Charlie Munger's advice on investing and life choices that make a person wealthy
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- čas přidán 8. 05. 2019
- As Berkshire's Vice Chairman, the 95-year-old Munger is Warren Buffett's right-hand man. He's also an investing legend in his own right. Munger ran a firm in the 1960s and '70s that scored returns of over 24% per year. He's here to talk about how to make investment decisions and life choices that help secure prosperity and longevity.
I'm Andy Serwer. Welcome to "Influencers." And welcome to our guest, Vice Chairman of Berkshire Hathaway, Charlie Munger. Charlie, nice to see you.
CHARLIE MUNGER: Delighted to be here.
ANDY SERWER: So you just had the annual meeting. And I have to ask you what your favorite moments of that were.
CHARLIE MUNGER: What I like is that both the shareholders and employees of Berkshire are so extremely enthusiastic. And it's not just that they made a lot of money and have nice careers. They think they're on the right side.
ANDY SERWER: And, you know, they come there to hear you guys talk all day. And--
CHARLIE MUNGER: Yeah, it's like a cult.
ANDY SERWER: It's like a cult?
CHARLIE MUNGER: Yeah.
ANDY SERWER: In a good way, though?
CHARLIE MUNGER: Yeah, a good cult. Yeah, it's a good cult.
ANDY SERWER: OK. I mean, and the stuff that they hear-- some of it's new, some of it's old, and a lot of it is common sense. And you were talking a lot about--
CHARLIE MUNGER: All of it is common sense.
ANDY SERWER: Right.
CHARLIE MUNGER: But of course, when people use the word "common sense," what they mean is uncommon sense. Because the standard human condition is ignorance and stupidity. And when they say, old Joe has common sense, what they mean is he has uncommon sense.
ANDY SERWER: I guess it's a bit of a misnomer then.
CHARLIE MUNGER: It really is.
ANDY SERWER: So, yeah, why is it that people can't think clearly about investing or decisions in their lives?
CHARLIE MUNGER: Well, they don't think very well about sex or gambling either. You know, I think the standard human condition has a lot of miscognition.
ANDY SERWER: And there are ways to make hay of that or--
CHARLIE MUNGER: Yes. You take advantage of other people. You can improve your own life by eliminating your miscognitions.
ANDY SERWER: Let me shift gears a little bit, Charlie, and ask you about the US economy. And what is your take on where things are right now?
CHARLIE MUNGER: Well, obviously, they're booming. But, you know, the economy sometimes booms, and sometimes it doesn't. And you have to live your life through both episodes. And our idea is we just keep swimming. And sometimes the tide is with us, and sometimes against. But we keep swimming either way.
ANDY SERWER: Are you surprised by how long this expansion has lasted?
CHARLIE MUNGER: Of course, it's lasted a long time. But what was really remarkable is that we never printed money so much and spent it so fast and bought back so much debt, public and private. So this is total terra incognita in economics. And nobody knew for sure how it was going to work.
ANDY SERWER: So was it risky then?
CHARLIE MUNGER: Of course it was risky. But it worked. And I don't think they had much else that it would work. They weren't set up to do stimulus-- too much controversy. Democratic inertia is very thin. So they had to do something. And all they had left was just to print money and start buying things. And that's what they did. And it turned out to be a very wise response. And what's even more remarkable is that both Congress and the presidency and both parties made the same decision. They all cooperated. It was the last time.
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Success hinges on proactive steps, like consistently investing in solid opportunities. Financial management, often overlooked, can have lasting repercussions. Here's to the success of all who read this.
Starting early is simply the best way of getting ahead to build wealth , investing remains a priority . I learnt from my last year's experience , I am able to build a suitable life because I invested early ahead this time .
If you lack market knowledge, your best bet is to seek advice or support from a consultant or investing coach. Contacting a consultant may sound simple, but it's how I've managed to stay afloat in the market and increase my portfolio to roughly 60% early this year. It is, in my opinion, the best way to get started in the industry right now.
How can I participate in this? I sincerely aspire to establish a secure financlal future and am eager to participate. Who is the driving force behind your success?
Monica Shawn Marti is the licensed coach I use. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment.
I appreciate it. After searching her name online and reviewing her credentials, I'm quite impressed. I've contacted her as I could use all the help I can get. A call has been scheduled.
Didn't Charlie Munger and Warren Buffett invent the strategy of buying/investing when the market is low and also buying/investing when the market is high? As Warren Buffet said, he has seen this happen many times in his life. Not an investor. My wife and i never earned more than a middle class salary. We plan to get retired at 58 with a stock portfolio worth $4M. We have never sold so much as one share of stock...
It really isn’t about how much you save, it’s about how you manage your money. Whether you work to earn income or invest, it still boils down to income vs expenses, so yeah you may look into financial advisors for a strategy that suits your timing....
i've been doing this same thing myself. Can't get into trouble with the IRS when I have no income and all my money is in stocks. I don't like doing the work though. Lol. So I just invest through an advisor who does the stock picking. My money grows, and I'm tax-free...
Impressive can you share more info?
@@usieey My advisor is ‘’Catherine Morrison Evans’’ she’s highly qualified and experienced in the financial market. She has extensive knowledge of portfolio diversity and is considered an expert in the field. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market
She appears to be well-educated and well-read. I ran a Google search for her name and came across her website; thank you for sharing.
Building wealth from nothing involves consistent saving, disciplined spending, and strategic investments. Begin by creating a budget to track expenses and identify areas for savings. Prioritize paying off high-interest debt and establishing an emergency fund. As you build a foundation, start investing in low-cost options like index funds, and focus on continuous learning and improving your skills for better income opportunities.
Impressive insights! For beginners like me, managing and staying updated can be overwhelming. Are you an experienced investor or do you have a strategic approach for staying informed?
Absolutely not, as I've closely tracked my portfolio's performance, witnessing a staggering $482k growth in just the last two quarters. This experience has taught me the secrets behind experienced traders' substantial gains in what might appear as unpredictable markets. Undoubtedly, it's been a bold and rewarding choice I made fairly recently.
