Charlie Munger

Yes, but they're clever too. How was that investment for you? I lost money. Not much because I was stubborn. I held out until I got back to almost what I paid for it when I was older.

Yes, but they're clever too. How was that investment for you? I lost money. Not much because I was stubborn. I held out until I got back to almost what I paid for it when I was older.

Well, but that is a no-brainer. Something like that, if you're as smart as Warren Buffett, maybe two, three times a century, you get an idea like that. The interest rates in Japan were half a percent per year for 10 years. And these trading companies were really entrenched old companies. and they had all these cheap copper mines and rubber plantations.

Well, but that is a no-brainer. Something like that, if you're as smart as Warren Buffett, maybe two, three times a century, you get an idea like that. The interest rates in Japan were half a percent per year for 10 years. And these trading companies were really entrenched old companies. and they had all these cheap copper mines and rubber plantations.

And so you could borrow for 10 years ahead all the money and you could buy the stocks and the stocks made 5% dividends. So there's a huge flow of cash With no investment, no thought, no anything. How often do you do that? You'll be lucky if you get one or two a century. We could do that. Nobody else could. It looked attractive at half or a century. You couldn't get it.

And so you could borrow for 10 years ahead all the money and you could buy the stocks and the stocks made 5% dividends. So there's a huge flow of cash With no investment, no thought, no anything. How often do you do that? You'll be lucky if you get one or two a century. We could do that. Nobody else could. It looked attractive at half or a century. You couldn't get it.

But Berkshire with its credit could. And the only way you could get it was to be very patient and just pick away at it little pieces at a time. It took forever to get $10 million invested. But it was like having God just opening a... chest and just pouring money into it. It was awfully easy money.

But Berkshire with its credit could. And the only way you could get it was to be very patient and just pick away at it little pieces at a time. It took forever to get $10 million invested. But it was like having God just opening a... chest and just pouring money into it. It was awfully easy money.

That's true. But why shouldn't it be hard to make money? Why should it be easy?

That's true. But why shouldn't it be hard to make money? Why should it be easy?

That's a very different company. Yeah. Did you ever look at it? That's a style company. Of course, I've looked at it, but I don't like style comedies.

That's a very different company. Yeah. Did you ever look at it? That's a style company. Of course, I've looked at it, but I don't like style comedies.

Well, I suppose if it were to be Hermes, an achievement on a price, I'd buy it. But short of that, I'm going to buy a new style of company.

Well, I suppose if it were to be Hermes, an achievement on a price, I'd buy it. But short of that, I'm going to buy a new style of company.

Well, if you're as good as they are, what they've done, you have a lifetime to do it in. Every now and then, three or four lifetimes to do it in. You can create another, but it's not easy.

Well, if you're as good as they are, what they've done, you have a lifetime to do it in. Every now and then, three or four lifetimes to do it in. You can create another, but it's not easy.

It's not a bit easy. They have meetings every day where they make policy decisions. They choose the locations one at a time. It's work.

It's not a bit easy. They have meetings every day where they make policy decisions. They choose the locations one at a time. It's work.

Well, they just got a brand people trust so much. It took them a century to do it.

Well, they just got a brand people trust so much. It took them a century to do it.