Berkshire Hathaway’s annual meeting 2023

https://buffett.cnbc.com/annual-meetings/
On U.S.-China relations, 99-year-old Munger blamed both sides for the current situation, saying economic tensions have been “wrongly created on both sides. I think we are equally guilty of being stupid.”
“anything that increases tension is stupid, stupid, stupid.”
However, he said what the U.S. now faces with China is a “different game,” where there are “more tools of destruction” in the hands of both leaders, including cyber warfare.
“It’s imperative that China and the U.S. both understand that you can’t push too hard,”

One of the inane things that’s taught in modern university education is that a vast diversification is absolutely mandatory in investing in common stocks … That is an insane idea. It’s not that easy to have a vast plethora of good opportunities that are easily identified. And if you’ve only got three, I’d rather be in my best ideas instead of my worst.
We’re not so smart, but we kind of know where the edge of our smartness is … That is a very important part of practical intelligence. … If you know the edge of your own ability pretty well, you should ignore most of the notions of our experts about what I call ‘deworsification’ of portfolios.

We’re interested in owning a wonderful business forever. … We do learn a lot as we go along. … We’re learning all the time how consumers behave. I’m not going to be able to learn the technical aspects of businesses. It’d be nice if I knew it, but it isn’t essential. … We’ve got a business at Apple … I don’t understand the phone at all, but I do understand consumer behavior. … We’re learning all the time, from all of our businesses. … We don’t get smarter over time, we … get a little wiser, though, following it over time.