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The wisdom of Charlie Munger

Charlie Munger, Warren Buffett’s vice chair at Berkshire Hathaway passed away at 99 last week of November 2023. He was the close ally and partner of Buffett who provided the wisdom, inspiration, check and balance that helped the world’s greatest investor reach unprecedented heights.

Munger met Buffett when the former was 35, and Buffett, 29. That translates to six decades of friendship and partnership that beat all types of relationships one can ever imagine.

Munger is reported to have steered Buffett into broadening his investment strategy from “cigar-butt” companies to higher quality but underpriced companies. Buffett said that Munger “weaned me away from the idea of buying very so-so companies at very cheap prices, knowing that there was some small profit in it, and looking for some really wonderful businesses that we could buy in fair prices.” Munger helped Berkshire move to investments in companies like insurance giant Geico, See’s Candies, Apple and American Express.

Buffett acknowledges that Munger “made me a better person that I would have otherwise been. I’ve lived a better life because of Charlie.” Buffett views Berkshire as a partnership among him, Munger and other shareholders. “Although our form is corporate, our attitude is partnership. Charlie Munger and I think of our shareholders as owner-partners, and of ourselves as managing partners.” In Buffett’s annual letters to Berkshire shareholders, he always says “Charlie and I.”

Munger is a believer in the difficulty of beating market averages and although he is a dyed-in-the-wool value investor, he acknowledges the practice to be getting tougher. The competition sorting through those opportunities is more intelligent and more aggressive and more numerous.

An interview by CNBC sometime in 2019 with Munger reveals some of the inner workings of his mind. I’d like to share with the readers some key thoughts in his response to the questions of CNBC’s Becky Quick:

1. “I don’t think the right way to handle every tough guy that’s fighting against you is with unlimited hostility. There are times when they ought to be killed with kindness. Even if they’re wrong.” This was a response to a question about the relationship of the US with Russia.

2. “I think the behavior of the mortgage and banking industry in the delusional prosperity that preceded the great real estate bust was obscene. And I think the people who got into a lot of trouble richly deserved it.” The question asked about his comments on some of the worst behavior in business today.

3. On the economics profession. “The great philosopher who said, ‘a man never steps into the same river twice,’ you know, ‘The man is different and so is the river, when he goes in the second time.’ That’s the trouble with economics. The same damn recipe done a different time gets a different result.”

4. What is the secret to a long and happy life? “You don’t have a lot of envy, you don’t have a lot of resentment, you don’t overspend your income, you stay cheerful in spite of your troubles. You deal with reliable people and you do what you’re supposed to do. All these simple rules work so well to make your life better. And they’re so trite… Is that so hard? And can you be cheerful when you’re absolutely mired in deep hatred and resentment? Of course, you can’t. So why would you take it on?”

5. On parenting. “It’s simply amazing to me as a parent to note how much is sort of pre-ordained. The shy baby is the shy adult. The booming, obnoxious, domineering baby is the booming, domineering, obnoxious adult. I’ve never found a way to fix that. I can be cheerful about it, but I can’t fix it. I can change my reaction. But I can’t change the outcome.”

Many will laud the genius thinking of Munger for his many insights on investment and business that fueled the glory of Berkshire Hathaway. But to this writer, what makes a lot of headway are his thoughts on kindness, the secrets to a happy life and parenting. It is his sense of equanimity that gave him a meaningful life of 99 years. He was super rich yet lived a modest life and he practiced the power of giving back to society through his philanthropy.

Here are two final gems of quotes from him on the importance of introspection and balance.

“Confucius said that real knowledge is knowing the extent of one’s ignorance… Knowing what you don’t know is more useful than being brilliant.”

“You have to strike the right balance between competency or knowledge on the one hand and gumption on the other. Too much competency and no gumption are no good. And if you don’t know your circle of competence, then too much gumption will get you killed. But the more you know the limits to your knowledge, the more valuable gumption is.”

The views expressed herein are his own and do not necessarily reflect the opinion of his office as well as FINEX.

 

Benel Dela Paz Lagua was previously EVP and chief development officer at the Development Bank of the Philippines.  He is an active FINEX member and an advocate of risk-based lending for SMEs. Today, he is independent director in progressive banks and in some NGOs.

