"Never feel sorry for yourself ... when your child is dying of cancer, etc." Charlie lived through seeing his beloved son die over months. In the book Damn Right (I think), it wrote of Charlie after work, he’d attend to his son, then he'd step out for walks to cry it out, and then go back again to attend to his son. Talk about ethos. How painful he earned his right to say this. I don’t take his words lightly.
10 years too late but the almighty TH-cam algorithm finally delivers this gem. I’m gonna miss this man when he’s gone and he’s no longer dropping knowledge bombs on us like this one.
@14:00 "1. Never feel sorry for yourself. Just keep plugging at it. 2.And never have any envy." @15:48 "Treat success and failure exactly the same. Why not take these hardships to make a man out of yourself; or a person out of yourself." @18:50 "Why fret too much on what you can't fix. Just keep your head down and do your best" @21:10 - accountants' immense contribution to recent failures @24:50 - competition & envy ***
Absolutely. We will have lost a great deal when those two are gone. One option, though, is to learn from them and emulate them now so we can carry on in their places.
Society watch's Justin Bieber 100 million times but this has 100k views. That explains why only a few get ahead for generations. Educate yourself with wisdom like Munger while we have them.
The wise and wisdom and smart , from day one are always minority! I hope I have answered your comment on Justin's was viewed 100 million times but Munger only 100 k views!!!
Abel Adamu Who really cares about that irrelevant statistics. Just let the dumbs, be dumber, and if you're wise, be wiser still. Let's just be grateful that this valuable information is available to US who are interested for a minimal cost. Nothing is free, we all paid our own service provider to get on the Internet to get on TH-cam.
Brilliant man. People who lived through depression and wars have such a unique no nonsense outlook. There is so much wrong in large company systems today. Most seem to want to better themselves but still then reach the plateau of status quo when instead of being rewarded they should be demoted. The ego should not be rewarded. Also there is a big difference between leader and manager. Munger never allowed himself to get to that point!
Charlie took me by surprise when he started to talk about solar and Li-ion batteries. He correctly predicted the cost of batteries would drop faster than most people thought 10 years ago. I am surprised he did not allocate more financial resources to accelerate the transition from hydrocarbon sources to solar as he was exceptionally good at articulating the problem and solution.
My guess is that he felt it was outside of his circle of competence. Doesn't matter that he thought the solution was going to come, he needed to be able to judge where it was going to come from.
Buffett says you can know something is the future, like airplanes in 1906 or automobiles in the late nineteenth century, but that doesn’t mean you know how to make money investing in it. Hundreds and even thousands of companies have gone bust while correctly predicting the future of technology.
1:18:00 “...real opportunities that comes to you are few, ....when you find one and you can recognize clearly, seize it boldly and don’t do it small...”
I agree 100% with Charlie on this. We need to get rid of the crazies and put more people in charge who are more sane. We need the people who make these huge piles of money every year to pay their fair share in taxes.and by fair share I mean as a percentage of income. If the average person pays 25 to 30% in taxes there is no reason that people who make a few million can't pay the same rate as the average Income earners.
2 hours with Charlie, wow. (Or The Berkshire Hathaway Q&a sessions) . people ask me have i seen this or that Hollywood film, this or that TV show , , do I like this or that political topic . . . 2 hours with Charlie. Becky. How lucky we are. Thank you so much to everyone who brings these people to the public. Thank you .
@@fawa.z yes China has had the biggest famine of any nation Mao killed more than hitler ever could. They’ve now adopted capitalism please learn a tiny bit.
So much straight forward wisdom from this guy! What is the word he says at about 26:00: "If you think the accountants failed poorly?.....Washington set a new record. I have a rule for politics, which has served me well in making predictions. And that I "_____" to you. The politicians are never so bad that you don't live to want them back"
Personally, it's ironic to hear Mr. Munger talk about the lack of atonement from the accountant "adults who could have fixed it," or from "idiots & knaves selling shoddy mortgages on ridiculous theories;" because it was the 2008 real estate crisis which sparked my interest in going to b-school in the 1st place. As a bartender living in Santa Monica, CA at the time, I'd seen about half of my clients have their lives wiped out. I just wanted to be a part of keeping that from happening again.
My God...we will be lesser when men of his caliber have passed. Charlie Munger is a special breed. I sure hope that the subsequent generations can muster up the wherewithal to slow down and think. Because that’s what it takes to create the moral fiber to operate the way these fellows do.
Lots of great advice and insight. A Teenager’s Guide on how to Invest Like Warren Buffett and Charlie Munger is a great book for those who want to learn more.
