Charlie Munger was on sparkling form the other day at the latest Daily Journal’s shareholder meeting.
Warren Buffett’s right-hand man likes to speak his mind, and he certainly wasn’t mincing his words this time .
Below you’ll find a video of the event. It’s more than two and a half hours’ long, so I would like to draw your attention to one section of it in particular.
In it Munger answers the question, What is the most challenging behavioural bias to overcome?
It begins at 32.13. I’ve edited his words slightly for brevity and clarity, but this is what said:
Incidentally, Munger was also rather outspoken, to the say the least, on cryptocurrencies. Go to 53.59 if you’d like to hear what he had to say about those.
Of course, Munger's views on both of these subjects are bound to cause offence in some quarters. But, whether you agree with him or not, you have to admire the wartime generation for their willingness to say what they think. Alas, the investment world has already lost the famously straight-talking Jack Bogle. Neither Munger nor Buffett — aged 99 and 92 respectively — is likely to be with us for very much longer. Let's just be grateful for their candour, wisdom and integrity while they are.
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