Sean ‘Diddy’ Combs accused in gang-rape of teenager in New York

Sean “Diddy” Combs — WIKIPEDIA

HIP-HOP star Sean “Diddy” Combs was accused in federal court on Wednesday of taking part in the gang rape of a 17-year-old girl in his Manhattan recording studio in 2003, marking the fourth lawsuit leveling sexual assault allegations against him in recent weeks.

Mr. Combs, 54, founder of the landmark label Bad Boy Records and a hugely successful rap performer, issued a statement on Wednesday categorically professing his innocence and declaring his accusers were “looking for a quick payday.”

The plaintiff in the latest lawsuit was identified as Jane Doe, described as a high school student at the time she met associates of Mr. Combs in a Detroit-area lounge 20 years ago.

The complaint says they flew her on a private jet from Michigan to the New York area, then drove her to the New York City studio where Mr. Combs and two other men plied her with drugs and alcohol.

According to the lawsuit, the plaintiff was then raped in a bathroom of the studio by Mr. Combs and the two other men, one after the other, as she slipped in and out of consciousness. It said Mr. Combs also watched one of the other assaults after he was finished.

She was later flown back to Michigan but had little recollection of her return trip to the Detroit suburbs, the lawsuit says.

As evidence to support her allegations, the lawsuit includes several photos allegedly depicting the accuser — her face intentionally blurred — posing inside Mr. Combs’ studio, including one in which she appears to be sitting on Combs lap, both of them facing the camera.

The complaint, filed in US District Court in Manhattan, said the plaintiff has since suffered “extreme emotional distress that has impacted nearly every aspect of her life and personal relationships.”

The lawsuit was filed under New York City’s Victims of Gender-Motivated Violence Protection Law, which was extended to allow accusers to sue over alleged offenses from long ago, even if statutes of limitations have expired.

Mr. Combs’ latest accuser said she chose to come forward after reading news accounts of the lawsuit brought against Mr. Combs last month by his ex-girlfriend Cassie Ventura, who performs under the stage name Cassie, accusing him of subjecting her to physical abuse, sex trafficking and rape over the course of a decade.

Ms. Ventura and Mr. Combs, who has formerly gone by such monikers as P. Diddy, Puff Daddy and Diddy, announced the next day they had settled the case under confidential terms.

Mr. Combs’ lawyer, Ben Brafman, said then that the settlement was “in no way an admission of wrongdoing,” and that his client maintained his “flat-out denial” of Ventura’s claims.

But Mr. Combs was hit with two more lawsuits in a matter of days — one by a plaintiff named Joi Dickerson-Neal, who accused the rap mogul of drugging and sexually assaulting her while she was a student at Syracuse University in 1991. Another “Jane Doe” complaint accused him of forcing her and a friend into nonconsensual sex in the early 1990s.

He has denied those allegations.

“For the last couple of weeks, I have sat silently and watched people try to assassinate my character,” he wrote in his social media post on Wednesday. “Let me be absolutely clear: I did not do any of the awful things being alleged.”

One of the two other men alleged to have raped the plaintiff in Wednesday’s lawsuit was named in the complaint as Harve Pierre, a former top executive at Bad Boy. The third man was identified in the complaint only as the “Third Assailant.”

Mr. Pierre himself was accused in a separate lawsuit last month of using his position of authority at Bad Boy to groom and sexually assault a former assistant.

Neither Mr. Pierre nor any representatives could be reached for comment. A spokesperson for Bad Boy told People magazine last month the record label was “investigating the allegations.” — Reuters

Solaire Resort North to boost Bloomberry’s market standing

RAZON-LED Bloomberry Resorts Corp. is projecting that the opening of its Solaire Resort North in Quezon City next year would strengthen the company’s market position in the country.

“The company looks to solidify its position as the Philippines’ leading integrated resort developer and operator as it opens Solaire Resort North in Quezon City next year,” Bloomberry said in a statement on Thursday.

The company projected that Solaire Resort North is on track for completion by March 2024. 

Bloomberry said this as the listed integrated resort developer and operator secured various awards from international financial and gaming media publications in 2023.

Enrique K. Razon, Jr., the company’s chairman and chief executive officer, was cited for the straight second year as the sixth most influential person in the 2023 edition of the Asian Gaming Power 50, which ranks the 50 prominent gaming industry leaders and executives in Asia. 

