Charlie Munger's blunt response to China questions
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- Опубліковано 2 жов 2024
- This clip was part of Charlie Munger’s interview with Caltech on 14 December 2020 as he accepted the university’s highest honour, the 2020 Distinguished Alumnus.
Charlie Munger has an approximate net worth of $1.8B and serves as vice chairman of Berkshire Hathaway, the conglomerate controlled by Warren Buffett; Buffett has described Munger as his partner.
He is also chairman of the Daily Journal Corporation, based in Los Angeles, California, and a director of Costco Wholesale Corporation. Munger was born in Omaha, Nebraska.
As a teenager he worked at Buffett & Son, a grocery store owned by Warren Buffett's grandfather.
In college and the Army he developed "an important skill": card playing. “What you have to learn is to fold early when the odds are against you, or if you have a big edge, back it heavily because you don't get a big edge often. Opportunity comes, but it doesn't come often, so seize it when it does come.”
DISCLAIMER:
The material and information presented in this video is for entertainment, and general information purposes only.
You should not rely on any of the information presented as a basis for making any investment decisions.
You should consult with an attorney or other professional to determine what may be best for your individual circumstances.
People want a better life, no matter the government.
It's amazing to see how many people are in denial when they are faced with the facts they don't like. China has achieved trememdous economic results in the past 30 years without having the democratic two party system, and that is a fact. Like it or not, it just shows that democracy is not a premiss for economic development. Does it mean this will also work for Ameica, maybe not. But it works in China, and it would be insane of you to believe otherwise. In fact, in Li Lu's book, he talked about two aspects really driving the economic performace of a society are free market and technological innovation.
at the end of the day, it is about strong leadership, teamwork and execution and organization. as simple as that, common sense
No genius in what Munger says here about China. What's not obvious to many are the dramatic social-cultural differences between the USA and China impacting virtually all financial thinking in America -- from small to large investors. WE ARE A WINNER TAKE ALL people!!! Even to our own detriment! It goes against the nature of just about every American investor to extinguish the roaring flames of a Bull-type market run-up to avoid the inevitable bubble burst that follows! Of course I am over simplifying a very complex topic. But my point about what motivates American investors is valid I believe.
Lol! Charlie is straight up old school.
I disliked the video because of the misleading title. Charlie never said that communism works. He distinctly says that China became successful because they implemented Smith's economic model, which is nowhere close to communism.
If you have one party or dictator that dictates freedom and free markets, you can achieve the same effect. The problem is the CCP has offered Chinese people the least amount of freedom that they could have, not the most freedom
@@timmbabwe4366 please face the facts! There are many countries that you can classified “one party” and “dictate”! Why only China can achieve the good results ? (Or do you mean that China is the ONLY country in this world that is “one party dictates” ? ) Please open your mind and search another logical conclusion!
@@hanshaofa3758 no this is munger arguing that as long as the economics are free, politics doesn’t have to be. I don’t agree but that is what munger is basically saying.
Compare us to this man is like a drop of water to an ocean. His has knowledge, insight and wisdom most of us can not comprehend.
Charlie Munger couldnt use his argument for China n apply it to N Korea or Vietnam..
China success is owed to the same culture that allows Japan n Asian tigers to succeed.. Despite of Socialism n bcos they introduce free market..
Go retire there, chuck.
In my opinion the Chinese government is pretty incompetent. Its growth is despite of the Party's rule, not because of it. So basically China should be producing a per person GDP that's much closer to Korea or Taiwan than it is now, meaning it probably should have surpassed the US quite some time ago.
Nope. If China was a democracy like India, it would be at the same condition India is at today, which is to say not very good ( compared to present day China )
Ol' Charlie Boy,
Congratulations Charlie! You've inducted yourself in the Hall of Fame of "people who think they're way smarter than they are."
And in a matter of just 6 minutes, you also managed to flush your legacy down the toilet on this one bud.
Great Job!!!! 👍
Your opinion is completely irrelevant.
@Pro Found move yo happy ass there smartass.
@@danbucur9428 burp!