don't buy the shares. And you think that, holy shit, this price right now is gonna continue to go up. And then you buy it at the peak. Okay, and then you buy the peak once you bought the share, it came all the way crashing down. Again, okay, if you had similar experience, type me in the chat, type me in the chat. It means that for as a beginner investor, you probably feel like, you don't know what's going on in the market. You feel like, is it going down? Is it going up? When it's going down, you're afraid to buy. When it's going up, you thought you missed out. You wanna wait for another chance to come crashing down. So basically, by not doing stupid things, it's very simple, which is you simply buy it when it's cheap. You don't care if it's crashing down or not. If it's cheap, then you buy it. And then when it goes up, you can either hold on to it or you can sell it, right? So just keep it simple, keep it like that. I actually lost a lot of money when I was doing that, or I was doing Forex. I was, it was always after something that has already happened. Then I try to go and fix it. So you see the stock price going up already, and you missed out, then you go and try to chase it. Or you see the stock price down or has been down already and you try to sell some shares because you thought that, oh, I should have sold at the top. Now I can still sell it, but it's already too late. It's already too late. So this is the most crucial and pain point for beginner investors. So hopefully you don't experience that. So if you do go and read the book, it will definitely help you strengthen your mindset. Yeah, Charlie Munger. Yeah, so thanks, Charmings, for saying that, yeah, you was like that in the past. I think everybody when we first started investing, it was like that as well. So yeah, it's good that you surround yourself with the right environment, continue to learn, continue to have little reminder every single day. We all definitely gonna improve, right? So now let's go to the third point, right? Which I think it's a very interesting factual thing that you can actually see, right? Which is actually Berkshire's cash holding. Now you can see that actually for Berkshire, why is it such a strong company is, it has a lot of cash, right? So guys, can you make a guess how much cash is Berkshire holding onto right now, right? Guys, you can see that over the years since 2000, right? The cash holding has been keep on piling up. But of course, during a very, very good opportunity times, Berkshire's cash holding were reduced, right? For example, in 2008, right? When the stock market crashes a lot, that's where actually Berkshire, which is Warren Buffett and Bunger, they went to buy massively, right? And then of course, when the opportunities are not so fantastic, they become more conservative, right? They wanna make sure they are doing the right thing. They don't overpay for stocks. So they only actually reduce their cash holding during the 2020 period, right? Around here, actually last year, right? Two, about one year ago, right? One to two years ago, they started buying more and that's when their cash holding reduced. And right now, their cash holding, in fact, goes back to really, really high, $157 billion, guys. So guys, can you tell me, based on this, right? Now it's kind of like hitting a record high again. So can you tell me, do you think the market is overvalued or undervalued in this case, right? Because we all know that the market has gone up quite a lot, right? So during this period of time, it's good to just actually use Berkshire's cash holding. Also, as a reference, you will know whether should you be aggressive in buying a lot or should you be more careful, right? And it's quite obvious that in this market situation, we should be more careful in terms of what kind of companies to buy and what is the price that we are paying, okay? Can everybody have seen the chat, okay? C-Sensor, be careful, right? So now, of course, how it ties back to what happened to Berkshire. Now, remember, cash is king, right? Cash is the blood of the business. And how many of you agree that very few companies in the world have this amount of cash in their balance sheet? So what does it give you? Really, that this company is so strong that it's not going to go anywhere, right? That means even with buffer and manga passes away, this cash holding will continue to be the strength of the company. And in fact, that gives a lot of mobs to Berkshire's insurance business because as insurance company, you need to make sure you have the float, right? You have the float to be able to sustain should anything happen, right? A natural disaster or suddenly a lot of claims and all this, right? So many business, many insurance companies are unable to have this float. And that's why Berkshire has to waste insurance company like Geico and all this have this competitive advantage that many insurance companies don't have. And they are able to also take out policies that many insurance companies are unable to take out, right? And this is the mode of the company as well. How many of you can see that? If you can see that, can't I am in the chat, right? So that's why for Berkshire, they would definitely always keep certain percentage as cash because they are running an insurance business. They need to make sure they have enough cash holding to sustain should anything happen. But that itself also give Berkshire an advantage, right? And of course, when you have so much cash, let's say today, right? Warren Buffett, should anything happen? I