Here is some more on video tuting from Charlie Munger, Warren Buffet's partner in Berkshire Hathaway. Where he talks about booms, busts, on economy, about Allan Greenspan, about their CocaCola investment, about succession of Berkshire Hathaway, about 'the locker room culture' in Wall-Street and many more things worth giving an ear for a serious student of investing and economy.
Below are excerpts:
- Be ready to face 50% decline in your quoted value of investments at 2 to 3 ocassions.
- Economy runs worst without a system of wise restraints.
- Markets needs to be dampened for this.
- Don't go way too far in financial deregulation.
- Talks about 'idiot boom' and 'idiot expansion of consumption'.
- He says Allan Greenspan is his hero because he accepted that 'he is a horse's ass'.
- Wall-street tracks and rewards ''locker-room culture'. and they do a lot of damage to investors like Buffet and he.
- The reasons ideas such as Buffett's are not so popular is because 'they are so simple and so obvious'
- Keep a mindset of a person buying a whole business.
- He and Buffett speaks normally every week only.
- Berkshire is probably the most 'decentralized corporate' in the world.
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