Charlie would be an amazing president if that was is goals with that said we can learn so much from is wisdom. I'm a better person from is knowledge. Thank you so much.
Study the life and writings of Lee Kuan Yew. You did answer the question sir. Singapore is a beacon of hope to all nations that seek rightness and goodness. 😀
Can someone please inform me, in the beginning of his speech, he said there was a problem with universities buying the same "something" are in for a disappointment, what exactly was he talking about?
"The existing system is quite perverse.A system is perverse when good people go bad because of the way the system is structured. If you run a big chain store and you make it easy to steal by your own sloppiness, you will cause a lot of good people to go bad you would have created an irresponsible system. A system with these irresponsible inscetives is geared to cause trouble. Change the system. But no one wants to do it the Munger style. Its a very serious problem that you will have to take piece by piece."- 47+
@1:40 there is not a healthcare system problem there is a health-care problem, ie. a health maintenance problem. Very few people actual look after themselves and are strong enough to say no to advertised sugary, sweet fake foods. It's an addiction & emotional problem.
The main problem is using up hydrocarbons too fast.... that was 2011 and in 2020 that looks wrong... oil is $40 a barrel. Seems like we have enough oil.
He believs in enlightened monarchies, basically. No wonder he likes Plato. He's very very conservative, but it's understandable considering he was born in a rich family ruling over the city. I don't share his views at all. But he's lovable anyway
The legal profession all too often has the attitude that they can directly change behavior and human nature directly by passing a law.Doesn't work. The only thing corporate lawyers that influence congressional law should focus on is changing the incentive of the behavior. The "no texting while driving law" in many places saw accidents to up 25% for example because people's behavior didn't change, they just held phones down low where they couldn't see the road rather than in front of their faces.
wall street had an amazing run from there.. of course, its easy to quote looking back... but we have another similar hopefully not worse situation now, here at 2020... the people feel the same way again
Don't mind if 20% of healthcare is no damn good that we're buying... like botox for women for whom intervention is hopeless. LOOL Charlie always tells it like it is!
KEEP YOU HEAD UP! - KEEP YOUR HEAD UP! He makes allot of good points, however he's not going to give you advice that would get you ahead and tell you any secrets SO YOU HAVE TO READ BETWEEN THE LINES.
I find Becky's tush utterly irresistible; it helps with inspiration. I believe Charlie and Warren have made mistakes by being too focused on the fundamentals and losing sight of the big picture---would the product or service continue to remain relevant? You make all investment decisions based on the ROI, the earning projections, the quality of the underlying assets, the duration of the liabilities, the free cash flow, the quality of the management and, finally, the continuing demand for the product or service. They bought a textile factory, when textile mills were moving onto locales with cheaper labor. Finally, Warren and Charlie benefited from the fact that Europe and Japan lay devastated with America the only productive hub, and later with the re-industrialization of Europe and Japan, and, finally with the industrialization of the emerging economies---all of these were relatively safe bets on the economies and the banks. Warren and Charlie also started early. I'm in my mid-50's, so don't have much time for compounding to work its way, so would need to get riskier bets right or rely on leverage provided by derivatives and options.
"Never feel sorry for yourself ... when your child is dying of cancer, etc."
Charlie lived through seeing his beloved son die over months. In the book Damn Right (I think), it wrote of Charlie after work, he’d attend to his son, then he'd step out for walks to cry it out, and then go back again to attend to his son.
Talk about ethos. How painful he earned his right to say this. I don’t take his words lightly.
"Why fret too much about what you can't fix? Just keep your head down & do your best."
10 years too late but the almighty TH-cam algorithm finally delivers this gem. I’m gonna miss this man when he’s gone and he’s no longer dropping knowledge bombs on us like this one.
@14:00
"1. Never feel sorry for yourself. Just keep plugging at it. 2.And never have any envy."
@15:48
"Treat success and failure exactly the same. Why not take these hardships to make a man out of yourself; or a person out of yourself."
@18:50
"Why fret too much on what you can't fix. Just keep your head down and do your best"
@21:10 - accountants' immense contribution to recent failures
@24:50 - competition & envy ***
I love Munger. He's brilliant and doesn't have any kind of filter on what he says, that's a 1 in a billion combination.
Henry Wissmiller maybe when you're an adult you'll understand.
yes he is brilliant.
in my view though, he is very much careful with his worlds and had a strong filter for sure.
