"Charlie Munger may be best known as Burkshire Hathaway's Vice chairman Warren Buffett's best friend Confidant and business partner for six and a half decades but Munger was also a giant in his own rig..."

"we appreciate it well I hope it'll be interesting certainly A peculiar example of one life it's interesting that a man who started out to be a lawyer ended up with an identity that's more like a gurus..."

"I recognized that quite early and I just played the hand I was de in order to get as much Advantage as I could when did you recognize that were you a child very young I used when I was taking courses ..."

"my Latin teacher just a poor fellow he hadn't quite learned to understand it right yet now I didn't always succeed I had some very unusual teachers the best teacher I had in my life was Lon Fuller but..."

"did to some extent and the reason he did is you want to know why do we have these kind contracts that so obviously make modern civilization work and he never he didn't explain exactly why but I could ..."

"there for ordinary and he he put it all in a book I didn't need on full that's the way I handled almost all my teachers I didn't need them and let's talk about Benjamin Franklin yeah he's one of the f..."

"of of financial life and regular life mhm and I and well I couldn't copy I didn't have any musical ability and so Franklin was he he played four different musical instruments one of which he invented ..."

"California look at it yeah this is pretty nice yes and and of course I noticed that it was like that and it wasn't like that in Noah at the time I was at calag and it was in the middle of the water an..."

"to occur the United States the Heyday of the British Empire which was probably the most important Empire that ever existed on Earth ended about the time I was born the Heyday you look you a stamp coll..."

"what he grew up in so it's but the last two centuries created almost all the growth before that everybody's not everybody but like something 80% of all people are farmers and what's happened over the ..."

"common shs even a a great company run by a genius I mean that's that's an argument for being Diversified but no no no I that it's yes it is an argument for being Diversified but that's not really what..."

"hoces not Do no harm well he he gets credit for that one but what he really but he really emphasize with don't tell anybody else how to do this the people who have the modern system of this are The Ma..."

"panther yeah and but that's the way they did it let me ask you about the Great Depression you were just a child then I I know your family struggled yeah but I was unusual child yeah and I was curious ..."

"being what they would naturally be and a good architect being what he would naturally be right and so the FHA which was then fostering a great percentage of the total building that was going on in ter..."

"you saw your family getting clobbered in all sides on the depression that was one was an architect one one was a builder who who was broke he had loans he wasn't even paying off from the 20 boom bu bu..."

"for you as you're watching this serious it's a little boy of his cousin who of the same age is dying next door and takes forever and cause a fortune and there's no money to pay the doctors the hospita..."

"you've made throughout life you don't play poker with someone you're going to lose with exactly right I didn't always arrange the circumstances I just fell under them frequently but but I got to play ..."

"subject and on the other hand there little submarkets where it's easy to figure out how to do well and a lot of people figure out how to worm their way into those and stay there a lot of what you do t..."

"so much harder you can't believe it the people that found it harder are the people that made Warren so rich Ben Graham and and his colleague DOD in a damned adjunct course at Columbia and by the way g..."

"things you could be a lousy business but they were cheap enough they're still right if they had enough assets for share so you're getting at least twice as money assets as you were paying for and he j..."

"it's it was an amazing occurrence what happened that you didn't anticipate what what led to that success well we got a little less great than most people a little less stupid than most people and that..."

"it may have to be done by some different people you now that next time we may not be able just to squeeze a little more lemon juice out of the old lemons we we may be able to you may have to squeeze s..."

"what bur did of course it worked better and everybody's learned it you've talked about everybody would know it automatically if it were just a little more obvious if all of us had to make a living bac..."

"hard it's too damned hard meaning that it's they were there's too much failure difficulty accident in the world it it it it it it's really hard to have a stretch like the has had as an investment firm..."

"like squ he went into be with it was so small that it would have been appropriate in early stage Soo investment and it was a public company but it was just so small it was barely a public company and ..."

"well he did that's what Geniuses do they don't listen and it's just amazing what he's done of course he's been lucky but but all the great records are partly work partly talent and partly look that's ..."

"trade ever was buying Berkshire hathway itself the Mills yeah sure what was your worst trade well I think my worst trade was buying a block for the Bunger family in Alibaba which a pretty good company..."

"not wanting to over leverage in a situation but also knowing that if you think something's a real deal to really load up on it because you're only going to have so many great pitches perfect pitches y..."

"they're prospering more um Charlie let's talk a little bit about bureaucracies because you have duy noted the problems with bureaucracies where whether it be a big company whether it be the government..."

"the legend of Robinson cruso created by Daniel Devo they just love that guy creting a little Engish civilization on I godam bacon Isle and and that he could do it if he worked at it and of course that..."

