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14 SMT007 MAGAZINE I AUGUST 2022 Having served on the board of publicly- traded companies (NYSE-, NASDAQ-, and TSX- listed companies), I strikingly echo his sentiments through my hands-on personal experiences and observations. Indeed, many corporate directors do not perform as inde- pendent directors, unfortunately. GAAP Buffett does not believe that the required GAAP accounting practice reflects a compa- ny's intrinsic value. Evidently, he is not a fan of current GAAP rules that all corporations are using and prefers focusing on operating earn- ings. I also deeply share his views and wisdom in this regard. Cryptocurrency Both Buffett and Munger do not believe in cryptocurrency; they lauded China's smarts in banning crypto. Munger lamented, "By saying this, 25% of the population would dislike us." Power Lunch is year marks Buffett's final Charity Auction Lunch. e lunch started in 2000 with a mini- mum bid of $25,000. e last lunch winning bid went for $4.6 million to cryptocurrency entre- preneur Justin Sun in 2019. is year's lunch (aer a two-year hiatus due to COVID) fetched a record winning bid of $19 million by an anon- ymous bidder (as of June 20), who will meet Buffett at New York City steakhouse Smith & Wollensky in the coming months. Buffett and Munger are such a compelling duo who complement and synergize their intellect and compound their knowledge as in compound-interest. So admirable. All in all, my attendance was time well-spent. More importantly, feeling intellectually nour- ished is a good feeling. SMT007 References 1. Berkshire Hathaway Inc. Annual Report, 2021. Appearances Dr. Hwang will deliver a professional development course, "An Overview of PoP and BTC Package and Assembly: Material, Process and Reliability, Part 1 & Part 2," Aug. 22 and 23, 8 to 11 p.m. EDT, at the 20th Electronic Packaging Convention, Asia, 2022. Dr. Jennie S. Hwang—an inter- national businesswoman and speaker and a business and tech- nology advisor—is a pioneer and long-standing leader to SMT manufacturing since its incep- tion as well as to the develop- ment and implementation of lead-free electronics technology. Among her many awards and honors, she was inducted to the International Hall of Fame– Women in Technology, elected to the National Acad- emy of Engineering, named an R&D Star to Watch, and received a YWCA Achievement Award. Hav- ing held senior executive positions with Lockheed Martin Corp., Sherwin Williams Co., and SCM Corp., she was the CEO of International Electronic Mate- rials Corp. and is currently CEO of H-Technologies Group, providing business, technology, and man- ufacturing solutions. She has served on the board of Fortune-500 NYSE companies and civic and uni- versity boards; the Commerce Department's Export Council; the National Materials and Manufacturing Board; the NIST Assessment Board; as the chairman of the Assessment Board of DoD Army Research Laboratory and the chairman of the Assessment Board of Army Engineering Centers; and various national panels/committees and international lead- ership positions. She is the author of 600+ publi- cations and several books and is a speaker and author on trade, business, education, and social issues. Her formal education includes four aca- demic degrees, as well as the Harvard Business School Executive Program and Columbia University Corporate Governance Program. For more informa- tion, visit JennieHwang.com. To read past columns, click here. Buffett does not believe that the required GAAP accounting practice reflects a company's intrinsic value.