Who will replace Buffet & Munger's wisdom, the day when they are gone? Thank God we have these recordings
We will. Those that intake the knowledge and act on it will take what we've learned, add to it, and propagate it for the future.
Absolutely. We will have lost a great deal when those two are gone.
One option, though, is to learn from them and emulate them now so we can carry on in their places.
Luckily they also left us a book or two... 😉
Guy Spier and Monish Pabrai
That is a question I was thinking.
Becky Quick is a terrific interviewer, and Charlie is brilliant.
Becky Quick is world class
Rest in Peace. The world has lost one of its greatest.
Thank goodness we have these videos to learn from
Amen 🙏
RIP❤
What an amazing man. Grateful that he shares his mindset with the rest of us.
God, he's still so sharp even at 90.
Starts at 8:30
TY!
Sam Li Jack cost vac.
Thanks
😘
wubbalubbadubdub The hero we didn’t know we needed
Why doesn't this have more views?! Great pieces of wisdom from Charlie Munger.
Because sadly, cringe has more value today. :(
Because brilliance requires mental price which not many are willing to pay!
As much as I love Buffett, no one comes close to Munger's straight shooting style
First time I heard Munger speak...Warren is more polish and inviting. Munger is a straight shooter, which is good.
Most of the Berkshire meetings are G rated... that is until Munger starts speaking!
@@hondusspawhat's g rating? Can you please explain
@@Bhavesh_verma it means "suitable for children to watch"
Wow... It just blows your mind to see such a knowledgable person. It should be someone like him who should captain our country...
Thank you ......Charlie is absolutely amazing!!!! Need more brilliant and candid people like Charlie to make this world a better place!!!
1:20:15 - major opportunities in life are few. Learn to recognize and seize them boldly.
Society watch's Justin Bieber 100 million times but this has 100k views. That explains why only a few get ahead for generations. Educate yourself with wisdom like Munger while we have them.
Abel Adamu who is just in beiber?
The wise and wisdom and smart , from day one are always minority! I hope I have answered your comment on Justin's was viewed 100 million times but Munger only 100 k views!!!
This really says a lot about our society
Abel Adamu Who really cares about that irrelevant statistics. Just let the dumbs, be dumber, and if you're wise, be wiser still. Let's just be grateful that this valuable information is available to US who are interested for a minimal cost. Nothing is free, we all paid our own service provider to get on the Internet to get on TH-cam.
Positively, 100K good people are more than enough to change the entire system.
Wonderful experience for me
to be exposed to his wisdom.
Thanks to all involved.
Yoda, personified.
@Evan Hodge 10.000
Brilliant man. People who lived through depression and wars have such a unique no nonsense outlook. There is so much wrong in large company systems today. Most seem to want to better themselves but still then reach the plateau of status quo when instead of being rewarded they should be demoted. The ego should not be rewarded. Also there is a big difference between leader and manager. Munger never allowed himself to get to that point!
This is like MJ and Scottie Pippen...how does such brilliance work together? Putting ego aside and just getting down to the business.
Charlie took me by surprise when he started to talk about solar and Li-ion batteries. He correctly predicted the cost of batteries would drop faster than most people thought 10 years ago. I am surprised he did not allocate more financial resources to accelerate the transition from hydrocarbon sources to solar as he was exceptionally good at articulating the problem and solution.
My thoughts to, talks about it but does not allocate capital to it so perhaps prefers coke or snickers to solar.
My guess is that he felt it was outside of his circle of competence. Doesn't matter that he thought the solution was going to come, he needed to be able to judge where it was going to come from.
Buffett says you can know something is the future, like airplanes in 1906 or automobiles in the late nineteenth century, but that doesn’t mean you know how to make money investing in it. Hundreds and even thousands of companies have gone bust while correctly predicting the future of technology.
@@ljragsandfeathers Thanks for sharing.
He invested in BYD
Yay. Becky is a great interviewer and Charlie a great interviewee
So many life lessons to learn from this man grateful for this interview I listen to it often. ❤
"I'll be 87 in January if I make it." And now he's past 96 years.
At that age you just can't be sure..
hu
h????????????????
god bless
@@broadcast_bar nope
97 now
1:18:00 “...real opportunities that comes to you are few, ....when you find one and you can recognize clearly, seize it boldly and don’t do it small...”
I agree 100% with Charlie on this. We need to get rid of the crazies and put more people in charge who are more sane. We need the people who make these huge piles of money every year to pay their fair share in taxes.and by fair share I mean as a percentage of income. If the average person pays 25 to 30% in taxes there is no reason that people who make a few million can't pay the same rate as the average Income earners.