hope not, right? That he also passes away. Now, when that happened, I'm pretty sure that there will be volatility in the stock market, right? People who don't understand Berkshire's business, they will start to panic sell, right? They will think that, oh, the management team is gone, the capable leaders are gone, right? And they will sell, right? So what will happen is there will be certain volatility, that means the stock price might drop, right? However, as a good business, right? Should the company management be worried about it? No, just like we shared already, the management structure is already in place. The businesses, such a diversified business, they run by themselves, right? They still continue to generate cash flow, right? And when they have so much cash, what would they buy is, they will buy back the shares of the company if opportunities arise. So once again, actually Berkshire have been buying back their own shares whenever it reaches a very, very good valuation. And I believe that if opportunities arise like this, right, the company management will also continue to keep on doing that, right? As long as, right, what they are, the business is still intact, right? The company valuation reaches the right price, they will just buy, right? And I kind of look forward to this. I don't know when will that ever happen. I don't think there will be a sharp drop in the share price because that's how the strong balance sheet will actually kind of help to hold the price as well. How many of you understand what I'm saying? If you understand, type me in the chat, right? So this is another competitive advantage, right? Now, of course, talking about cash, I think the next lesson that I personally find is super, super insightful. What I learned from Munger is he shared about this. He said that it takes character to sit with all that cash and to do nothing. How many of you agree? It takes a lot of character to do so, right? If you agree, type A in the chat, right? And exactly because it's difficult, exactly because it's difficult, right? Charlie Munger and Buffer has been practicing it and that's how they become where they are today, right? Munger said, I didn't get to be where I am by going after mediocre opportunities. So they were not anyhow stride. They were only stride when they see an excellent opportunity at a very, very good price, right? Then that's when they really load off a lot of cash and they just really unload it and buy, right? So they really practice very aggressive opportunities taking kind of approach, right? They don't go small. When they see an opportunity, they will go big. And this is something that I think a true intelligent investor will be able to do that because there's a lot of emotional detachment. They are not afraid. The stock price is going to drop. They are not afraid, right? And this is something that in my opinion is truly remarkable. And at the same time, that amount of patience that they have just to wait and do nothing. This is something that I personally also want to cultivate, right? Because a lot of times we just want to keep on using our cash because we think that all the cash put in the bank is useless, right? The interest rate is really low and everything. But at the end of the day, right? That made me to rethink actually sometimes cash in the bank is not useless because when opportunities arise, this is where the liquidity comes to play, right? It really gives you the flexibility to invest when opportunities come, right? How many of you find that this is very, very powerful kind of wisdom? If you find so, can you type P in the chat? In the meantime, yeah, can you have anything that you want to add on for this part? Yeah. All right, so guys, let me test you guys. Let me test you guys. Now, if you think the market is overvalued, type O in the chat for me. If you think the market is fair value, type F in the chat for me. If you think it's undervalued, type U in the chat for me. So let me show you a story. So some of you might know that I have some group coaching students. And recently, I've been constantly looking for companies that are undervalued to buy because I have this huge pile of cash sitting around in my bank account. And a few weeks ago, the stock market was high. The US dollar was high. Bonds were cheap. I've already had bonds. I have banking stocks. I had real estate stocks. I had my tech stocks. And I just couldn't figure out where to deploy my cash. So then I started out coming with these crazy ideas of how I can start lending out my money to people and collecting something or putting it into some other cryptocurrency trading platform. Or I was thinking, oh, where can I buy? Because everything was up already. So I was thinking, where in the world can I deploy my cash? And then it's so funny. When you try to do stupid things, you try to do crypto trading. I was trying to do crypto leverage. And then guess what? I ended up losing money. Because you had just so much cash on hand. And then I was just finding a place to deploy it. And I just couldn't find it. I just couldn't find it. So guys, and then luckily, Chloe just showed me the book again. And then actually, I read this book before a few times. And then it really comes down to having that stability and mindset of just sitting on your cash, putting your bank account for safety reasons. I remember Mary said that she has a huge pile of cash, like sitting in the bank account, just in case something happens. So it just, because once you learn investing, you know that if you buy