"I really absorbed the D Daniel cruzo lesson then I was lucky with my ancestors on the other side of the family I am very good at learning things from dead people that's what everybody should learn and..."

"fight counter and when you get your invitation for God's sakes don't think it's all helping he he basically said lever up when you when you're sure you're right and of course that's good advice but be..."

"were very cautious in dealing with our sholders money if weren't I had own burshire without any shers that we knew we would have made more more we would use more leverage I've had people say recently ..."

"obviously we have to go back to something that's more like that's more like Adam Smith and just take the inequality in instead of the poverty I like inequality a lot better than I like poverty I mean ..."

"stars I do not think it's written in the stars we we may have to do something so unpleasant but it looks like we're bringing back oh when when the Chinese said to the Russian peasants earn your own gr..."

"rued with law and of course it's the combination that helped me do as well as I didn't want you've said that proper incentive structure should be set up for Public Policy too that you have to think ab..."

"rich person who talks that way is talking because he wants to hold all his wealth and keep a great and make the disparity between his wealth and well the ordinary people get greater and greater that's..."

"that rich because I don't think it's sure that everything he's working on can work I think he can get his ass hand to him in all those I would not invest in Elon mus all myself but you've been impress..."

"never met with him as far as I'm concerned he doesn't exist that's the my life works better if I treat the world as he didn't exist uh let's talk just about a few cultural things I I know reading is t..."

"know I'm a n on books and they kind of like for Charlie's Almanac or something yeah so what do they do they send me books gifts so I get so many books in this house as gifts I no longer buy books I ju..."

"years old well maybe everyone in America is too old to president that may be it may be just too hard a job the way things the way things have worked out we maybe maybe this is like my cousin's my cous..."

"I I think somebody like Warren who naturally thinks the way I do on this issue he'd be quite happy making laws for the whole United States and you would too yeah I I feel it was my duty to try too wha..."

"medicine I can't get Becky quick penicillin because I'm a chiropractor right right but I could if I were a doctor right what else would you take on well I think taking the fraud out is also important ..."

"to have them is dead as soon as possible so you bring back more capital punishment yes I I might have less in some places and More in others I'm sure I would there's an article that just came out abou..."

"get it right part of the advice that you give people in life is pretty basic stuff but if you follow it it's really excellent advice I think your first one is is have low expectations the second one i..."

"he couldn't it was very difficult supporting the on a professor's income and he went to all kinds of strategems he'd make his own raincoat out of a piece of oil cloth to save the money of buying a rai..."

"it's something I think about a lot in my own everybody knows that I could have done a lot better if I been a little smarter a little quicker what are you talking about like you've had success in every..."

"know Liv in his for about 60 years we're similar and but you see we're both smart enough to have watched our friends who got rich build these really fancy houses and I would say in practically every c..."

"cigarettes oh so I could see that coming fairly early and it's rather I tried to learn to smoke so I could be a cool kid like the other kids in high school I tried to ruin my life but it nauseated me ..."

"drinking now I did occasionally get drunk and throw up that gave me the nausea which enabled me to give a liquor do you still I mean living to 100 everybody wants to know what's the secret what is the..."

"they find they got a family full of Parkinson's and of course I watch my mother and my sister die of parkon disease and so I'm familiar with that one yeah that's a very unpleasant thing I do not like ..."

"down yes avoid crazy at all costs crazy is way more common than you think it's easy to slip into crazy just avoid it avoid it avoid it of course of course of course I think another thing you've said i..."

"your bucket list anything you'd like to do well that's an interesting question I am so old and weak compared to what I was when I was 96 that I no longer want to catch a 200 lb tuna it's just too goda..."

"go out after them there are things you give up with time and you're pretty active you've got a busy social schedule you're on Zoom you have breakfasts and lunch I like it that way yeah that's my idea ..."

"boom the one grab I never made was for a third wife too late why it's it's a too late there are people for whom it's a NE neity necessity there are more there's so much more comfortable marriage than ..."

"way to 86 which is a long life and now there are some tough stretches but most lives have some tough stretches and hers came very near the end I mean Charlie people probably look at you and think you'..."

"soldiering go ahead and cry away but you have to you can't squit you when you can't you can cry all right but you can't quit you've had time in your life when you've done that sure I cried all the tim..."

"and it's been a good thing to watch Charlie Warren Buffett told me that a long long time ago you told him he should live his life he should write his obituary the way he wants it written and then live..."

"good for the children that it would spoil them yeah it's who a rich family you think your duty is to use the wealth to live grandly that's what everybody's doing with the money you will learn from the..."