Love this dude...so truthfully brilliant!!!
This was filmed Sept 14, 2010
What a hidden TH-cam treasure!!
2 hours with Charlie, wow.
(Or The Berkshire Hathaway Q&a sessions) . people ask me have i seen this or that Hollywood film, this or that TV show , , do I like this or that political topic . . .
2 hours with Charlie. Becky. How lucky we are. Thank you so much to everyone who brings these people to the public. Thank you .
this guy is more gangsta than lil wayne
I don't read self help books. I watch Charlie Munger rant.
Very very wise MAN. THis should be mandatory listening ⚡️⚡️❤️🙌
becky quick, charlie and warren must be good friends by now
Thanks for sharing it's really useful, like read " Poor Charlie's Almanack" again
He is so wise and so funny!
Thank you so much for sharing this useful data! Greatly appreciated.
"People Starving in the dark, that's what communism will do for you"
But there’s China
Abdulla Fawaz China only started developing once they allowed foreign investments and private ownership of capital goods.
@@fawa.z yes China has had the biggest famine of any nation Mao killed more than hitler ever could. They’ve now adopted capitalism please learn a tiny bit.
Most of the Soviet block had better nutrition than comparable capitalist countries. Just fyi
Thank you so much guys good evening everyone fantastic speach especially sir charlie Munger thank you so much sir
i like how he sits...lol
@Ed literallly
Awesome portrait with gangster rap in background
Like he’s the head of the gambino family
Men sits all day, he is an expert when it comes not doing anything lol 😂
@@marceldwayne8491 or he has a disability and still has more capability than you and your whole families lineage combined
There people God should give a special privilege to live forever.. Charlie should be one of them.
You will be missed Munger.
Didn’t even stop for a sip of water. Knowledge and wisdom bombs left, right and centre. Inspiration
watching this too late but yet very relevant ❤
Loving this in 2022
Bacs was here -Oct 2, 2019
jeff’s audit class
A great introduction, I would have to say. Looking forward to listening to the rest too.
Thank you for sharing, he truly is remarkable! Quote of the day: Suck it up and cope!
What I have learnt from Charlie Munger in this video, Simply in life and be happy...........Thank you
So much straight forward wisdom from this guy!
What is the word he says at about 26:00: "If you think the accountants failed poorly?.....Washington set a new record. I have a rule for politics, which has served me well in making predictions. And that I "_____" to you. The politicians are never so bad that you don't live to want them back"
"Quick claim"
"quick claim", he does tend to mumble his voice sometimes; but I guess that'll happen when you're 90! 😂😂😂
34:43 Charlie's heart doctor must have told him not to look at Becky's legs, just to be safe.
And why is that?
@@erich9779 Don't play dumb. Or maybe it's not an act in your case. Maybe you did the best you could.
@@DexterHaven ok im more confuse now and less confuse when I didn't ask the question 😂
Personally, it's ironic to hear Mr. Munger talk about the lack of atonement from the accountant "adults who could have fixed it," or from "idiots & knaves selling shoddy mortgages on ridiculous theories;" because it was the 2008 real estate crisis which sparked my interest in going to b-school in the 1st place. As a bartender living in Santa Monica, CA at the time, I'd seen about half of my clients have their lives wiped out. I just wanted to be a part of keeping that from happening again.
My God...we will be lesser when men of his caliber have passed. Charlie Munger is a special breed. I sure hope that the subsequent generations can muster up the wherewithal to slow down and think. Because that’s what it takes to create the moral fiber to operate the way these fellows do.
Great moderator and host and amazing guest
(2010) Says "he'll be 87 in January, if he makes it" fast forward 2022 still rockin' it 😆 OG
Lots of great advice and insight. A Teenager’s Guide on how to Invest Like Warren Buffett and Charlie Munger is a great book for those who want to learn more.
26:16 "Politicians are never so bad you don't live to want them back."
Mr. Munger is so far ahead of his time. GO BLUE! 💙💛
The first 8:15 is introduction by VERY lmportant people you can fast forward through. You're welcome.
Charlie would be an amazing president if that was is goals with that said we can learn so much from is wisdom. I'm a better person from is knowledge. Thank you so much.
I wonder where the q&a participants are today
conversation starts at 8:50.
Munger was wondering how to invest those legs!
1:18:44 The best part
Study the life and writings of Lee Kuan Yew. You did answer the question sir. Singapore is a beacon of hope to all nations that seek rightness and goodness. 😀
We love you Charlie
Can someone please inform me, in the beginning of his speech, he said there was a problem with universities buying the same "something" are in for a disappointment, what exactly was he talking about?