something cheap, it will go up. You're always constantly looking for something cheap. And I just couldn't find it. To be honest, recently, I couldn't find anything, except for a gold mine, recently I bought a gold mine. So yeah, so definitely trying to market a very wise person. And it just really comes back down to, if you go and read this book, it's going to change your life. You'll become a better investor. It will help you stable your mindset. And yeah, hopefully don't do stupid things like what I did and you go make money. Yeah, I think like, I mean, like this book is definitely very powerful, but it's really practicing what the wisdom is like, that is the hardest. But if you are able to really internalize it, which will take some time, right? But it doesn't mean that it's impossible. And that's why we strive to do that. So by reading it, it's like one quote a day will also help you to improve, to become a better investor in the long run. Because that's what Charlie Munger said, just improve that 1% every single day and everything will compound and you will definitely become way better than you are today. How many of you are inspired to improve that 1%? If you are, type 1% in the chat. We just need to do that 1% a day. And that is also very much correlated to what Warren Buffett said, right? The margin of safety is so important, right? In fact, he said this is the three most important words which is margin of safety. You wanna make sure you only buy when the price gives you a good margin of safety so that you know you are investing in good thing at a good price, right? And over long term, right? That's how money can be made, right? A tremendous wealth can be created to investing in the stock market, right? And I just personally felt that I was so fortunate to be able to go to Berkshire AGM this year, right? 2023, right? Like it just a few months ago, right? In May that I get to witness both Buffett and Munger here, right? But unfortunately, things happen, right? At first I thought that next year when I go back again, I will get to see both of the gentlemen and at first I thought it was a great celebration because Munger will hit 100 years old, right? In fact, he was just five weeks shy of 100 years, 100 years old before he passed away two days ago. But nevertheless, I felt that this is a once in a lifetime opportunity that regardless whether Munger is still around, I highly encourage every single one of you to go because I believe when Munger pass away next year, it will be something very special, right? How many of you agree that it will be something very special that Warren as well as the Berkshire team will be doing just to commemorate Charlie Munger, right? So when you go there, I'm pretty sure you will be able to really live and breathe the wisdom that Munger has, the impact that he has given to the whole investing world, right? Like I personally felt super sad, right? When he passed away, even though I don't know him as a person, right? I just feel like, oh my gosh, like when such a great leader, such a great person pass away, the good thing is, there is wisdom that he has disseminated, right? He has impart to us through all his years and decades of investing in. And I just felt having a book, right? Kind of made me really relieve his wisdom again and again. And I really hope everybody can, if you can, like go to Berkshire AGM, the experience just cannot be used words to describe. You will really feel very differently and your mindset will really start to shift because of this, right? And before we wrap up, I just want to play this video that I personally find it was very insightful. How Buffett and how Munger, right? Both of them have impacted each other over the years. And this video also shared Charlie Munger's view towards the seed thing that what will happen to Berkshire after he passes on it, even what will happen to Berkshire after Buffett passes on it. Okay, so it's a very great video. Let's learn together from him. Kevin said that there is no sound. Okay, thanks for letting me know. To share computers. How am I supposed to share computers? Stop the screen share and then reshare computers. Okay, okay. So stop and then I present. I should probably share. Okay, stop share and then present. Maybe I should just share screen. Entire screen. Also share tab audio. Okay. Why not? I'll just do the tab. Okay, I'll just do this. Yes, thank you so much for letting me know. Okay, let me just play it again. All right. So I should be able to speak. Charles Munger served as alter ego, sidekick and foil to Warren Buffett for almost 60 years as they transformed Berkshire Hathaway from a failing textile maker into an empire. A lawyer by training, Munger helped to Buffett craft a philosophy of investing in companies for the long term. In 1962, the two men began investing in Berkshire Hathaway, a Massachusetts company that made men's suit linings. Even after the mills closed, Berkshire stuck around as the corporate vehicle for a growing conglomerate of companies. Focusing on businesses with strong brands and pricing power, Munger nudged Buffett into acquiring California confectioner C's Candies in 1972. The success of that deal inspired Berkshire's one billion dollar investment in Coca-Cola stock 15 years later. At the company's annual meetings at Omaha, Nebraska, where he and Buffett had both grown up, Munger was known for his roles as straight man and scold of corporate excesses. The acerbic Munger so often curbed Buffett's enthusiasm that Buffett jokingly referred to him as the