The 2023 ranking of Asian Gaming Power 50 also included Bloomberry President and Chief Operating Officer Thomas Arasi, at 37th place from 38th place a year ago.

Bloomberry also won three awards from FinanceAsia’s best-managed companies poll for 2023. Mr. Razon was also recognized as one of the country’s best CEOs (bronze) and Estella Tuason-Occeña, who is Bloomberry’s executive vice-president, chief financial officer, and treasurer, was recognized in the Best CFO category (silver).

Bloomberry also received the gold medal in the Philippines’ best mid-cap category.

“The winners of this benchmark poll is based on nominations by Asia’s savvy community of investors and financial analysts,” Bloomberry said.

Meanwhile, Bloomberry was also cited as the Casino Operator of the Year for the second year in a row in the 2023 Global Gaming Awards Asia by global gaming media platform Gambling Insider.

“The Global Gaming Awards recognize the strongest performers over the last 12 months under various categories across the Asia-Pacific (APAC) region. The awardees are selected by a panel of 30 senior executives from the APAC gaming industry,” Bloomberry said. 

Aside from the planned Solaire Resort North, Bloomberry’s other properties are Solaire Resort Entertainment City in Parañaque City and Jeju Sun Hotel & Casino in Korea.

As of September, Bloomberry recorded a 106% jump in its consolidated net income to P8.3 billion as its consolidated net revenue surged 33% to P36.5 billion.

Shares of Bloomberry at the local bourse fell four centavos or 0.41% to P9.60 apiece on Thursday. — Revin Mikhael D. Ochave

Dealing with Monday and Friday sick leaves

I have a long-time worker who is notorious for filing for sick leave on Fridays, Mondays, and the day before or after holidays. I consulted our human resources (HR) manager who advised me to ignore such minor issues. But we have important work to do and can’t afford emergency absences in our understaffed department. What can we do? — Blue Mountain.

I have encountered two such problem employees in companies I worked for, except that they were motivated for the wrong reasons. I suspect they were also trying to test my patience. In Company A, we were in charge of publishing a two-page weekly newsletter which needed to come out early Monday. The mandate was clear.

The newsletter had to be put together no matter what, even to the extent of working weekends. No ifs, no buts. When I moved to Company B, I was assigned a much more difficult task — to publish a biweekly eight-page newsletter that must also come out Mondays.

This task came on top of everything else that was assigned to me. I handled labor relations, managed employee discipline, did public relations work, coordinated with the labor union, organized sports and socials, handled corporate social responsibility, managed employee benefits, and many others.

In publishing the newsletters, we did research, conducted interviews, took photographs, wrote and edited the content, laid out the articles, and coordinated with the printer. Unfortunately, the burden was not shared by my two publication assistants in companies A and B.

Or at least, that’s how I felt at the time. They resorted to emergency leaves and sick leaves for dubious reasons, most of the time without informing me directly and instead relaying the message through our department secretaries.

This was when mobile phones were not yet in wide use. When deadlines approached, my work schedule was thrown into disarray. I also had to work during weekends without extra pay because I was salaried.

FIVE OPTIONS
I communicated this problem to my bosses, whose advice was similar to the position taken by your HR manager: grin and bear it. Somehow, I managed the situation by spending long hours at work, in the process proving that I could do it without their assistance. I turned the tables by outsourcing the task to on-call writers, cartoonists and layout artists, even spending my own money to do so.

It was all worth it. My assistants started to feel insecure about their jobs.

I’m not sure if such a solution works for you. Our situations may vary and require different approaches. If that’s the case, let me share with you the following options:

One, establish a pattern of emergency leaves. “Emergency leaves” mean any absence from work without prior management approval. This includes any situation like a broken-down vehicle of an employee, fire in the neighborhood, assisting a family member who is hospitalized — in other words, events that are difficult to predict, including illnesses that require sick leave.

The challenge is to determine the reasonableness of these leaves in a given year.

Two, calculate the damage or losses. This includes the amount of overtime pay for other employees who are required to pitch in, professional fees of subcontractors and other related expenses, like the use of utilities (electricity, etc.) in the office. That’s not all. You may have to include other nonquantifiable expenses or any amount that you are forced to absorb.