That's quite remarkable! I'm genuinely interested in benefiting from the guidance of such experienced advisors, especially considering the current state of my struggling portfolio. May I know the name of the advisor who has been assisting you in navigating these financial challenges?
"Lisa Angelique Abel" serves as my advisor, bringing extensive qualifications and experience in the financial market. Her deep understanding of portfolio diversity positions her as an industry expert. I suggest delving into her credentials for further insight. With her considerable experience, she offers valuable guidance to anyone seeking to navigate the complexities of the financial market.
Thank you for the information. I conducted my own research and your advisor appears to be highly skilled and knowledgeable. I've sent her an email and arranged a phone call. Her expertise is impressive, and I'm eagerly anticipating our conversation.
Making money is not the same as keeping it there is a reason why investments aren't well taught in schools, the examples you gave are well stationed, the market crisis gave me my first millions, people shy away from hard times, I embrace them.. well at least my advisor does lol...
This is superb! Information, as a noob it gets quite difficult to handle all of this and staying informed is a major cause, how do you go about this are you a pro investor?
Not at all, having monitored edge my portfolio performance which has made a jaw dropping $475k from just the past two quarters alone, I have learned why experienced traders make enormous returns from the seemingly unknown market. I must say it's the boldest decision I've taken since recently.
@@hunter-bourke21 I've been thinking of going that route, been holding on to a bunch of stocks that keeps tanking and I don't know if to keep holding or just dump them, think your Fin-coach could guide me with portfolio-restructuring. Please who guides you on this process?
@@edward.abraham "Julia Ann Finnicum, a well-known person in her field, is my advisor. I advise doing more study on her credentials. She is a great resource for anyone looking to understand the financial market because of her extensive experience.
@@hunter-bourke21 Thanks, I just googled her name and her website came up right away. It looks interesting so far. I'm going to book a call with her and let you know how it goes.
ETFs makes up a large portion of my portfolio
With the help of the same investment advisor, I diversified my 62K portfolio across many markets and in a matter of months, I was able to produce over 356K in net profit from high dividend yield equities, bonds, and exchange-traded funds (ETFs).
This is really impressive, hope you don't mind if I ask you to recommend this particular professional you use their service? I have quite a lots of difficulty sorting myself out in this downtime.
Natalie Marie Tuttle is my Advis0r. She has since provided entry and exit points on the securities I concentrate on. If you want to check her out, you may do so online. I usually trade in accordance with her strategy.
Thanks, I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a call.
Only if a good amount of folks do what you teach, just imagine how many millionaires we already have or will have in the future. I have been looking at similar opportunities. As Warren Buffet noted, he has witnessed this occur frequently. Never did my husband and I make more money than others in the middle class. With a $250k stock portfolio, we intend to retire at age 58. Never have we ever sold even one share of stock...
@Stanley Edwin I already own shares of Tattooed Chefs and Kairos Minerals, and I'll buy some Corsair as well. Sure, I don't mind having these equities sit around for a few years, but I'd also like to appreciate short-term profitable investments that could, say, turn $50K into $200K.
@Lloyd Bernard I buy into the idea of investing through an analyst, I think it's brilliant to use a brokerage advisor for investing. How can I contact your analyst as my portfolio is dwindling?
@Lloyd Bernard oh! i never take this advises online seriously, but i checked Kaitlin up out of curiosity and i must say i am impressed by her Credentials. i emailed her already, waiting on her response.
Munger and Buffett have both achieved an incredible feat with Berkshire. They've turned thousands to billions, and have made a lot of people wealthy in the process. I really saw the potential of the stock market by reading Berkshire's annual letters. I recently sold my $674k apartment in the Bel Air area and I'm hoping to throw it into the stock market. I just don't want to lose everything.
@Lloyd Bernard I agree with you. I started out with investing on my own, but I lost a lot of money. I was able to pull out about $200k after the 2020 crash. I invested the money using an analyst, and in seven months, I raked in almost $673,000
@Stanley Edwin The person I work with is KAITLIN ROSE STERNBERG You may have heard of her. She's a big Wall Street name. You could look her up on the internet yourself.
Whatta horrible decision you made
@Lloyd Bernard an analyst cannot create wealth they can just hopefully pick better stocks (thats not creating anything). Very very very few people beat the s&p 500 and those who do are rarely accessible to the average joe for services
Success depends on the actions or steps you take to achieve it. Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Financial management is a crucial topic that most tend to shy away from, and ends up haunting them in the near future.., I pray that anyone who reads this will be successful in life!!
Starting early is simply the best way of getting ahead to build wealth , investing remains a priority . I learnt from my last year's experience , I am able to build a suitable life beause I invested early ahead this time .
Exactly ! That's my major concern and what kind of profitable business or investment can someone do with the current rise in economic downturn
I have been investing in stocks for over 10 years now and I have made a lot of money. My portfolio has grown exponentially and I can't thank stocks and HELENE CLAIRE JOHNSON enough for such an amazing way to make money!
I took a look at your advisor and she looks quite the part, I have always thought advisors overrated but taking a look at yours she gives off some confidence, might as well see what advice she has for me.
He is so direct in his answers, makes me think he simply decided he does not have any time left for bs. He can just say things as they are.
could be; but I like to think his directness is a state of mind acquired by one well acquainted with making decisions and taking action rather than over-analyzing and pontificating.
BTW... Beautiful Italian name!
He always been like this. Real man.
@@TheBossEntrepreneur absolutely
Hes been like this for 80+ years don't be ignorant as he would say
95 years and still working. Thats what happens when you do something you love.
Tun Mahathir bin Mohamad, known informally as Dr. M, is a Malaysian physician, politician, and author who is the Prime Minister of Malaysia since 2018, having previously held the office from 1981 to 2003. Wikipedia
Born: July 10, 1925 (age 93 years),
Kepler 438 couldn’t agree with you more my friend
Thats what happens when you grew up during the great depression and you love money!
...'Well just ''TELL;'em...again ''cause i don''t THINK they ''HEARD''-...you...!!! p.s. They called me '''Dumb-'' OLD-TRUCK-Driver-''...'''But Look Who came OUT AHEAD and Never has to Worry about ...4...6...&-..8...years of ...college and THAT ...''TUITION-''...follows you all The way To The ...''Grave-''...NOW WHO""S THE ..."D-u-m-m-i-e-""'..!!?
