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The-Best-of-Charlie-Munger-1994-2011

es6.mike@gmail.com
Q39: The question was about Ben Franklin?s role in his life. Munger : Franklin said something to the effect of: ?When the citizens of the world find out that they can vote themselves into money, they end of the civilization is nigh.? People now act as if they need it, want it and deserve it (money and power that is). These are pathetic adults acting like children. If Franklin were alive today he would highlight this issue.
The-Best-of-Charlie-Munger-1994-2011 - es6.mike@gmail.com - Your Highlight Location 5894-5897 | Added on Tuesday, 20 August 13 02:31:27
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When he was a kid he loved Sherlock Holmes. Then, later in life he read a paperback that included the total work of Arthur Conan Doyle. He found that some of the non-Sherlock Holmes stuff was just awful. The Sherlock Holmes genre was a gold mine. Conan Doyle wasn?t even that good?he just stumbled into the right gold mine. However, Charlie likes the idea that he can now admit that what he once admired was not that good. He also likes to better understand how important it is to stumble on the right gold mine.
The-Best-of-Charlie-Munger-1994-2011 - es6.mike@gmail.com - Your Highlight Location 5837-5841 | Added on Tuesday, 20 August 13 02:26:56
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That is not the Munger system. In his eyes you go through life looking for pain and taking it advance. It makes you a protector of yourself and your employer.
The-Best-of-Charlie-Munger-1994-2011 - es6.mike@gmail.com - Your Highlight Location 5825-5826 | Added on Tuesday, 20 August 13 02:25:36
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Lee Kwan Yew of Singapore. He helped change China. Where did Lee Kwan Yew learn his values? He was educated in England and was English speaking all of his life. As such, a lot of the culture of this room was absorbed by Singapore. If China becomes the greatest nation in the world, some of our best virtues will be a part of that country as well.
The-Best-of-Charlie-Munger-1994-2011 - es6.mike@gmail.com - Your Highlight Location 5805-5807 | Added on Tuesday, 20 August 13 02:22:12
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Q22: Could we get a list of the 99 mental models he uses? Munger: The women who asked the question appraises him higher than he does himself. He can?t do that!
The-Best-of-Charlie-Munger-1994-2011 - es6.mike@gmail.com - Your Highlight Location 5793-5794 | Added on Tuesday, 20 August 13 02:20:05
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There is an advantage if you have a temperament that allows you to cope with problems that others can?t understand. He prefers hard problems and doesn?t want to be a dentist (who follows simple processes over and over).
The-Best-of-Charlie-Munger-1994-2011 - es6.mike@gmail.com - Your Highlight Location 5785-5786 | Added on Tuesday, 20 August 13 02:19:08
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Keynes wrote The Economic Consequences of Peace (in 1919?in which he argued for a more generous peace) and people later realized he was right.
The-Best-of-Charlie-Munger-1994-2011 - es6.mike@gmail.com - Your Highlight Location 5674-5675 | Added on Tuesday, 20 August 13 02:05:49
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What major person in the US has been embarrassed by US accounting? Very few. But one such person is Jamie Dimon of JP Morgan who has written scathing criticisms of the accounting rules in his annual reports.
The-Best-of-Charlie-Munger-1994-2011 - es6.mike@gmail.com - Your Highlight Location 5638-5639 | Added on Tuesday, 20 August 13 02:02:02
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What is needed is a lifelong learning process?this is both helpful and a lot of fun. He said that he has had so much fun learning. In fact, it is amusing to see economics professors spending all these man hours on silly problems that he could solve with his left hand even though he never took a class in economics.
The-Best-of-Charlie-Munger-1994-2011 - es6.mike@gmail.com - Your Highlight Location 5624-5626 | Added on Tuesday, 20 August 13 02:00:17
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Another advantage to BRK?s process was that Warren and Charlie were learning as they went. They didn?t understand the power of a great brand until they bought See?s Candy. They found that they could raise the price 10-15% each year and nobody cared. This understanding then changed BRK and its investment pattern. We are all ignorant?no one knows enough now to cope with the future. His motto is to pay yourself first?protect your own mind and make it better. You always have to learn. Increasing rationality is a moral duty and it is very important to keep improving as much as you can. That?s how he and Warren went at it and it worked well.
The-Best-of-Charlie-Munger-1994-2011 - es6.mike@gmail.com - Your Highlight Location 5616-5620 | Added on Tuesday, 20 August 13 01:59:39
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It is ?boring? to run a business and make sure each restaurant is clean, for example. It is much more fun to look for things to buy. However, almost any data suggests that most shareholders lose with all of these mergers? academic studies prove this. But, BRK shareholders did not lose because he and Warren only did 3 things and were patient. They were able to be patient because they had something else to do with the money. They had the option to buy marketable securities. Most companies don?t have this option and the combination of options gave them a respectable repertoire provided that they were patient.