Three, engage a physician to do house calls. The doctor may be assigned by a Health Maintenance Organization (HMO). This face-to-face visit could pose additional cost for the organization and can only be used sparingly depending on the situation or the employee’s notoriety. If medically feasible, “arrange” with the HMO to bring a sick worker to a hospital to deliver a message.

Four, connect habitual sick leaves with the medical exam. Include a provision in the HMO contract giving the latter the right to conduct physical check-ups on those accumulating excessive sick leaves. This may discourage people from calling in sick if they know that the HMO will conduct a mandatory check-up and withhold medical benefits to those who refuse.

Last, conduct regular engagement dialogues. Maintaining open communication is very important. However, you must come prepared with data on the frequency of the worker’s emergency leaves and how they are adversely affecting company operations. Explain the issue and secure a commitment from the concerned employee.

If the problem persists, disallow the “emergency” or “sick” leave as a last resort. If you’ve reached this stage, monitor the employee’s reaction and prepare for a more difficult situation. When you do this, be honest with yourself. Who knows? You might be part of the problem.

 

Bring Rey Elbo’s leadership program called Superior Subordinate Supervision to your management team. Chat with him on Facebook, LinkedIn, X (Twitter) or e-mail elbonomics@gmail.com or via https://reyelbo.com

How PSEi member stocks performed — December 7, 2023

Here’s a quick glance at how PSEi stocks fared on Thursday, December 7, 2023.

Philippine Labor Force Situation

THE PHILIPPINES’ unemployment rate fell to the lowest in 18 years in October, underscoring the strength of the country’s labor market. Read the full story.

Philippine Labor Force Situation

Process restructuring must come before automation, ARTA says

PHILSTAR FILE PHOTO

THE GOVERNMENT must transform business processes before automating services, the Anti-Red Tape Authority (ARTA) said.

“Business process transformation first before automation, because the moment you automate efficient processes, you can maximize the benefits, as opposed to automating an inefficient process,” ARTA Deputy Director General for Operations Gerald G. Divinagracia said at a Stratbase ADR briefing on Thursday.

“There was a need for government agencies to transform their services, to deliver excellent services. We see government services online, however, (which are) not yet connected end-to-end. Services are not fully automated… That’s why we embarked on transparency and connectivity in terms of end-to end processes,” he added.

Mr. Divinagracia cited challenges to doing business such as poor turnaround time, government fees and requirements and lack of predictability.

“The way for us to solve this is through two major (approaches): a conducive regulatory framework and delivery of government support and services. Streamlining and enabling agencies in streamlining their processes,” he said.

Makati Business Club Executive Director Francisco Alcuaz, Jr. said that the government should promote transparency in its policies, particularly in the areas of freedom of information; statements of assets, liabilities, and net worth (SALN); money laundering; and bank secrecy.

“If you strengthen the SALN rules and loosen the bank secrecy law, you will help prosecutors and even ARTA to prosecute officials and businesses who corrupt the system. This will level the playing field and attract businesses that play by the rules,” Mr. Alcuaz said.

“Businesses want to be playing in the Philippines. Rather than corruption, the money will be flowing to more infrastructure that lasts longer. Not infra where they cut corners or scrimp on the materials that deteriorate in a few years,” he added.

Mr. Alcuaz said transparent government will help attract investors.

“If you have a transparent government rather than corruption, the money that the businessmen will be spending will be going to developing the best products and services for Filipinos and/or foreign buyers and for the world, and into investments and expansions that create more jobs,” he added. — Luisa Maria Jacinta C. Jocson

S. Korea welcomes ease of doing business improvements ahead of FTA ratification

REUTERS

PHILIPPINE EFFORTS to improve ease of doing business are welcome and will ease the flow of trade once a free trade agreement (FTA) with South Korea comes into force, the Korean ambassador said.

“Korea will ratify the agreement soon, and I have been assured that the Philippine Senate will (ratify) soon. With this win-win agreement, our two countries’ trade and investment are set to increase in the coming years,” Ambassador to the Philippines Lee Sang-hwa said.

“In this context, Korea strongly supports the Philippine government’s efforts to improve its ease of doing business environment,” he added.

In September, the Philippines and South Korea signed an FTA, which is designed to open up both economies to each other’s goods and help mitigate supply chain disruptions.

