Published on Oct 29, 2016
Charlie Munger recording from the Daily Journal Meeting in Los Angeles – 2015
-Audio levels fixed a bit, static removed, and questions shortened from original here: https://www.youtube.com/watch?v=tf6PQ…
Poor Charlie’s Almanack link: http://amzn.to/2eZFlt3
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business now spread over the whole
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country and its cost us a lot of money
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it's got some a lot of effort and it
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will cost us a lot of every in the
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future I would say that momentum is
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gaining gaming gaming you people who
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came in as value investors
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well you've got something else that
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Amazon venture capital type of
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investment and I don't apologize because
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i'm sharing the same cut myself and it
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looks like it may work if it does work
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it will be a long slow grind but it
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could be a way bigger business than
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bread business ever what we have now
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crossed the line we have more software
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references now we have a traditional
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business and the fact that it's costing
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us a lot of money does not bother me at
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all I'm thinking a lot like beets or
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something
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as long as we're taking character anyway
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i'm happy i said that the directors
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there's no point in being great you
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don't use it to compete effectively so
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that's a very good question that but I
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regret it was a total fluke it isn't
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what I've done in life you can argue
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that berkshire hathaway's once created a
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business from scratch it's worth a
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fortune which is the reinsurance
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department and something that you know
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we've done personally are not one Slayer
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if we succeed it's not only good for the
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shareholders it's good for the world
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this whole system the government uses is
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very inefficient that needs a lot of
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automation software is very complicated
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and services complicated and very
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difficult are going one of the reasons
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the opportunity was available as it is
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very impossible difficult people by
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herself they hate this kind of
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it's too hard you know that they have
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their own way of the invention barrel
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and yeah I kinda like it through the so
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hard because I think we win we play hard
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to take away thats that's so probably
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the best question ever remember to ask
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step one to follow it's very important
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right in fact the whole foods for the
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company earlier said that one of the
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most important things you picked up from
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Darwin was the value of activity by
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forcing yourself to search for
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disconfirming evidence
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what important thing did you pick up
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from Einstein that you didn't know
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before
