Charlie Munger

Was that after you joined the board?

Was that after you joined the board?

But Warren has very close relations with all those people that have lunch every Saturday at Berkshire headquarters. It isn't like he doesn't have a little quarter of people there who are kind of pals from the ground up.

But Warren has very close relations with all those people that have lunch every Saturday at Berkshire headquarters. It isn't like he doesn't have a little quarter of people there who are kind of pals from the ground up.

Well, of course, we used to spend a lot of time together when we were young because we didn't have that much to do. Now we've got more to do, but then it's just the other minutiae of life. So it's different.

Well, of course, we used to spend a lot of time together when we were young because we didn't have that much to do. Now we've got more to do, but then it's just the other minutiae of life. So it's different.

It's very difficult to invest money well. And I think it's almost impossible to do time after time after time in venture capital. Yeah, we really wanted to ask your thoughts on venture capital. Sometimes all the deals get so hot and you have to decide so quickly. You're all just sort of gambling.

It's very difficult to invest money well. And I think it's almost impossible to do time after time after time in venture capital. Yeah, we really wanted to ask your thoughts on venture capital. Sometimes all the deals get so hot and you have to decide so quickly. You're all just sort of gambling.

Well, of course it's good for the world as a whole to have a way of having some currency. The way that was solved is... For a long time, the British pound was the national currency of the investment world. Then it shifted to the dollar, and it's still the dollar. And people like China have these enormous reserves of dollars.

Well, of course it's good for the world as a whole to have a way of having some currency. The way that was solved is... For a long time, the British pound was the national currency of the investment world. Then it shifted to the dollar, and it's still the dollar. And people like China have these enormous reserves of dollars.

The money we make, think of the money people give us where we always just print up these pieces of paper.

The money we make, think of the money people give us where we always just print up these pieces of paper.

Well, they do if they ever get any money. The dollar is very fungible. You can always buy one anywhere.

Well, they do if they ever get any money. The dollar is very fungible. You can always buy one anywhere.

Well, I think it's a very legitimate business if you do it right. If you want to give the right people the power and nurture them, help them. You know a lot about the tricks of the game, so you can help them run their business, yet not interfere with them so much they hate you.

Well, I think it's a very legitimate business if you do it right. If you want to give the right people the power and nurture them, help them. You know a lot about the tricks of the game, so you can help them run their business, yet not interfere with them so much they hate you.

By and large, having bumped into a lot of people in the businesses with venture capital financing, I would say the ordinary rule is that people in the business doing the work, they more or not, they hate the venture capitalists. They don't feel they're their partner trying to help them. They're only taking care of themselves and so on and so on. And they don't like them.

By and large, having bumped into a lot of people in the businesses with venture capital financing, I would say the ordinary rule is that people in the business doing the work, they more or not, they hate the venture capitalists. They don't feel they're their partner trying to help them. They're only taking care of themselves and so on and so on. And they don't like them.

Yeah, well, but that's not true in Berkshire. You see, they know we're not trying to discard them to the highest bid. See, if someone has an old investment bank or offers us 20 times earnings or some lousy business, we don't sell. If it's a problem business we've never been able to fix, we'll sell it. But if it's a halfway decent business, we never sell anything.

Yeah, well, but that's not true in Berkshire. You see, they know we're not trying to discard them to the highest bid. See, if someone has an old investment bank or offers us 20 times earnings or some lousy business, we don't sell. If it's a problem business we've never been able to fix, we'll sell it. But if it's a halfway decent business, we never sell anything.