abominable no man. Still for many years, Munger was more bullish than Buffett when it came to investing in China. His purchases of stock in Chinese automaker BYD resulted in Berkshire becoming that company's largest shareholder. That even as his partner became a worldwide celebrity known far and wide as the Oracle of Omaha, Munger believed Berkshire's success would outlast Buffett's start power. In my opinion, Berkshire will flourish after war is gone. I don't think anybody is essential given the momentum we now have in place. He didn't overstate his own importance either, shearing his vice chairman title at Berkshire in 2018 with two next generation senior executives, Ray Gable and Aji Jane and affirming the company's commitment to a succession plan. All right, guys, so after watching this video, okay, can you type down for me what's your greatest key takeaway all right from our sharing today, right? I hope that you guys feel more reassured that, you know, Berkshire is going to be around me. In fact, it's more continue to be strengthened. And at the same time, I personally also like, like what you guys say, right? There's so much that we learn from this, one of the greatest investor, right, on earth. I just, okay, I'm getting a little bit emotional, but I really felt that, like, he's such a great man. And yeah, that's why I want to do this very special episode just to pay tribute to him. And hopefully that will inspire you guys to, yeah, go and read his book and go and continue to learn from so many great investors on earth and learning never ends, yeah. So, yeah, must learn to calculate margin of safety. Okay, that's what Charmin said, fantastic. Yeah, I would definitely miss, I love what Timon said, right? You will miss seeing them sitting together and eating candies, yeah, I would miss that too. Yeah, so hope you guys enjoyed today's sharing. And of course, I mean, it's not supposed to be a cry show, but I just can't help it. I just can't help it. So, yeah, anyways guys, but just like I said, right, learning never stops. So for those who actually, okay, by the way, for those who are coming for our express, express happening this upcoming Sunday, they just to let you know that if you guys are early bird, okay, what does early bird means is our event starts at 9 a.m., right? We are starting at 9 a.m., but do come early, okay? Because when you come early, we will give you a gift. Okay, what kind of gift? We are actually giving this book, right? The Tau of Charley Munger. There are so many great wisdom shared by Charley inside. All the quotes that he has personally been speaking along, like the interview, infectious, meeting and all this, right? All documented that, right? So use it as a good reminder, come early, our event starts at 9 a.m., but if you come early before like 8.30 to 9 a.m., that is the restriction time, right? So can everybody type 8.30 in the chat, okay? 8.30, yeah? So 8.30 come so that you can get this book, get this book, we are giving it to you to early bird action taker, right? Come early, and by the way, we are going to have a two full day of amazing, amazing learning. At the same time, I think it's also the first time we do something that is more transformation kind of learning. So remember when I talk about investing, it's just, it's more than just the know-how, right? It's also about the mindset, it's also about the environment and so many other psychology stability that we should be cultivating. So that's why during these two days, okay? For those who have not attended XFES before, it will be a very, very good experience because you will not only just strengthen your knowledge, we're going to share a lot of knowledge. In fact, Pete himself, he will share some additional options, strategies and all this, right? But on top of that, a lot of mindset learning as well. How many of you are excited, if you're excited, type me in the chat. Yeah, 8.30, so come at 8.30. Yeah, can you have things you want to add on? Yeah, for the XFES. Oh yeah, for the XFES, yeah. Okay, so hey guys. So let me tell you a funny story, yeah? So we actually had a calling, and I went to Berkshire at the way. Okay, yeah, so to be honest, I was very excited, I was like, I was like, we actually woke up at 5 a.m. just to get the slot. We woke up at 5, and then, you know, when I was driving in the dark through the highway, there was a police car on the mountain, and it was, but they did it on purpose to show you, hey guys, you better don't speed, because every single one of them, the people are, they're just rushing to the stadium, they want to get the best seats, they want to like, they want to go to the front, they want to go to the front. Okay, now, but interesting things like this. So, actually, yeah, during the whole event, I think 50%, maybe 80% of things Charlie Munger should actually, I don't understand. Because, because, because number one, he has a very strong accent to me, and then number two, either most of the things I already know. Okay, so, so actually, I think, but, but guess what? It was because of the event, when I went to the super fantastic four-chapter way event, that I was calling, I was super lucky to really meet Charlie Munger, and also, some of you might have seen Chloe do some interviews with some famous authors, and after that, okay, I was bored, I was very bored of the event, but it was the networking that was really worth it. You get to meet a lot of people, you get to network with the people, and, you know, sometimes when you feel stuck in life, when you feel like your