Charlie Munger
speaker
204 appearances
4 recordings
4 series
first heard Nov 2022
last heard 6 Feb
Charlie Munger’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 2 in all, peaking in Feb 2026 with 1.
Appearances
It was very interesting. It's something about the flavor of ketchup on a goddamn fried potato. People are really willing to change brands over. They want Heinz. And so we could raise the price of Heinz pretty much anywhere. But you try to raise the Kraft cheese, and everybody goes into rebellion, including the final customer, the housewife.
They don't care that much about whether the cheese is Kraft or not.
Well, the sauce flavor. It's happened elsewhere. In Korea, one guy, a Chinese guy, throws all the sauces. Every single major sauce he controls at least 95% of.
Yeah.
Is that Coca-Cola as well?
I think, I knew when I was 70 that it was plenty hard, but it's just so hard. I know how hard it is now. And all these people who are getting this two and 20 or three and 30 or whatever, they all talk as though it was easy and they get to believe their own bullshit. And of course, it's not a bit easy. It's very hard.
Well, probably because it suits my nature. But I didn't really enjoy the three and 30 business. Once I had enough money of my own, I'd rather just operate with my own money. That is a much better way of doing it than investing. Because of the freedom? We're forced to deal with investment bankers. We're forced to deal with investment consultants. We're forced to deal with venture capital.
You don't want to need other people. The point of getting rich is so you don't have to need other people.
The answer to that is no, we wouldn't. We had everybody that has an unusually good result. Almost everything has three things. They're very intelligent, they've worked very hard, and they were very lucky. It takes all three to get them on this list of the super successful. How can you arrange to have two of the answers of good luck?
The answer is you can start early and keep trying a long time, and maybe you'll get one or two. If you were starting again today, do you think insurance would still be the vehicle? It depends on your temperament. Insurance would be ideal for a certain kind of a temperament. And it takes a very patient person to get rich in insurance. It takes forever to get anything in.
It takes forever to push anybody aside. It's very hard to make money.
Think of all the crumbums of the world that drink too much and then file big claims with the insurance company when the place gets on fire or something. Why would you want to pay your share of their stupidity?
Whatever he's learned is that Everybody needs some significant participation in the 12 companies that do better than everybody else. And you need two or three of them at least. And if you have that mindset, Apple is the logical candidate to be on the list for which you're gonna select your companies. And it's not very hard to come up with the idea that it may be okay
We didn't put hundreds of billions, we put tens of billions into it.
We couldn't find anything else.
Yeah, it got cheap. It got to be about 10 times or anything more.
Yeah, that's exactly the way it works.
No, no. The low hanging fruit for the idiot is it's not gone, but it's very small.
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.
Showing 121–140 of 204 · page 7 of 11
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