@Teringventje Charlie's net worth is $1.6 billion so not billions
Great video, I've been interested in investing ever since I came across articles of people making up to $150,000 and more in this period, thanks for the video but is it really possible for a retail investor to achieve this in months?
I've purchased numerous stocks in individual firms. Because there are so many stocks that will skyrocket in the long run, it is currently safe to buy in on ETF and ride it out. Due to fud, I sold out early, but then retraced my ways and re-invested $350,000 with a financial advisor who manages my account. I received an 82% return last year and will see where it goes this year.
that's quite impressive, you surely made a good bit of money. I myself invested in warren's BRK-A stock quite pricey but totally worth it.
I just started a few months back, I'm going for long term, I'm still trying to wrap my head around it, who’s this advisor you work with ?
‘Dawn Maureen Humphrey ’is the coach that guides me. She’s a verified coach and she helped me see that returns can be made in both bull and bear markets. She covers things like investing, insurance, making sure retirement is well funded and looking at ways to have a volatility buffer for investment risk, lots of things like that.
thanks for sharing this, I am in conversations with your advisor, and she really has substance, having interviewed her properly and reviewed her model, I am hoping she takes me on quite seriously too
I must say you are an inspiration because I started up investing and trading as a scared investor who doesn’t want to lose money, glad to say I’m very profitable now and bought my first house through it
Nobody can become financially successful overnight. They put in background work but we tend to see the finished part. Fear is a dangerous component, hindering us from taking bold steps we need in other to reach our goals. you have to contend with inflation, recession, decisions from the Feds and all. I was able to increase my portfolio by $289k in months. You have to seek for help in the right places.
@@instinctively_awesome8283 I think it's not always about fear, Sometimes realistic factors discourage people from reaching their goals in life. For instance, I've tried investing in the stock market several times but always got discouraged by fluctuations of stock value
@@emilybrown2719 This is the problem! Most times people with little or no knowledge of the stock market try investing by themselves. It once happened to me, then I learned my lesson and contacted a US-based finance consultant by name Susan Agnes Hancock and everything changed. In in the first quarter of this year i made $370k and counting.
@@tradekings5433 Impressive, that sounds good but how do I reach out to Susan ?
@@gracesdonny1532 Use your browser to search for the name to see her website.
Yes stocks are pretty unstable at the moment, but if you do the right math, you should be just fine. Bloomberg and other finance media have been recording cases of folks gaining over 250k just in a matter of weeks/couple months, so I think there are alot of wealth transfer in this downtime if you know where to look.
Since the crash, I've been in the red. I’m playing the long term game, so I'm not too worried but Jim Cramer mentioned there are still a lot of great opportunities, though stocks has been down a lot. I also heard news of a guy that made $250k from about $110k since the crash and I would really look to know how to go about this.
There are actually a lot of ways to make high yields in a crisis, but such trades are best done under the supervision of Financial advisor.
Thats true, I've been getting assisted by a FA for almost a year now, I started out with less than $200K and I'm just $19,000 short of half a million in profit.
@@kenanporubsky2122 Impressive can you share more info?
@@angelicaaquino4109 Big Credits to Christine Jane Mclean she has a web presence, so you can simply search for, there are some others but it might be difficult to get them, but Christine has been a good guide through the year.
I learned that the stock market was a rich man's game (yes, grandparents lost it all back then and preached that forever) but I've been around long enough to really taste how great it can be. To be profitable, with inflation at 6.1% These are surely desperate times, but in my opinion, there is no market condition that a good financial advisor cannot navigate, especially those that have existed since the crisis of 2008 and before.
I know having a financial advisor improves your overall portfolio performance, but are they really as effective as you claim?
They are quite effective, I've been using the skills of an advisor since the August 2015 stock sell off when the Dow fell over 1800 pts which inherently wiped out all my gains I was in down over $80,000 (terrible times)... That's when I started using an advisor, it took me about 6 months to break even and also a net gain of 'about $830,000 while others have waited over years to break even, being aggressive certainly comes with greater risk, but with an investmėnt advisör, it's all been calculated risk.
my 401k growth has been stagnant since the 2019. I wouldn't mind consulting the advisor who guides you, I really want to grow my retirement fund since I could retire in 3 years.
Do your due diligence and opt for one that has tactics to help your portfolio continue consistent and steady growth. "EILEEN RUTH SPARKS" is accountable for the success of my portfolio, and I believe she has the qualifications and expertise to accomplish your objectives.
Thanks for sharing, I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an e-mail shortly.
To my understanding this just proves how much we need an edge as investors because playing the market like everyone else just isn’t good enough. I've been quite unsure about investing in this current market and at the same time I feel it's the best time to get started on the market, what are your thoughts?
Getting a head start by beginning to invest early is the most effective way to build wealth, with investment taking precedence. I've learned from last year's experience that starting early allowed me to create a better life through early investments this time around.
Indeed, currently I'm managing my finances wisely and being frugal. In the last 19 months, my investments grew by 43%, adding over $650K in profits. However, I've had losses in the past month, making me anxious. I'm unsure whether to sell everything or wait.
I always consult a financial advisor before investing. During the pandemic, I used their strategies to minimize risks and maximize profits, generating around $3 million in three years with my advisor, Stacey Lee Decker.
I'm intrigued by the idea of investing with an analyst, it seems like a wise choice in today's market. Could you provide me with some guidance on how to get in touch with her?
That's impressive ! I could really use the expertise of these advisors.
With the help of google you can book an appointment. She has a wealth of experience in the financial market gained over several years.
Buying a stock is easy, but buying the right stock without a time-tested strategy is incredibly hard. Hence what are the best stocks to buy now or put on a watchlist? I’ve been trying to grow my portfolio of $260K for sometime now, my major challenge is not knowing the best entry and exit strategies... I would greatly appreciate any suggestions.
The market is volatile at this time, hence i will suggest you get yourself a financial-advisor that can provide you with entry and exit points on the shares/ETF you focus on.
