During his recent DJCO Annual Meeting, Charles Munger explained why he hasn’t shorted anything in over 30 years. Here’s an excerpt from the meeting:
No, I don’t short. I have made 3 short sales in my entire life, and they’re all more than 30 years ago. And one was a currency, and there were 2 stock trades. In the 2 stock trades, I made a big profit on one of them, made a big loss on the other, and they canceled out. And my currency bet, I made $1 million, but it was a very irritating way to make $1 million. I mean, I’ve stopped.
Not worth the headache, I guess.
Well, you can laugh, but that’s true. It was irritating.
Because you were worried?
Well, like I’m asking you for more margin. I kept sending over treasury notes. It was very unpleasant. I made a profit in the end, but I never want to do it again.
You can read the entire transcript here (H/T Steady Compounding):
Charles Munger – Daily Journal Shareholder Meeting 2023
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