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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[drizzle]

0:00
business now spread over the whole
0:02
country and its cost us a lot of money
0:06
it's got some a lot of effort and it
0:09
will cost us a lot of every in the
0:10
future I would say that momentum is
0:13
gaining gaming gaming you people who
0:16
came in as value investors
0:17
well you've got something else that
0:21
Amazon venture capital type of
0:23
investment and I don't apologize because
0:26
i'm sharing the same cut myself and it
0:31
looks like it may work if it does work
0:34
it will be a long slow grind but it
0:37
could be a way bigger business than
0:39
bread business ever what we have now
0:41
crossed the line we have more software
0:43
references now we have a traditional
0:45
business and the fact that it's costing
0:47
us a lot of money does not bother me at
0:48
all I'm thinking a lot like beets or
0:51
something
0:52
as long as we're taking character anyway
0:58
i'm happy i said that the directors
1:01
there's no point in being great you
1:02
don't use it to compete effectively so
1:05
that's a very good question that but I
1:08
regret it was a total fluke it isn't
1:11
what I've done in life you can argue
1:14
that berkshire hathaway's once created a
1:17
business from scratch it's worth a
1:19
fortune which is the reinsurance
1:21
department and something that you know
1:23
we've done personally are not one Slayer
1:25
if we succeed it's not only good for the
1:29
shareholders it's good for the world
1:31
this whole system the government uses is
1:35
very inefficient that needs a lot of
1:38
automation software is very complicated
1:40
and services complicated and very
1:44
difficult are going one of the reasons
1:47
the opportunity was available as it is
1:49
very impossible difficult people by
1:54
herself they hate this kind of
1:55
it's too hard you know that they have
1:59
their own way of the invention barrel
2:01
and yeah I kinda like it through the so
2:05
hard because I think we win we play hard
2:06
to take away thats that's so probably
2:12
the best question ever remember to ask
2:17
step one to follow it's very important
2:20
right in fact the whole foods for the
2:21
company earlier said that one of the
2:23
most important things you picked up from
2:25
Darwin was the value of activity by
2:27
forcing yourself to search for
2:29
disconfirming evidence
2:30
what important thing did you pick up
2:32
from Einstein that you didn't know
2:33
before

[/drizzle]