Charlie Munger

Yeah, it was natural. That's why it happened. What causes that? Well, it's just, that's what human nature and competition, that's what it causes. Will we eventually have one? Eventually, this craziness in venture capital when they're all gone stupid, that's a natural outcome.

Yeah, it was natural. That's why it happened. What causes that? Well, it's just, that's what human nature and competition, that's what it causes. Will we eventually have one? Eventually, this craziness in venture capital when they're all gone stupid, that's a natural outcome.

I don't know how the world's going to, I know we're going to have as many as we did. They just happened. Would you continue investing in China? What's your position with that? Well, my position in China has been that the Chinese economy has better future prospects for the next 20 years than almost any other big economy. That's number one.

I don't know how the world's going to, I know we're going to have as many as we did. They just happened. Would you continue investing in China? What's your position with that? Well, my position in China has been that the Chinese economy has better future prospects for the next 20 years than almost any other big economy. That's number one.

Number two, the leading companies of China are stronger and better than practically any other leading companies anywhere. And they're available at a much cheaper price. So naturally, I'm willing to have some China risk in the Munger portfolio. How much China risk? Well, that's not a scientific subject. But I don't mind whatever it is, 18% or something, whatever's worked out in the Munger family.

Number two, the leading companies of China are stronger and better than practically any other leading companies anywhere. And they're available at a much cheaper price. So naturally, I'm willing to have some China risk in the Munger portfolio. How much China risk? Well, that's not a scientific subject. But I don't mind whatever it is, 18% or something, whatever's worked out in the Munger family.

It's okay with me.

It's okay with me.

Well, I don't like that as well as I like something with a real consumer brand of its own like Apple.

Well, I don't like that as well as I like something with a real consumer brand of its own like Apple.

Well, I only study two kinds of companies. One, I'm enough of a Ben Graham follower. If something is really cheap, even though it's a crappy company, I'm willing to consider buying it for a while anyway. And? I do that occasionally. And I've done it with great success a time or two, but my hard marks, I've done it once or twice in my lifetime for big gains, and that's it.

Well, I only study two kinds of companies. One, I'm enough of a Ben Graham follower. If something is really cheap, even though it's a crappy company, I'm willing to consider buying it for a while anyway. And? I do that occasionally. And I've done it with great success a time or two, but my hard marks, I've done it once or twice in my lifetime for big gains, and that's it.

It's not like I have a second. I've done it a hundred times. So it isn't a bit easy. A hundred times easy money is almost nonexistent.

It's not like I have a second. I've done it a hundred times. So it isn't a bit easy. A hundred times easy money is almost nonexistent.

Well, the grand companies, of course, are good. Get them at the right price. The whole trick is to get them on the few rare occasions when they're really cheap. But buying Costco at its present price, it may work out all right, but that's, again, it's getting hard.

Well, the grand companies, of course, are good. Get them at the right price. The whole trick is to get them on the few rare occasions when they're really cheap. But buying Costco at its present price, it may work out all right, but that's, again, it's getting hard.

Well, I don't give advice to just any young people. I give it to some. I paint my spots. I don't want to be more of a guru to the young people than I already am. It's getting hard out there. And there's all this bullshit and craziness. Of course, it's going to be hard.

Well, I don't give advice to just any young people. I give it to some. I paint my spots. I don't want to be more of a guru to the young people than I already am. It's getting hard out there. And there's all this bullshit and craziness. Of course, it's going to be hard.

Damn near. Of course it could be possible. It's only possible, it's likely, and it's actually happened.

Damn near. Of course it could be possible. It's only possible, it's likely, and it's actually happened.