Guy was investing in BYD 12 yrs ago. That's insane foresight
"The existing system is quite perverse.A system is perverse when good people go bad because of the way the system is structured. If you run a big chain store and you make it easy to steal by your own sloppiness, you will cause a lot of good people to go bad you would have created an irresponsible system. A system with these irresponsible inscetives is geared to cause trouble. Change the system. But no one wants to do it the Munger style. Its a very serious problem that you will have to take piece by piece."- 47+
I wish someone would transcribe this whole video.
I like listening to Charlie, at least as much as Warren.
@1:40 there is not a healthcare system problem there is a health-care problem, ie. a health maintenance problem. Very few people actual look after themselves and are strong enough to say no to advertised sugary, sweet fake foods. It's an addiction & emotional problem.
The main problem is using up hydrocarbons too fast.... that was 2011 and in 2020 that looks wrong... oil is $40 a barrel. Seems like we have enough oil.
ABSOLUTELY BRILLIANT !!
Its many decades ago . What we need to be mindful of
I am 29 and I have a long way to go
Great school
He believs in enlightened monarchies, basically. No wonder he likes Plato. He's very very conservative, but it's understandable considering he was born in a rich family ruling over the city.
I don't share his views at all. But he's lovable anyway
Is she the same journalist who did the last interview with him? The voice is similar. I wish her that.
1:17:51 - Does anybody know what charlie means by "you will end up like me"
The legal profession all too often has the attitude that they can directly change behavior and human nature directly by passing a law.Doesn't work. The only thing corporate lawyers that influence congressional law should focus on is changing the incentive of the behavior. The "no texting while driving law" in many places saw accidents to up 25% for example because people's behavior didn't change, they just held phones down low where they couldn't see the road rather than in front of their faces.
wall street had an amazing run from there.. of course, its easy to quote looking back... but we have another similar hopefully not worse situation now, here at 2020... the people feel the same way again
No higher resolution for camera's 10 years back...just takes away the joy of viewing
Content, idiot. Try to understand the world doesn't revolve around you.
If this talk was given today it would all be the same 10/23/21
This makes me emotional
"What we have is WAY better than nothing."
Love Becky, love Charlie, but why there is no information when this was recorded ??
.
It was recorded late 2010 or early 2011 I believe. Someone cited sept 2010 which is likely.
Lots of fertilizer is produced using hydropower (Norway makes somethin like 2 Million tons/year )
“I mean the groupies have followed me here” 😂
Charlie - The Most Complete Aggregation of Encyclopedias.
Don't mind if 20% of healthcare is no damn good that we're buying... like botox for women for whom intervention is hopeless. LOOL Charlie always tells it like it is!
sloar has not gotten cheaper and its needs major subsidies to work.
KEEP YOU HEAD UP! - KEEP YOUR HEAD UP! He makes allot of good points, however he's not going to give you advice that would get you ahead and tell you any secrets SO YOU HAVE TO READ BETWEEN THE LINES.
IZYFRE read the Berkshire Hathaway shareholder letters
I find Becky's tush utterly irresistible; it helps with inspiration.
I believe Charlie and Warren have made mistakes by being too focused on the fundamentals and losing sight of the big picture---would the product or service continue to remain relevant?
You make all investment decisions based on the ROI, the earning projections, the quality of the underlying assets, the duration of the liabilities, the free cash flow, the quality of the management and, finally, the continuing demand for the product or service. They bought a textile factory, when textile mills were moving onto locales with cheaper labor.
Finally, Warren and Charlie benefited from the fact that Europe and Japan lay devastated with America the only productive hub, and later with the re-industrialization of Europe and Japan, and, finally with the industrialization of the emerging economies---all of these were relatively safe bets on the economies and the banks.
Warren and Charlie also started early. I'm in my mid-50's, so don't have much time for compounding to work its way, so would need to get riskier bets right or rely on leverage provided by derivatives and options.
You may have another 30 or 40 years for compounding so as Charlie says, keep your head down and keep at it! Cheers!
what does charlie munger think of vanadium redox flow batteries, for energy storage?
I swear he sounds exactly like warren👀
lawyers wouldn't make a dime with U Michigan settlement values - retired lawyer. Charlie is a Harvard Law School graduate who saw this 60 years ago.
was this recorded on razor phone?
Great video. Thank you for sharing.
listened, still speaking.