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JULY 2023 I SMT007 MAGAZINE 13 The Country and the Economy Over the years, one of the best Warren Buf- fett quotes is, "Never bet against America." With all the domestic issues and global geo- political challenges, someone asked if he still believes that. Buffett responded, without hes- itation, he would still want to be an American born today despite a shi from partisanship to tribalism—a move that does not work well because tribalism means not hearing the other side. He said, "We have to refine our democ- racy as we go along." He is still upbeat on the U.S. economy. Munger also noted that he pre- fers to live today than when he was born in 1924. A 13-year-old girl who had already attended the shareholder meeting five times, questioned the pair about the U.S. dollar as reserve cur- rency. Buffett believes there is no other option except the U.S. dollar as global reserve cur- rency. However, "printing money to buy votes is not a good thing," he said. "One has to be willing to be extremely unpopular. It's mad- ness to keep printing money." Munger expressed this sentiment: "If the U.S. is the only extraordinarily prosperous country, it's not good. We should have a system to take care of other people." He also expressed his heightened concerns about printing money and its potential adverse impact on the nation's long-term economy. China Both Buffett and Munger believe the esca- lated tension between the U.S. and China is dangerous. Munger said, "e tension between the U.S. and China is unnecessarily harmful to both countries. e conflict is stu- pid, stupid, stupid. Each side should respond to stupidity with kindness." He continued, "Both sides are equally guilty. We need leader- ship from both countries. We need to under- stand how to keep either side from playing too hard. is is a different game; you can't make big mistakes, it's imperative to not do inflam- matory things." How to Build a Good Life A 15-year-old boy asked how to avoid major mistakes in investing as well as in life. Buffett responded, "You should write your obituary and then try to figure out how to live up to it. Spend less than you earn; it's not complicated." Munger added, "Stay away from toxic people. Pay attention to how others might manipulate you. Success comes from steering clear of toxic people. Making right decisions is enormously important." Munger said, "We make fewer mistakes than other people and that is a blessing to us. We are not so smart, but we kind of know where the edge of our smartness is. at is a very impor- tant part of practical intelligence. If you know the edge of your own ability pretty well, you should ignore most of the other notions." A mother brought her two daughters, ages 10 and 14, respectively, to the event. She said she wants her daughters to grow up understanding the importance of saving and starting to invest early in life.