Mr. Lee said the potential areas of cooperation between the Philippines and South Korea include renewable energy and critical minerals.

“We hope that there will be more progress in the two countries’ collaboration in high-efficiency clean energy sources such as nuclear power and hydrogen technology. And we also look to intensify cooperation in critical minerals,” he added.

South Korea is one of the Philippines’ top trade and investment partners. Last year, it ranked 4th in bilateral trade, which was valued at $15.45 billion. South Korea was also sixth in total approved investments at $90.62 million.

Meanwhile, Mr. Lee said that people-to-people exchanges are also expected to grow along with trade.

“The Korean Visa Application Center, which opened in September, receives 800-1,000 visa applicants every day from Filipinos who want to visit Korea,” he said.

“And the number of Korean visitors to the Philippines is expected to reach the pre-pandemic level of 2 million people,” he added.

The Department of Tourism has reported that visitors from South Korea in the year to date ending Nov. 27 numbered 1.27 million or 26.37% of the total, making it Philippines’ top source market for foreign arrivals. — Justine Irish D. Tabile

Peso rises on weak US jobs data

BW FILE PHOTO

THE PESO continued to climb against the dollar on Thursday after a weaker-than-expected US private payrolls report.

The local unit closed at P55.30 per dollar on Thursday, inching up by less than a centavo from P55.305 on Wednesday, based on Bankers Association of the Philippines data.

This was the peso’s strongest close in over four months or since its P55.19-per-dollar finish on Aug. 2.

The peso opened Thursday’s session at P55.37 against the dollar. Its intraday best was at P55.26, while its weakest showing was at P55.42 versus the greenback.

Dollars exchanged rose to $1.21 billion on Thursday from $1.03 billion on Wednesday.

“The peso appreciated following the weaker-than-expected US private payrolls report,” a trader said in an e-mail.

US private payrolls increased less than expected in November as the labor market gradually cools, Reuters reported.

Private payrolls rose by 103,000 jobs last month, the ADP National Employment Report showed on Wednesday. Data for October was revised lower to show 106,000 jobs added instead of 113,000 as previously reported. Economists polled by Reuters had forecast private payrolls rising 130,000.

The ADP report, jointly developed with the Stanford Digital Economy Lab, was published ahead of the release on Friday of the Labor department’s more comprehensive and closely watched employment report for November.

The ADP report has been a poor gauge for predicting the private payrolls count in the employment report.

Philippine financial markets will be closed on Friday for a non-working day in celebration of the Feast of the Immaculate Conception. — with Reuters

PHL stocks drop further to track Asian, US shares

PHILIPPINE STAR/KRIZ JOHN ROSALES

STOCKS dropped further on Thursday to track Wall Street’s and Asian markets’ decline on continued profit taking and as the market looked for fresh trading drivers.

The Philippine Stock Exchange index fell by 71.08 points or 1.12% to end at 6,234.77 on Thursday, while the broader all shares index declined by 22.08 points or 0.65% to 3,329.58.

“This Thursday, the local market dropped by 71.08 points to 6,234.77. Investors took cues from Wall Street’s overnight performance wherein trading was cautious as investors await the US’ November labor market data,” Philstocks Financial, Inc. Research and Engagement Officer Mikhail Philippe Q. Plopenio said in a Viber message.

Market sentiment was also affected by the 2022 Program for International Student Assessment rankings, where the Philippines placed 77th out of 81 countries, he said.

“Additionally, the dismal ranking of the Philippines in the recent 2022 Program for International Student Assessment… was digested by investors. The results reflected our relatively challenged educational sector, which can have consequences on our economy’s competitiveness in the long run,” Mr. Plopenio said.

“The market was weaker today in tandem with most of the Asian markets. Local market weakness was exacerbated by profit-taking as we encountered resistance at the 6,300 level,” AB Capital Securities, Inc. Vice-President Jovis L. Vistan added in a Viber message.

Asian shares fell with Wall Street on Thursday, while a sharp fall in oil prices to a six-month low and a soft reading on the US labor market boosted the global bond market, Reuters reported.

MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.8%, pulling it down 1.9% so far this month after a 7.3% rally in November. Japan’s Nikkei fell 1.7%.

