February 19, 2018

Charlie Munger on Bitcoins, Banking, AI, and Life

On searching for ideas – The two rules of fishing are to fish where the fish are, and don’t forget the first rule. Investing is the same thing. In some places, no matter how good a fisherman you are, you won’t do well. Life is a long game. Take it as comes and do the best you can, and if you live to an old age, you will get your full share of opportunities, which will be two in total, maybe, but seize one of the two, and you will be alright.

On banking – Banking is a very peculiar business. The temptations to do something stupid are way greater for a bank CEO. Banks are a dangerous place to invest. There are a lot of ways to make the near-term future look good by taking risks that affect long term future. There are a few exceptions. Berkshire tries to pick a few exceptions as best we can when we look at banks. I haven’t anything more to say except that I am right.

On overvaluation of Google, Facebook, Apple and Amazon – I don’t know. Next question.

On money management (Peter Kaufman) – I call them the five aces: (1) total integrity, (2)

Read more at https://www.safalniveshak.com/charlie-munger-bitcoins-banking-life

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