Charlie Munger
38:30 Bit coin

Bit coin

  • Man can’t create more gold. But he can create more bitcoin.
  • Bad people, crazy bubble.
  • Luring people into easy wealth without insight or work

Give the following a wide berth:

  • Crooks, crazies, egomaniacs, people full of resentment, self pity, people who feel like victims
  • Avoid them like the plague

Tax policy

  • Lowering corporate tax might be a good thing
  • Companies are – mostly pension funds – so if one does well so wil the other

China is trying to do exactly what the Republicans are

  • wants main business own pension plans so that will can do well
  • disagreement on policy
  • anger comes in when reason leaves

China vs US

  • if we didn’t trade with China someone else would have – so no choice
  • but its a compulsory friendship – why not have good friendship with China
  • this has brought a certain amount of misery to the US people who now need to compete with the Chinesse
  • but this was going to happen anyways – if not with the Chinese with someone else

Most important decision you can make in life

  • who you marry
  • go into marriage with both eyes open, half shut there after

Amazing how if you get up in the morning and just keep plugging, how good things can happen

Not good to have ambition to be president of US, or billionare – odds are against you
Better to aim low.
Charlie didn’t intent to get rich – just wanted independence – overshot