@@margaritasbunny I agree , I assumed I had a hang of the market at first, I gained $50k one year and I was super elated, not until I stumbled upon a portfolio-adviser whose been guiding me since the market's been sham after the pandemic, to my utmost surprise I netted a whooping $280K during this dip, that made it clear there's more to the market that we avg joes don't know
@@thomasgreen8224 that's impressive!, I could really use the expertise of this advisors , my portfolio has been down bad....who’s the person guiding you.
@@jamesclay234 "Elizabeth Pan Holt'' is actuaIIy the one that guides me, she’s a hlghIy-sought out advlser, so I’m not certain she’s acceptlng new intakes, but you can give it a shot. It wouldn’t be proper to just Ieave her number Iying around, but she has a webpage you can look at if you googIe her name
@@thomasgreen8224 Elizabeth really seem to know her stuff. I found her website, read through her resume, educational background, qualifications and it was really impressive. She is a fiduciary who will act in my best interest. So, I booked a session with her
These are very valuable rules for anybody who wants to get rich. Unfortunately, most people who will watch this video will not really be able to apply the principles. We may not want to admit, but as Warren Buffett once said, investing is like any other profession-- it requires a certain level of expertise. No surprise that some people are losing a lot of money in the bear market, while others are making hundreds of thousands in profit. I just don't know how they do it. I have about $109k now to put in the market.
Understanding personal finances and investing will most likely lead to greater financial independence. By being knowledgeable about money and investing, individuals can make informed decisions about how to save, spend, and invest their money. I know someone who made over $350k in this recession influenced market, but to the best of my knowledge, it was through a financial advisor.
Yeah, financial advisors could make a lot of difference, particularly in a market such as this. Stocks are pretty unstable at the moment, but if you do the right math, you should be just fine. Bloomberg and other finance media have been recording cases of folks gaining over 250k just in a matter of weeks/couple months, so I think there are a lot of wealth transfer in this downtime if you know where to look. I have been using an FA since 2019, and I return at least $121k ROI, and this does not include capital gain.
Is there any chance you could recommend who you work with? I've wanted to make this switch for a very long time now, but I've been very hesitant about. I'll appreciate any recommendation.
I personally work with Kate Elizabeth Amdall'''' she covers things like investing, insurance, making sure retirement is well funded, going over tax benefits, ways to have a volatility buffer for investment risk. many things like that. Just take a look at her full name on the internet. She is well known so it shouldn't be hard to find her.
She appears to be well-educated and well-read. I ran a Goo-gle search on her name and came across her website; thank you for sharing..
It really made no sense to me when he said ''It doesn't matter whether I'm right or wrong, whether the market goes up and down. I'm good regardless''. People are really losing a sh*t ton of money out here. I personally have been buying stocks since the beginning of the year and yet nothing's changed, but I've been reading articles of people still in the same market pulling off over 350k in just a couple months. Its tough out here!
@Margaret22- Agreed! I first contacted a Financial Analyst because these days, it's easy to buy into trending stocks, but the task is knowing when to sell or keep. That's where my manager comes in, to help me with entry and exit points in the industries I'm engaged in. I’m currently 60% up in profits just in 5months with my initial capital of $160k
@@corrySledd Please can you leave the info on how to reach your investment advisor here? I’m in dire need for one.
@@McElvinn Sure. NICOLE DESIREE SIMON, a well-known person in her field, is my advisor. I got to know her through my wife. It's my wife that has her number, but you could further investigate her credentials and contact her yourself.
@@corrySledd Thank you for the lead. I searched her up, and I have sent her an email. I hope she gets back to me soon.
He may be 95 and in a wheelchair...but this man's mind is sharper than an obsidian blade.
...yes i just Noticed that ...Wheelchair ...myself When did that ...Happen''..!!
@@PedalToTheMetal61888 well probably that 95 years old part has something to do with it...
Obsidian Blade...I will research what that is...Thanks for educating me👍🏿
Not that important but he’s not in a wheelchair. It’s a rollator. So he can walk. Lock it an sit when he’s tired. He’s 95 after all.
It's incredible, really.
I appreciate your approach to teaching.. To my understanding this just proves how much we need an edge as investors because playing the market like everyone else just isn’t good enough, we just need to hold onto our hopes and wait to see how things turn out because market movements are almost always unpredictable. In my portfolio, I'm noticing more red than green.
Stocks are pretty unstable at the moment, but if you do the right math, you should be just fine. Bloomberg and other finance media have been recording cases of folks gaining over 250k just in a matter of weeks/couple months, so I think there are alot of wealth transfer in this downtime if you know where to look.
The best course of action if you lack market knowledge is to ask a consultant or investing coach for guidance or assistance. Speaking with a consultant helped me stay afloat in the market and grow my portfolio to about 65% since January, even though I know it sounds obvious or generic. I believe that is the most effective way to enter the business at the moment.
@@hermanramos7092 Please who is the consultant that assist you with your investment and if you don't mind, how do I get in touch with this person
@@Oly_laura My advisor is Catherine Morrison Evansshe’s highly qualified and experienced in the financial market. She has extensive knowledge of portfolio diversity and is considered an expert in the field. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market
@@hermanramos7092 I am going to look her up, I have about $81k i want to start with, might be small but it's better than nothing though. Since the 08 crash is playing out again.
At some point, a bear market will end and a new bull market will begin. But how can you tell when the market bottom has been reached. How can I profit from the present market", I mean I've heard of people making upto $250k in couple months during this crash and I'd like to know how.
The stock market rally is still in force, but the major indexes, sectors and especially leading stocks are prone to reversals. I recommend you seek the guidance a broker or financial advisor.
I agree, having a brokerage advisor for inveesting is genius! Not long ago amidst the pandemic crash in March 2020, I was really having inveesting nightmare prior touching base with a advisor. In a nutshell, i've accrued over $550k with the help of my advisor from an initial $120k investment thus far.
that's impressive!, I could really use the expertise of this advisors , my portfolio has been down bad....who’s the person guiding you.
I did check her out, I see why you said she's probably booked up, her creds/resumé is topnotch. I booked a consultation with her regardless.
“standard of human condition is stupidity and ignorance” absolute gold I was laughing my ass off!
