Wit and Wisdom of Charlie Munger at Berkshire Hathaway Annual Shareholder Meeting 2016
Published on Jun 20, 2016
1:23
I think to some extent we’ve got most of the good picking the superior managers
1:29
as we were in the old days of picking up the no brainer businesses
1:33
well looking back I don’t regret that I didn’t make more money or become better
1:40
known or any of those things I do regret that I didn’t wise up as fast as I could
1:47
have
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and there’s a blessing in that too
1:52
now 92 i still have a lot of ignorance left to work on
1:57
why is geico suddenly losing to progressive direct
2:03
well I don’t like it to tragedy that some competitors out better racial or
2:08
one . it goes quadrupled its market share since we bought all of it
2:17
quintuple have been doubled all right they don’t think we should worry about
2:24
the right somebody else had a good quarter
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yeah
2:31
your children are right to look for people they can trust in dealing with
2:37
stocks and bonds
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unfortunately more than half the time they will fail in a conventional answer
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so you think they really have to have a hard problem if you just listen to your
2:53
elders
2:54
the lighting you and make you repent spread a lot of following my question is
3:02
about college tuition and the problem of rising student debt balances
3:06
Charlie you want to talk about when you’re more of an introvert I’m yeah i
3:10
think it did you expect a lot of efficiency financial efficiency in
3:16
American higher education your howling at the wind
3:20
well I do a lot more than Warren does it mean miss Bo and I’m frequently
3:27
disappointed but that monopoly has an ax and bureaucracy have kind of branches of
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everywhere and the universities aren’t exempted from it but of course they are
3:42
the glory of civilization and if people want to get more to look at me i’m all
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for it
3:49
I want to say something optimistic and i think that the GDB figures greatly
3:57
understate the real advantage of our system has given our citizens and it’s
4:05
under weighs a lot of your achievements because they don’t translate right in
4:09
the money in a certain way to the economist can easily ample but but the
4:13
real achievements are over the last century say are way higher than and then
4:20
are indicated by the GDP figures and the GDP figures are good
4:25
I don’t think that is your movement is necessarily going to be quite as good as