The-Best-of-Charlie-Munger-1994-2011 - es6.mike@gmail.com - Your Highlight Location 5608-5612 | Added on Tuesday, 20 August 13 01:57:40
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Each time the cash register rings he or she gets an ?aha? feeling. There are lots of rewards and punishment in free market capitalism that do not necessarily apply to someone who works for the Department of Agriculture (and can?t be fired) or who is a communist in Eastern Europe.
The-Best-of-Charlie-Munger-1994-2011 - es6.mike@gmail.com - Your Highlight Location 5600-5602 | Added on Tuesday, 20 August 13 01:56:32
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I don?t know anyone who?s really wise in the practical world who reads no newspapers.
The-Best-of-Charlie-Munger-1994-2011 - es6.mike@gmail.com - Your Highlight Location 5544-5545 | Added on Tuesday, 20 August 13 01:49:29
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Q (Fund manager, New Delhi) I admire your ?lattice work? model but in applying it find that adding to one?s toolkit takes a long time because you have to fit new things into a complicated framework. Is this inevitable or is there a way to speed up integration? A I was born with a mind that works that way and am also curious, so learning isn?t work but play. If your nature?s different, you?ll ?have to figure out your own damn answer.?
The-Best-of-Charlie-Munger-1994-2011 - es6.mike@gmail.com - Your Highlight Location 5487-5490 | Added on Tuesday, 20 August 13 01:41:27
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a Woody Allen line: ?Today we are at a crossroad. One road leads to hopelessness and despair; the other to total extinction. Let us pray we choose wisely.?]
The-Best-of-Charlie-Munger-1994-2011 - es6.mike@gmail.com - Your Highlight Location 5478-5479 | Added on Tuesday, 20 August 13 01:37:34
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Q (Alex Laga, a BRK and Wesco shareholder, Milwaukee) An engineering mentality is prone to paralysis by analysis and to a fascination with models for their own sake. How does one avoid that? A Look at BYD: 16,000 engineers but determined to be rational. They don?t like unnecessary delays, nor analysis for the sake of analysis. By contrast, India has too much paralysis by analysis.
The-Best-of-Charlie-Munger-1994-2011 - es6.mike@gmail.com - Your Highlight Location 5460-5463 | Added on Tuesday, 20 August 13 01:34:31
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Q (New York BRK shareholder) How big a problem are distorted incentives of regulators vs. the regulated (pay differentials and regulators hoping for later jobs in industry)? In Singapore. . . A Yes, it?s a problem, and yes, I like Lee Kwan Yew?s solution of raising regulators? pay (he also has draconian anti-corruption policies). But in the US, I think the problem with regulators is more ?cognitive insufficiency? than corruption.
The-Best-of-Charlie-Munger-1994-2011 - es6.mike@gmail.com - Your Highlight Location 5439-5442 | Added on Tuesday, 20 August 13 00:48:31
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Is there any example to give us cheer? Yes, Lee Kwan Yew of Singapore. The average guy in his ethnic group married a pretty but less intelligent woman; Lee, however, noticed one who was slightly smarter than he was, and married her. His son is now prime minister. Lee drained the malarial swamps without worrying the effect on some little fish, fined people with stagnant water in their back yards, and got rid of malaria. To solve the drug problem, he looked around and found the solution in the US, of all places. He copied our military: urine tests at any time and mandatory rehab on failure. His policy was to check hard anything that might grow like cancer. If you tried to start a gang, your fifth or sixth recruit would turn out to be in the secret service. It led to prosperity. It was paternalistic, but we need more attention to his model. Singapore doesn?t have 100% free speech; it?s a crime to insult the ethnic Malay minority. Charlie thinks Lee?s Singapore has had a positive influence on China. They saw the Cultural Revolution wasn?t working and were impressed by what they saw in Singapore. Charlie wishes we were more like Singapore; ?in many respects we?re too damn permissive.?
The-Best-of-Charlie-Munger-1994-2011 - es6.mike@gmail.com - Your Highlight Location 5401-5409 | Added on Tuesday, 20 August 13 00:44:59
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Going back to teaching business history as Harvard used to would be good; there?s a lot to be learned from the rise and fall of GM, or the rise/fall/rise of railroads.
The-Best-of-Charlie-Munger-1994-2011 - es6.mike@gmail.com - Your Highlight Location 5364-5366 | Added on Tuesday, 20 August 13 00:40:32
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Peter Kauffman is here, he tries to get his suppliers to make money. That is win win. I think a huge mistake to try to rip off suppliers.
The-Best-of-Charlie-Munger-1994-2011 - es6.mike@gmail.com - Your Highlight Location 5337-5338 | Added on Saturday, 17 August 13 00:28:19
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