This man is like a Vulcan. Completely cold-blooded and logical. I really wanted to hear him expand on “eliminating your miscognitions.”
I think the fist thing is to understand you're own "miscognitions", and that is extraordinarily difficult. Most people around you are unable to help with this, either out of ignorance or malice.
@@Smoove_J I interpreted this line as, find out what is wrong/bad in your life, find out what is or is not at your fault, cut the latter and fix your issues
It’s true, that’s the feature of the average Joe and at least one standard deviation in either direction. Most neurotypicals are.
@@Smoove_J I see what you’re getting at. It’s probably why he gets along with Buffet; he’s softer.
But I’d place an ASD in the same category as the Vulcans. Munger is normal.
There was a time when we " made it here", we had jobs for everyone and the products were of high quality, then the 1% wanted everything. Now Inflation drives prices up and if Inflation is high and jobs disappear by the millions we are in a recession and maybe headed for a Depression…So be careful with your money. It may take decades to get back on pay again. Luck to all.. I've seen folks make huge 7figure profit in a crashing market and pull it off much easily in a bull market Unequivocally the crash/recession is getting somebody somewhere rich...
On occasion you can beat the market with blind luck, but I wouldn't depend on it. Having a science background there is a saying, 'Luck favors the informed', I've found it to be true, allowed me in great part to retire early...
I’ve been on both end of the spectrum, I was lnvsting on my own for about 3years, did my own study and analysis before actually buying, things became rather difficult after the pandemic which was right about when I reached out to a Portf0Iio-Manager for guidance, It’s been over 2 years and I’ve scaled up a stagnant reserve of $280K to $700k in just about 24months.
Interesting. I've a lump sum doing absolutely nothing at all in my bank account, i wanna gets something started with it. You seem to be doing excellent for yourself, how do you achieve this?
I am being guided by "THERESA MARY CHAMBLEE" who I found on a CNBC interview where she was featured and reached out to her. She has since provided entry and exit points on the securities I focus on. You can look her up online if you care supervision.
I'd be retiring or working less in 5 years and I'm only curious how people split their pay, how much of it goes into savings, spendings or investments?? I earn around $165K per year but nothing to show for it yet
Since the crash, I've been in the red. I’m playing the long term game, so I'm not too worried but Jim Cramer mentioned there are still a lot of great opportunities, though stocks has been down a lot. I also heard news of a guy that made $250k from about $110k since the crash and I would really look to know how to go about this.
There are actually a lot of ways to make high yields in a crisis, but such trades are best done under the supervision of Financial advisor.
Thats true, I've been getting assisted by an investment coach Helene Claire Johnson for almost a year now, I started out with less than $200K and I'm just $19,000 short of half a million in profit.
@@lawerencemiller9720 Thats quite Impressive! can you share more info?
@@kimyoung8414 Helene Claire Johnson is my adviser and she is highly qualified and experienced in the financial market. She has extensive knowledge of portfolio diversity and is considered an expert in the field. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
See how he positioned the coke bottle at the perfect angle so we see the entire logo😂
The dividend play alone for their long-term Coca-Cola holding is legendary, those two guys proved Benjamin Graham better than anyone
@@mickeydrago9401 well said
@@evancampbell5575
"Since 1994, Buffett has received $21.45/share in total dividend income from Coca-Cola. That is $8.580 billion in dividend income, against a total cost of $1.299 billion, which was allocated to buy stakes in other businesses and shares. His Coca-Cola stock is worth $21.216 billion.Apr 1, 2021$
As much as I think it is a horrible product the numbers are interesting to look at!
And it's funny how Warren Buffett tries to pick on Bitcoin like that has some morality problem, a total hypocrite
Still haven't seen him sip it yet
Munger on Elizabeth warren: “I don’t think she studied Adam Smith enough.”
Munger on AOC: “I don’t think she knows who Adam Smith was.” 😂
Totally
This got me, not gonna lie. 😂
Munger on Trump: I think he deserves some credit but... most of it just happened (because of) decisions of his predecessors.
@@John-rn1uw Why are you arguing with me? I just wrote a quote from Munger from this interview. You listed some quotes that Munger had on Elizabeth Warren and AOC in this interview. I thought it might be good to add to the list his quote from this interview about Trump to have a full, fair and unbiased picture of his thoughts about politicians.
@@John-rn1uw - First, where is Kudlow ever mentioned by either of the 2 in this video? Second, You're comparing Kudlow's financial chops to Munger? Seriously?
I love how blunt he is. Elderly people don't have time to beat around the bush. Everything they do or say is directly to the point or is intended to be genuine.
Read up, he has always been this way
Julian Overton lol imagine thinking hes doing this because he’s old
This is how we all were before "feelings"
He's a Capricorn...it's what we do lol
@@prettybrwneyez7757 true. We Capricorns are like that
He is so smart. Warren Buffett really was extremely lucky that he found him and Charlie joined Berkshire
...know you know ...He''s-...BACKBONE-''....of ''Berkshire-Hathaway-'''....
Good point! Warren never hit me as exceptional intelligent - But boy oh boy Monger do!
@@socrates_the_great6209 ...right...warren...should of become a...comedian'''
@Brandon Donnelly ...i GUESS i can''t Be Like ...Charlie-munger-...or Warren-Buffett-...But i can Damn...sure...TRY...i GUESS That''s What''s WRONG WITh...Me...Who asked such a ...silly ...QUESTION'''...Remember they didn''t UNDERSTAND...GENIUS-ALBERET-EINSTEIN...either''''
Buffets no dummy either. Bit of a warmer personality but he’d sell his granny if the price was right.
“These big bureaucracies, they think their work is done when it’s out of your inbox and into someone else’s inbox”. I felt that
I began my investment journey at the age of 38, primarily through hard work and dedication. Now at the age of 42, I am thrilled to share that my passive income exceeded $100k in a single month for the first time. This success reinforces the importance of the advice mentioned earlier. It is not about achieving quick wealth, but rather ensuring long-term financial prosperity
Investors should exercise caution with their exposure and exercise caution when considering new investments, particularly during periods of inflation. It is advisable to seek guidance from a professional or trusted advisor in order to navigate this recession and achieve potential high yields.