Overnight, Wall Street was dragged lower by energy stocks as oil prices slid and by tech shares. The Dow Jones slipped 0.2%; the S&P 500 lost 0.4%; and the Nasdaq Composite fell 0.6%.

At home, sectoral indices declined on Thursday. Financials dropped by 26.47 points or 1.52% to 1,705.73; services retreated by 21.33 points or 1.36% to 1,541.36; holding firms went down by 65.63 points or 1.09% to 5,912.04; property lost 13.84 points or 0.5% to end at 2,744.38; mining and oil dropped by 48.05 points or 0.49% to 9,640.50; and industrials declined by 41.13 points or 0.46% to 8,762.70.

“Among the index members, Wilcon Depot, Inc. was at the top, climbing 1.99% to P20.50. Ayala Corp. lost the most, dropping 3.1% to P640.00,” Mr. Plopenio said. 

Value turnover went down to P3.67 billion with 270.24 million shares switching hands from the P5.67 billion with 345.22 million issues seen the prior day.

Advancers edged out decliners, 83 against 82, while 49 names closed unchanged. 

Net foreign selling stood at P410.52 million on Thursday versus the P378.57 million in net buying logged on Wednesday. — RMDO with Reuters

NIA agrees to host RE projects at irrigation sites

REUTERS

THE Department of Energy (DoE) and the National Irrigation Administration (NIA) said on Thursday that they signed an agreement to use irrigation sites for renewable energy (RE) projects.

Under the agreement, the DoE will use NIA sites, including areas identified for future irrigation projects, in a manner that does not hinder the facilities’ irrigation functions.

“The agreement between DoE and NIA signifies a crucial step forward in the pursuit of water security and sustainable resource management, which is aligned with the goals outlined in Executive Order No. 22, series of 2023,” according to a statement issued by the Presidential Communications Office.

Energy Undersecretary Sharon S. Garin said the agreement is in line with the government’s goal of generating 35% of power from renewable energy sources by 2030 and 50% by 2040.

NIA administrator Eduardo G. Guillen said the project converts water rights for multi-purpose use, adding that the NIA is now looking at floating solar power generating plants.

“As part of the strategic initiative, NIA’s irrigation water will not only help the agency to expand economically and generate additional funds for the operation and maintenance of its irrigation facilities, while allowing the DoE to provide the public with better access to clean, reasonably priced energy sources,” the Palace said. — Kyle Aristophere T. Atienza

Agricultural goods trade deficit widens in Q3

TIM MOSSHOLDER-UNSPLASH

THE trade in agricultural goods posted a deficit of $2.97 billion in the third quarter, with the decline in exports outweighing weaker imports, according to the Philippine Statistics Authority (PSA).

In a report, the PSA said agricultural trade — the sum of exports and imports — fell 12% to $6.2 billion, reversing the 17.5% increase a year earlier.

Agricultural exports declined 13.3% to $1.61 billion for the period, accounting for 8.2% of total exports.

Leading exports were edible fruit and nuts as well as peel of citrus fruit melons, valued at $492.09 million or 30.5% of the total.

Agricultural products shipped to the Association of Southeast Asian Nations accounted for $182.98 million, with tobacco and manufactured tobacco substitutes the top items.

Malaysia was the Philippines’ top agricultural export market in the region, accounting for $53.88 million.

“Exports of agricultural goods to (the European Union) in the third quarter of 2023 reached $285.19 million, which contributed 12.5% to the country’s total value of exports to EU member countries,” the PSA said.

The Netherlands remained the top buyer of agricultural goods within the EU. It purchased $285.19 million or 52.8% of Philippine farm exports to the region.

Animal or vegetable fats and oils and their cleavage products, prepared edible fats and animal or vegetable waxes remained the top agricultural exports to the EU.

Imports of agricultural goods fell 11.5% to $4.59 billion, representing 14.6% of total imports.

Cereals remained the top agricultural imports for the period at 21.1% of the total, or $969.89 million.

“The (Philippine) agricultural imports from EU member countries amounted to $382.34 million or 20.5% of the total value of imports in the third quarter,” it said.

Among EU members, Spain was the top supplier of goods, accounting for $91.69 million or 24% of overall farm imports.

Meat and edible meat offal were the top imports from the EU. — Adrian H. Halili

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