investing is not improving, you feel like you want to start a business, but you don't know, you don't know how to, sometimes even, I remember there was another person talking to me about his child problem or something. So it's actually the networking that you're gonna meet, and it's really about, imagine if you go to Express, and then, you know, some people, they need to pay at least a bare minimum of 10K to ask P, an option question. So imagine you go to Express, and you talk to P, or talk to Chloe, or talk to, I don't know, maybe Sean or something, you get some insights, and then change your life. So really about the event, I actually don't know why they're hosting Express, but hopefully, hopefully, if you go, right, let me tell you, every single one of you who go, you are experts. So go on network, you find someone who can help you in your life, and then it's gonna change your life. And that's how I actually met Chloe in one of the events. So, you know, change my life, okay? So definitely go for Express, huh? Yeah, so for those who have bought the tickets, fantastic, you can be there 8.30 early in the morning so that you can get this book as well as a gift, all right? And for those who have actually not, don't know what is Express, but how many of you don't know what is Express about if you don't know type X in the chat, all right? So for us on that two days, all right, it's a Sunday and Monday, we are going to share like four type of assets, right? Four type of, can everybody type four in the chat? So four type of assets from like digital, all the way to investing, right? So on top of that, there's crypto as well, right? Property and stocks. So there are four things that we are teaching during that two days. And of course, like I said, it's not just about the knowledge, it's about the mindset, about the transformation and the application as well. So it's gonna be a lot of hands-on and application together with us. So in my opinion, I'm personally looking forward to it. In fact, I will be speaking for one of the assets while I will be sharing my knowledge on digital assets, right? And then Pete will be sharing about stocks. So I'm very, very curious to see what he has to say about additional options that you will be covering, all right? And yeah, so if you have not buy the ticket, you can go to this website, maybe I just put it in the chat right now, okay? If you go to the website right now, okay, if you just get inside the Intel, if you just input them in, right? If you don't have the code that I'm gonna share with you, all right, the price is 997, okay? But right now I'm going to share with you a special link, right? If you buy from that link, instead of 997, it is only, no, no, no, no, no, okay, not 997, not 997, okay? You will have a discount of $870. In total, it's $127, okay? Now, what I personally think that by coming here, right? Not just networking, like what can say, not just learning, but most importantly, there are so many things that we can keep on improving. So, at the end, I just feel like there are so many things that we can keep on learning, but I also like to wrap up this whole entire sharing with Charlie Munger's quote once again, right? He actually shared something that in my opinion, that was very, very, oh, am I sharing the right screen now, hold on. Let me just make sure I share the right screen again. Okay, share screen and entire screen, yes, fantastic. Okay, so over here, like I said, instead of this, it's only $127, okay? But I think most importantly, right? I want to end off with this quote from Charlie Munger. He actually said this, right? He actually said this, right? Take a simple idea and take it seriously. So, during XFES, we will share with you four different types of assets, right? You don't necessarily have to practice all four, but once you recognize that that is the asset that you want to go after, really take that simple idea and take it seriously, and you will definitely see transformation happen to your life, that's all. And this is what XFES is about, right? To give you the environment and also give you the knowledge and the right network to continue to improve, right? So, I hope you guys find it helpful and you have not joined XFES, then you can join us, use the link that I just shared in the chat to purchase your ticket. But most importantly, make sure you come early, all right? At 8.30 a.m., so that you can get this book as well, okay? So, this is something very special that the XFES community is doing. I'm very surprised that when they told me today, I was like, oh, wow, that's very nice of you guys. So, yeah, so join us and I look forward to seeing every single one of you live in XFES. Come and talk to me. I would love to, yeah, chit chat and learn from every single one of you as well, all right? So, with that, okay? I'm going to wrap up this and thank you so much, everybody, for joining. Thank you very much, all right? So, see you very soon and can you have anything else that you want to say? Guys, you know, just go to XFES. You sell one full option, you may buy the fourth free already. That's true. You sell one full option, right? They're done already. All right. Go on network, go on network, have fun, yeah. Thank you so much, Timothy and thank you, everybody. And yeah, let's continue to learn from Charlie Munger. Let's continue to become better investor and he will be a great hero for everyone of us and a great role model for the rest of our life as well. All right? Thank you, everybody. See you guys very soon. Bye, thank you.