This is superb! Information, as a noob it gets quite difficult to handle all of this and staying informed is a major cause, how do you go about this are you a pro investor?
Through closely monitoring the performance of my portfolio, I have witnessed a remarkable growth of $483k in just the past two quarters. This experience has shed light on why experienced traders are able to generate substantial returns even in lesser-known markets. It is safe to say that this bold decision has been one of the most impactful choices I have made recently.
Wow, that’s stirring! Do you mind connecting me to your advisor please. I desperately need one to diversified my portfolio.
The Adviser I'm in touch with is *'Nolan Velden Brent'* , he works with Merrill, Pierce, Smith incorporated and interviewed on CNBC Television. You can use something else. for me he strategy works hence my result. He provides entry and exit point for the securities I focus on.
This shit is pure gold. This is called not giving any F’s - raw, real advice.
Fck yeah... Old Charlie is giving the middle finger to the ignorants and stupid and he doesnt give a fck.
Watching Charlie Munger in a verbal exchange with anyone is like watching a chess grandmaster vs a first timer. Top notch intellect
I stumbled upon this video thinking I'd just watch it for a few seconds and see what it's about. I ended up watching the whole thing. This man captivating
"I don't have to invest in everything that I'm interested in."
He contrasts so much to Buffett, who seems so jubilant and charismatic, with a contagious laugh to boot. What a duo!
When an old man dies a library burns
Munger's knowledge should be compared to an university
wonderful saying
@reubal 004 you need to move past the 'job' mindset and create your own wealth slowly
So true.
I have not heard that one before, nice saying
"The standard human condition is ignorance and stupidity." Finally a man who calls it like it is...
The future belongs to those who believe in the beauty of their dreams. Success is a state of mind. I think I'm blessed because if not I wouldn't have met someone who is as spectacular as Expert Mrs Lucy Mary Liam.
I'm glad I was introduced to forex trading and got the best teacher and mentor who helped me understand the financial market I'm grateful to Mrs Liam🙏
It's a miracle and I would testify, 110k bucks.
every 4 weeks! I now have a big mansion and can now afford anything and also support God's work and the church.
Quite encourage seeing Mrs Liam Lucy Mary been talked about here, I started off with 2000 Bucks...now with good returns . highly recommended..
I have made more than 90K USD God bless Lucy Mary Liam God bless United Kingdom 🇬🇧
Thanks for continuing updates I'd rather trade the stock market as it's more profitable. I make an average of $34,500 per week even though I barely trade myself
Laughed my ass off.
“There’s a lot of things I don’t think about, and one of those things is companies that are losing 2-3 billion dollars a year and going bubbly. Not my scene”😂😂😂😂😂
Going public
*public b̶u̶b̶b̶l̶y̶
XD. Bubbly
am
When you're so smart you can lose 30 IQ points to old age and still be smarter than most.
At 95 and still cares about the world! That's amazing and admirable! What a life
“I don’t think she knows who Adam Smith was.” 💀💀💀💀
8:14
He doesn't. Listen.
"we're trying to find intelligent things to do with the torrent of cash", what a feeling that must be
Open adoption hospitals that have free births and free adoptions
Finally an interviewer that holds some respect for their host! Great job
"I'm a combination of luck and skill...it's what makes all good records" Munger
...''But i was ''TOLD ...Only poker players ...and TIGER-WOODS ...Have ...Good ..LUCK'' ..!?
@@PedalToTheMetal61888 why... Do... You... Use.... So... Many... Dots...?...
Immediately thought of Tome Brady.
"I don't care whether the cat is white or black as long as it catches a mouse"
Quoting Deng Xiaoping. It's amazing Charlie Munger has such remarkable memories of all those years back then.
...my stupid ...ass...CAT ...caught Up with that ...mouse and ...They BOTH ...sat there and ...ATE that ...cheese...'''LoL-''''
Yes that is why they invest in tobacco. They dont care how many people die from it as long as it earns them money
SSchithFoo And he forces the stupid smokers?
@@SSchithFoo people make there own choices, I quit over 2 years ago and still miss the flavor of a Marlboro. I smoked because I wanted to, same as everyone else that makes that choice.
Can never get enough of Charlie Munger.
Watching this on January 1st, Charlie's birthday
Happy Birthday and a Happy New year to this legendary man!!
🥳🎂🍾🥂
I feel sorry for the guy interviewing him. You can’t interview Charlie Munger without feeling like an idiot for asking stupid questions.
No The guy seems elated to talk to me.Obviiusly that s because Mumger just summed the whole interview by his opening comment of shareholders and employees putting the interviewer in a position to feel already opened.
Agree with Joe L
It is what it is (Tv in general)
I think he did a decent job at that!! (Pun intended)
The interviewer's role is to ask questions on behalf of the audience to tease out valuable information, he did very well at this.
Charlie is extremely sharp, shows what reading everyday does for you.
Mostly Balance Sheets.
Truly anyone who appreciates Charlie while he is still living is blessed.
One of the best content I’ve seen. Crypto is the best though I don’t self trade but I still make my profit with the help of my broker till I'm sure I can start of self trading.
Obviously trading in crypto is very volatile and risky to trade that's the reason most investors trade with a professional broker.
I'm looking forward to investing in the crypto market. I am still trying to figure out how the entire thing works
Hello who’s your broker I'm bit new to the market and willing to invest heavily
Expert TAMARA DIANE HAGAN, she runs a stock investment platform where you don't have to undergo any stress in the trades, she manages my account and all I need to do is invest capital and she gets a tiny bit of my returns as her commission.
I've seen a lot of positive reviews about Tamara's trading services. She must be exceptional for people to talk this much about her
Congratulations for the interview! Munger is a brilliant man, however interviewing him isn´t easy!
wow great job
Loved hearing him say that he gave half of his money to his children because that is what his late wife would have wanted. It was her money to do with as she pleased. How many Americans still think that their marriage is a team and that each of them owns half of everything they have? Charlie is so wise in his simplistic explanations.
it's simple and old fashioned. Cute. You can be a team and still have split finances. You can both go 50/50 on shared expenses and still use the remaining personal finances as you see fit. It's a smarter way to go about marriage than the ole' 50/50 split. It keeps people from being lazy and self reliant on the other half. And it keeps things more or less civilized in the event of a split. If anything, split finances simplifies marriage more. You're the same as when you dated. You keep your own money, split costs for food/housing, and if it doesn't work out, you leave with what you have. I've seen a lot of stupid old men and women bicker about money during a failing marriage. You should have kept money out of the equation.
