Charlie Munger

That was their formula. So it offended them to go against the rich suburbs and have to pay up for the good locations, and Costco just specialized in the good locations where the rich people lived. And Walmart just let them do it year after year. It was a terrible mistake.

That was their formula. So it offended them to go against the rich suburbs and have to pay up for the good locations, and Costco just specialized in the good locations where the rich people lived. And Walmart just let them do it year after year. It was a terrible mistake.

No, never met him. I knew the son, one of the sons, and they divided it up, you know, in about six parts very early. Yeah, Walton Enterprises. So they never paid much gift taxes or anything.

No, never met him. I knew the son, one of the sons, and they divided it up, you know, in about six parts very early. Yeah, Walton Enterprises. So they never paid much gift taxes or anything.

Look how hard it would be to go into the auto business and have some big killing company. Who's going to win? Who knows? The whole thing has been thrown way up in the air by all these electric cars. All those big new capital requirements, different ways of selling cars. And plus they got these tough unions. See, I just don't even look at the auto industry.

Look how hard it would be to go into the auto business and have some big killing company. Who's going to win? Who knows? The whole thing has been thrown way up in the air by all these electric cars. All those big new capital requirements, different ways of selling cars. And plus they got these tough unions. See, I just don't even look at the auto industry.

Well, for maybe for one or two years, electric cars that are really good at it. Maybe, but certainly nobody else. It's too tough. BYD was a miracle. But that guy works 70 hours a week and has a very high IQ. He can do things you can't do. You can look at somebody else's auto part and he can figure out how to make the goddamn thing. You can't do that, you see.

Well, for maybe for one or two years, electric cars that are really good at it. Maybe, but certainly nobody else. It's too tough. BYD was a miracle. But that guy works 70 hours a week and has a very high IQ. He can do things you can't do. You can look at somebody else's auto part and he can figure out how to make the goddamn thing. You can't do that, you see.

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.