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]