Berkshire Hathaway’s annual conference is always a focus of the market, Charlie Munger, a legendary investor, long-term partner with Warren Buffet had an interview with CNBC regarding the economy but not limited by this topic. He is 95 years old. It’s simply inspiring to listen to him talking and be sure anyone can enjoy life by working endlessly at the late stage of life.
Lack of volatility recent time period: he admires the politician’s intervention into the market. He said it is “absolutely required” to prevent the mire. Even he also admit it’s not fair for the poor to bail out the rich, but there is no better solution at disposal. It was a fluke that the authority used their power to print lots of money. He talks about old days when people purely operate upon the rule of capitalism when money is backed up by gold, little or no social security, there are extreme successes but with severe recessions, now not much prosperity is there, but also with mild recessions. He said the problem is so hard, citing a Greek philosophers’ saying that one never steps into the same river twice, hence, the same recipe won’t get the same expected result.
Trade war between China and the United States: Charlie is not against “don’t’ consider it wrong to have some limits on aberration of free trading is quite reasonable” vastly prefer a cooperative relationship with China. It will be crazy on both sides to really be hostile to each other and cease commercial trading.
Charlie’s view on Amazon, he praised Jeff Bezos as smart and this company will keep going up. The recent event that Amazon pulled out of the bidding headquarters in NY by lefty ethos is same stupid as what is happening in California, in Connecticut, where rich people are driven out.
Charlie talked at length about how he is repulsed by those greedy, corrupt Wall Street financial people and compare their deeds as if an adult eat a baby’s food, causing the baby starved to death. That’s the few things he agrees with Elizabeth Warren. He is happy this is attenuated now.
What’s funny is the topic also touched on toilets. It was surprising that with the rapid advancement of technology, what we do about toilets is so lacking much. He wittily pointed out Japan’s toilets are far advanced than the rest of the world.
He was asked the secret to a long and happy life that he leads, the answer,r he eagerly answered, is so simple and trite – no envy, no resentment, no overspending your money, surrounding yourself with reliable people. He figured it out at age of seven. But he recognizes that there is so much irrationality in the world, staying cheerful is the only thing he can do. Because so many things/people are just pre-made so don’t even attempt to fix it. He conveys his view potently by saying that a shy baby is shy adult and a booming domineering obnoxious baby is a domineering, obnoxious adult. One can always be cheerful, adopting such a reaction but won’t’ be able to fix this preordained phenomena.