Did she earn that money?
@@lodevijk Munger himself thought so and he's clearly an expert on the subject.
@PearlPerlita Venegas
Most marriages don't end in divorce even though that is what the media would make people believe.
Most marriages in America are successful.
@@lodevijk if she was married to him she did!
No BS just pure wisdom. Munger is a true gem.
this man, charlie munger, is what differentiate a great human mind from computers' intelligence. humanity, wisdom and depth. its no formula , its art.
When you're so smart you can lose 30 IQ points to old age and still be smarter than most.
Who said you lost 30 IQ points to old age? Haven't you heard the older you get the wiser you are?
@@llshih Being wise isn't the same as being intelligent. A 7 year old might be twice as smart as his grandpa but definitely isn't as wise as him.
@@Intelligent_investor Wisdom is what a younger person learns and a older person teaches
@@Intelligent_investor Exactly. Many people get "slower" as they age, even if they become wise in the process. And some people are just plain idiots or downright delusional regardless of their age. Munger is exceptionally sharp for his age.
Charlie's true. This is better than high IQ.
“Are Apple and Amazon brand companies or technology companies?” Munger: “both” **Stare Of superior indifference** 😂😂
Amazing how he intelligently and thoroughly answered every questions! This was my first time listening to him!
It is always enlightening to listen to our seniors and when they are as prudent and successful as Mr. Charlie Munger, it is a blessing to have their opinions.
Since when did we start caring about our seniors? Most people under 40 could care less. Let's get rid of those old folks as fast as we can so we can get our inheritances. No respect for hard work, self-control and education.
wow he is so sharp even at 95 damb, i need to drink more coca cola
Did he even take a sip?
he drinks mayo n ketchup
You just gotta be a Jew
That's one cognitive bias you are falling for LOL
@@DrOnumba a bias comment wowwww really.
"Yeah, not much is right" - this guy is on a whole other level.
Charlie is bursting with wisdom when he speaks. He motivates me a lot on thinking for myself most of the time rather than just going with what everybody else agrees with.
I was just listening to this and I was so surprised Singapore is mentioned. Happy to be a Singaporean. :D
"I don't think she (A.O.C.) knows who Adam Smith was." - C. Munger
Nailed it!
joe smith - this is a tired, naive argument. It’s called crony capitalism. Simple.
Cognitive dissonance is denying the fact that the free market has been the single greatest source of wealth generation and peaceful interaction among human beings than from any other economic invention in human history - then, using examples of crony capitalism and blatant theft to support a misguided confirmation bias.
@@christopherarmstrong2710 Well said, Christopher!
Haha slam dunk Charlie to these socialists!
Singapore doesnt follow adam smith's economics :D he seems to disagree with younger generations. It is what u become when u get old.
@@christopherarmstrong2710 nOt rEaL cApItAlIsM
Munger is wise and funny. America's Grandpa.
He would have made a great comedian.
If only politicians could answer questions half as coherently, directly & succinctly as Charlie. Great guy!
Charlie stays middle of the ground masterfully avoiding picking sides. It is refreshing listening to him.
If I could use the word "vicissitudes" in a sentence when I'm 95 I will die a happy man. Long live Poor Charlie.
@youngbuck0911 Poor Charlie's Almanack. Google is your friend.
@@RayMelville I call it the Bible.
@@RayMelville
Ben Franklin learned a lot from him
Let me give you a head start on that quest of great old age mental clarity:
Vicissitudes:
"a change of circumstances or fortune, typically one that is unwelcome or unpleasant.
"her husband's sharp vicissitudes of fortune""
Study this word once a month for the rest of your life 😜
It's rare to find it an instrument that is as sharp and at the same time blunt as he is. Strong mental dissection as well as saying it just like it is. Thank you
Vim pelo grande Ícaro de Carvalho!
Every now and than i go back to Mr Munger's interviews.. it's so refreshing to listen to an intelligent- no bullshit person who actually accomplished something and is spending his entire life to learn
Theres a ton of CZcams videos with a million views on the most random stuff, but it doesn’t compare to the wisdom of such videos. I feel privileged in finding Charle, Warren, and many others instead of being drawn into the other stuff.
Who are those many others
I love this man, incredibly sharp. 👏🏽👏🏽👏🏽
Both my parents suffered from dementia and at 72 I realize that my recall is slowing down, what a wonderful mind Munger has at his age, I am envious.
Keep active. It helps with the neurons. Good luck to you. Stay well.
One of the most smartest and enlightened man. Thank you Charlie for sharing your wisdom.
This is inspiring to see. This man is mentally at his peak. He has so many life lessons that resonate. He may be elderly, but he is by no means not in total control and of absolute value to others, as both an example and as an actual working professional. I can only hope I can be as clear-headed as him if I even make it to his age...or rather, I wish I could be as clear-headed now!
Lol. He isnt mentally at his peace. Man literally is in a wheelchair. He cannot walk far on his own.
Think about the greed of a man that wants to still work when so frail.
Dude said income inequality will go away by itself...
Rycroft Rraiders
@@taylorhickman84 no. That's an extrapolation and a generalization. He said that many of the problems from the short-term injection of covid cash will go away by themselves.
@@taylorhickman84 How dumb can you be?
This man is brilliantly succinct and I love it.
They just don't let anyone into Harvard Law School without a college degree unless you're bringing something pretty special to the table.
Fred Howland succinctly put! 😀
Great interview. Covers all areas and Charlie has extensive knowledge and practical advice about these areas. His frank approach is amusing and entertaining. Well done Charlie
Watching this interview now is surreal.
Yeah … more even now .. may 2022
“I don’t think she knows who Adam Smith was.” 💀💀💀💀
8:14
I felt that, AOC is a clown.
bro i fell on the ground laughing.... partly because it is true, likely.
@Verda she has a master's degree in economics.
@@czarnick123 Keynesian economics.
Who cares whether AOC knows about Munger's heroes?
Love Warren but Charlie is my all time favorite. I wish he could share his knowledge with us at least for 50 more years.
Building wealth involves developing good habits like
regularly putting money away in intervals for solid
investments. The stock market has plenty of
opportunities to earn which I myself took advantage of.
I made my first million from going diverse, mainly
ETFs(stocks, bonds etc), bitcoin, and gold. Investing in any of these should be in everyones mind.
With the current problem around the world today I think it's best everyone invest more in digital asset than
Saving in banks and real estate. Just my thoughts
@@lewismegan9663 True, imagine what will happen to the banks and
houses in Ukraine due to the bomb blast from Russia, It's better to keep money digital no one knows
tomorrow
@@lewismegan9663 Speaking of digital assets do you mean bitcoin?!I don't think investing in bitcoin now
is a good idea, i'm currently running on huge loss the
market is crashing
@@mahasabek3961 this is more reason you should invest with an expert, even with the fall in price I make good profits weekly from my investment in bitcoin. Last week I got a profit of $56,000
@@mahasabek3961 digital assets are actually the best
way to save money cause you are earning will you
save unlike banks
17:31 when asked about warren and Mungier retirement. If they will be ok to let go.
His answer:
“ if we have been rational all the way, you think we won’t be rational till the bitter end”
Very remarkable!!
Younger generation can learn a lot about Charlie, be honest and tell it as it is. There are too many people trying to please everyone by being phony,
You have to earn your rights to be blunt though... How can a 20yo fresh graduate be this blunt and not get fired?
@@buzzlightyear8896 thanks buzz for your response really appreciate it, but this comment was such a long time ago, I can't remember what the topic was about. But, if I may, what these past couple of months have thought me, was that each and every one of us has a destiny, God or the universe, wants us to go. And it's up to us, to starve the flesh, not literally, and feed the soul to take that journey, God or the universe wants us to go. And nobody can tell you how to get there, except listen to that inner voice talking and wants to guide you to the right direction. So, starve the flesh (not literally), which is the outside world, and focus on what will probably reach your full potential, and that is your spirit guiding you.
Met him one time at Berkshire Hathaway annual meeting. What a blessing.
Charlie is such a great and humble man. History will forever remember him and Warren Buffet.
I've seen this interview three times now. I feel that I'm already late to the game at 44.
I can gain solice in knowing that I can instill Charlie's values in them ,to help them have a wealth of happiness and satisfaction . A little pocket change can't hurt .
I've made to many sleep walking decisions .
Like kids kiwi hi j u j nu million America is falling
As cliched as it sounds it is NEVER too late. Think about this carefully; If you could go back in the time what would you advise your 25 year old self? Think about it really carefully.
Then think about your 60 year old self coming back to give you advice today. Write that advice down!
It isn't to late. Start investing.
He is answering the questions slightly before they are asked. That's why he's a billionaire.
At 95 years old!
@ his probably doing it at 35 or younger,imagine being to so many interview and having so many practices,at 95 he will be a master,plus he is active in other aspect definitely will still help his faculties intact...usually ppl dont exercise and do nothing that leads to mental decay,but he is smart and not ignorant of his own health
This is absolutely amazing - so much knowledge that needs to be passed onto the next generation!
There's a whole lot more to life than just pursuing wealth.
I wish we had someone - anyone - here in UK public or business life with just a microscopic portion of Mr Munger's intelligence, education and sagacity.
The clarity of thought. Sharp as a tack at 95. Head bowed
I like this kind of interview style. Its so intense. Serwers questions and Mungers answers are as short and meaningful as they can get. Not time wasted on long sentences.
I’m a dividend investor My husband and I have invested in the s&p500, both through my TSP with the government, and through Fidelity in her 401-k.Cashed out 270k from the S&P and invested with a Full service broker . Until around 3 years ago we were 100% in the s&p after over 15 years.I'm retiring at the end of this month at 42, while my husband will retire next year at 60. We currently have 1.7 million in out tax deferred savings..so I actually agree with this..
Wow this is really impressive...congrats on your success
you made that much from s&p500!! do you by any chance do referrals on your broker?
@@taylorgreen5908 yes but it took a lot of effort trust me ,Certainly I do but i can't actually leave details on here, you could do that yourself her name is Lucy Maria Koss, she's quite known ,you can search and connect with her on her website..
Thank you for bringing that interview to us
He is sooooo wise! Love his witty & short replies and love him totally! Such a delicious learning feast...~~
...wanna HEAR something ...funny Go to ...''Burke-'s-...'''Law'''...T.V. series-...and ...Listen...HOW SHORT AND ...sweet...Gene-Barry-'''...is....
“I don’t think she knows who Adam Smith was.” Got em 😂
I was in stitches!!
He's wrong. She has a cum laude B.A. in Economics and Int'l Relations from B.U. I got you Goku and the other fools who believe anything the narrow-minded guru tells them.
I bet you did not know who Adam Smith was either.
@@fcporto7777 that doesn't mean anything. She could have been taught nonsense or absorbed none of it.
It’s always incredible to hear an almost hundred year old person speak so clearly and cognitively… There are just so many things I wish to ask him. I hope to luckily meet someone like him someday.
I really admire and respect both Warren and Charlie. Knowledge they both share through the interviews is more than like doing MBA Finance or even I think you don't need high qualifications to achieve something big. Just have a right Temperament.
''95 year old drinking Coco Cola out of a champaign glass''
...its ''RUM-&-* CoKe-""..
It is a wine not a champaign glass.
or even a "champagne" glass if it was a champagne glass, which is a flute not a flat bubble-losing thing Americans tried to glamourise, nor the wine glass he is drinking from. (Not a champagne glass.)
Charlie Munger speaks so honestly, "I don't know everything you know." As if we look to him that he has all the answers. He said it best from the beginning. It's common sense. Some just don't have the discipline to want to save and invest in ourselves or our own future.